If you run a service based company, time is your inventory. Accurate tracking of employee time and material spent on a project is clutch when it comes to managing projects.
While it may be tempting to stick to spreadsheets to track time and expenses they are limited in their capabilities and more often than not lead to inefficiencies in tracking project statuses and budgets. Not to mention that they block your project managers from getting the real-time information they need to measure progress and make informed decisions.
Many companies that use time-based billing are beginning to turn to time tracking software for its enhanced time and project management capabilities. The right timekeeping system allows your company to track employee time and attendance to ensure your employees’ time and talents are being utilized and you have the right workforce in place. It allows department heads and projects managers to clearly see the time and resources spent on tasks and projects. More accurate time tracking means you are less likely to miss billable hours when it comes time to invoice.
The project management capabilities within time tracking software help you keep up with project statuses and see how company time is distributed among clients, projects, tasks, and employees.
Are you using spreadsheets for project management? Download the white paper Using Spreadsheets for Project Management: Understanding the Hidden Costs to see how investing in a web-based project management solution could save you money, time, and aggravation.