Payroll and billing are the two essential factors of a business that heavily rely on reporting and accuracy. Companies that keep track of employee activity are able to efficiently calculate rates, expenses, billing costs and profit margins to control the scope of their projects.
Meaning, accurate time tracking and management can make or break a company. This makes it necessary that a business to knows which avenues are profitable and what routes drain resources. To better understand what this means, here are three ways that your company could be losing both time and money by not properly tracking and managing its resources.
- Poor Time Management While Managing Multiple Tasks
We know you are tired of hearing the cliché that you’re “poorly managing your time,” when there just doesn’t seem to be enough hours in a day. Especially when it seems that you work nonstop to still find yourself overrun with managerial duties, bookkeeping, communication, and administrative tasks. People keep saying that tracking time will help, but you’re unsure how when it’s just another task that requires more time.
Automation tools are necessary for preventing any headaches that you may encounter while attempting to manage your time. This will streamline your work processes and free you from the chains of extraneous duties. Times Manager™ features a Microsoft Outlook plugin that allows you to sync your calendar, assign tasks, and upload emails directly to your project repository; along with, Timekeeper, its automated time tracking feature. These unique features will finally let you efficiently manage your project task schedule without spending valuable time.
2. Improper Time Tracking
If you’ve ever used more time on a project than you initially allotted, you can relate to the notion that times equals money. In order to preserve the integrity of your services, it is necessary to keep an accurate record of how much time you spend on each task. The TimesManager™ Timekeeper feature integrates directly with each time slip and smoothly syncs with an assigned project. This allows you to effortlessly create tasks and set billing rates while easily filtering activities by name, category, and type. Don’t let another second of your time go unbilled again.
3. Lack of Billing Transparency
Clients need to know exactly what work is included on a slip when submitting an invoice for a project. Most importantly, you, the producer of the project, need to know what work is included on that slip to establish, cultivate, and repeat an efficient project workflow. With a clear overview of billing, you will be able to accurately measure and monitor which tasks your time and efforts are invested in.
TimesManager™ delivers complete billing transparency through automated reports, invoice summaries, activity macros, and detailed notes. Plus, it syncs your data into a single point of entry, so you can access all of your project information from one simple dashboard.