3 Ways Employee Time and Task Tracking Boosts Profits
By Shannon Corgan, Director of Marketing
Tracking tasks on a project can be a pain. You’re expecting employees and supervisors to change the way they’ve been doing business for years. In their mind, if it ain’t broke, don’t fix it. The sad fact is that it isn’t working as well as it should and leading project-based companies are looking for easy solutions to manage their projects and better track project tasks.
According to a recent study by the Standish Group, less than a third of all projects were completed on time and on budget over the past year. Are you in the two-thirds of project-based businesses that failed at completing projects on time and on budget? The Access Group’s study shows 62% of businesses cite “capturing time /costs against projects” as their biggest project management challenges.
Here are 3 reasons why you should track employees’ time and tasks:
Accurate Project Cost/Estimates
Project-based businesses want to improve their future project costing and estimation, so that they can bid more competitively and win more business. In order to improve their project job costing or estimation, they need to have historical information about how many hours a similar task took, to accurately scope out a statement of work (SOW), Request for Proposal (RFP) or bid on a project. With an automated employee time tracking solution that tracks tasks and units completed like WorkMax TIME, project managers and supervisors know if they need to add resources to finish the project on time and on budget.
Expedite Invoicing with added accuracy – With an automated time tracking system, you can get more accurate billing and invoicing. No more time wasted on figuring out which employee’s time should be billed to which client and what tasks they were working on. With WorkMax TIME, your client invoicing/billing is faster than ever because your employees are tracking their tasks and time to the right project, cost code and/or phase code to accurately bill your clients. You can also include the employees and the tasks or activities they worked on during that billing cycle for your clients. Clients love knowing exactly what they are paying for and to see the progress on their projects.
Increased Accuracy and Efficiency for Payroll
Another reason to use an automated time tracking system to track your employee’s time is for accurate payroll. It expedites the payroll process, eliminates manual data entry, and makes sure your employees get paid on time. There’s no question about the hours worked when they use an automated employee time tracking solution like WorkMax TIME that collects it in real-time or after-the-fact. There’s no question about if the right person clocked IN/OUT for the day with photo face capture and if they were working at the right client site or location with GPS.
Now that you know the reasons why you want your employees to track their task and the positive financial impact on your business, you may be wondering how to get started. There are many employee time tracking solutions out there, but make sure you find one that is flexible enough to allow you to use Digital Time Sheet, Real-Time Entry with After-the-Fact Allocation or Real-Time Entry with Real-Time Allocation. You may want to start with by getting employees to Clock IN/OUT in real time for the ultimate accuracy for labor hours, but you don’t want to force employees to track all of their tasks throughout the day. You may want to rely on your supervisors or project managers to allocate your employees’ time to the right tasks, cost centers, or phase codes on a daily or weekly basis to start with. WorkMax TIME gives you the flexibility to have supervisors or project managers allocate your employees’ tasks at the end of the day or end of the pay period. Based on your industry, you may not need real-time task updates to be completed by your employees throughout the day and only need a good estimate of what they are working on. WorkMax TIME’s Real-Time Entry with After-the-Fact Allocation Workflow is a perfect fit for you if don’t need real-time allocation of tasks, cost centers, or phase codes. It’s also a great fit if you don’t need that level of detail to manage your business or to satisfy your client’s needs. The labor hours are accurate to the minute with the real-time clock IN/OUT and authenticated with photo face capture. Photo Face Capture makes sure you have the right employee being paid for the work they’ve performed. This workflow also allows you to get GPS location and establish a GEO-Fence when employees Clock IN/OUT outside of the defined area to make sure you’re only paying your employees that are at the right location.
WorkMax TIME has three workflows for time entry and allocation to meet all needs of any organization. Today, we’ve discuss the Real -Time Entry with the After-the-Fact Allocation Workflow that allows your supervisors or project managers to allocate time at the end of the day or week in the web-based WorkMax Control Center. We also offer a Digital Time Sheet or Time Entry in Real –Time with Real-Time Allocation. You can use one, two, or all three time entry and allocation methods. WorkMax TIME’s flexibility allows you to meet the needs of your salaried employees or hourly employees in the office or in the field or project and task based employees in the field or office. Employees can enter time in real time or after the fact and allocate tasks in real time or after the fact. It’s your choice.