How does it actually help?
The time-tracking software can be used to efficiently track productivity and calculate the cost for completing a task. It is very important to know the number of man-hours spent on a task to calculate how much it costs - the organisation then bills the client based on this information. Integrated time-tracking software keeps track of the amount of leave allowed, leave taken without proper sanction as well as late coming and overtime. This makes the salary calculation accurate. This integrated time-tracking software automatically calculates the salary of the employee based on the leave, late entry and overtime and accordingly posts it to the payroll and accounting modules too. Furthermore, it keeps track of work accomplished against the allotted or planned work and reports to management how far the employee was able to accomplish the work. The supervisor can cross-check the reasons for deviations, if any, and take corrective action so that it will improve the overall productivity of the employee force. Sometimes the deviation could be because of over working or over exhaustion. In such cases, management can decide to either employ more people to divide the work and to get it done on-time. Or else, management can provide training or automation options which will reduce the workload and improve the productivity. Thus, time-tracking helps improve productivity
. Time-tracking also helps in budgeting the cost and billing the client based on real-time data. How to decide on the right time-tracking software?
Other desired features of time-tracking software that make it more powerful
- The right time-tracking software must be easy to use and give you the right kind of reports that augment your business.
- It must be available online and on mobile so that remotely-located employees can also input their worksheet without any hindrance.
- It must have options for daily and weekly input which makes the same input for the week easy.
- It must highlight the scheduled tasks, particularly those prioritised by the supervisor.
- It must alert the users who set the work and who accomplishes them regarding the latest work allotted and completed as the case may be.
- Try a demo version or trial run the software before you actually decide to buy it.
- If a SaaS version is available, it will be the best option as it will be available remotely, cost-effective and you can try the running version.
- Check for the reports available and make sure that they are aligned to your requirements.
- Make sure it is well documented and supported, in case you get stuck while using the same.
- Discuss the possibilities of customisation, it can improve your workflow.
- It must be integrated with the accounting and payroll modules.
- Try different time-tracking software available in the market before you decide on the right one.
The above-mentioned features of time are the key factors to deciding on the right time tracking software for your organization. The below-mentioned features are desirable and give you added advantage over the basic requirements:
- An option to record the expenses along with the daily time-tracking
- Desktop integration
- Recording the payment details against each task accomplished.
- Options to import and export data.
- One that generates invoices
- Integrates with talent management and CRM modules apart from accounting and payroll
- Personalised calendar
With such an extensive criteria for choosing the right time-tracking software for your organisation, you can choose the best software that is robust. Even SMEs can easily afford the cloud-based and SaaS options of time-tracking software which streamlines their workflow, helps them to work cost-effectively and to succeed faster.