Time tracking software is a business-critical solution that helps succeed in several areas, including billing, project management, and individual productivity measurement. Such software lets you account for billable and non-billable hours for accurate payroll and job costing. It allows using agile methods of project management to keep track of work progress and visualize time remaining. You can measure personal productivity per worker by calculating the number of tasks completed and estimating the time actually consumed on those tasks.
Tracking Employee Time for Billing Purposes
Many businesses prefer using time tracking as the primary method to account for employee effort and calculate billable hours. For such businesses, time is the most valuable factor in estimating remuneration and billing amounts. They use time tracking software that provides accurate and convenient tools for job costing and billing.
Here are several main reasons why time tracking software is good for accounting and billing purposes:
- Calculate exact amounts of time spent by workers on client orders
- Maximize billable and minimize non-billable hours
- Account for breaks and idle time
- Identify and reduce time spent by employees on non-productive tasks
Timer to Account for Working Hours and Minutes
Besides, time tracking programs help personnel organize their workday by time, so that each individual will know what amount of working hours is dedicated to each specific job. For example, CentriQS allows users to plan their workday and account for time they spend on their tasks.
The program lets use Timer to calculate time actually spent and record this data in time logs. When you begin a task you can start Timer that counts minutes and hours you spend on the task. After you complete the task or make a break, you stop Timer and then a time log is automatically created.
Calculating Billable Hours
All time logs related to your task can be used to calculate your remuneration and determine the amount to be billed to your company's client. In CentriQS the Time Logs view lets account for billable hours. This view provides a timesheet to display tasks, durations, start and finish date/time, assigned employees, clients and more fields. The accountant of your company can use the Time logs view to calculate total job cost per worker and estimate total job price per client. The software lets export the data to Excel, HTML and other popular formats for reporting purposes. Presets can be used to save and upload report layouts.
Keeping Track of Time on Projects
Traditionally, time is one of the main constraints in project management. Along with scope, quality and budget, time determines how a given project should be managed and what effort the team should make to deliver the project on schedule. Time tracking software helps you account for scheduled durations of project activities and compare estimates against actuals. In addition, such software lets you do the following:
- Identify the quickest possible duration in which your project can be delivered on schedule
- Log actual hours against your project
- Identify slipping deadlines and slacks
- Account for employee time on multiple projects
- Share time-critical data with team members and management
Estimate, Actual, Remain and Deviation for Schedule Analysis
CentriQS software lets you efficiently track time on your project. You can compare your estimates against actual time logs per task per team member, view hours remaining till task completion, and determine time deviation. In the Tasks Analytics view you can analyze the project data on pivot grid view to determine whether your project is on, behind or ahead of schedule. The pivot grid can be printed out and also exported into popular formats.
Burndown Chart for Agile Project Tracking
The software lets use various graphs to visualize project time and schedule. In particular, you can use Burndown chart in the Task Analytics chart to visualize the project's duration and analyze amount of work and time remaining till project completion. The Burndown graph will be great for iterative jobs and agile project management (e.g. SCRUM) to monitor work progress in time and manage client requirements. This chart will let you clearly see what is happening now and how the team progresses your project within a given iteration.
Measuring Individual Productivity with Time Tracking Software
Basically, individual productivity determines a measure of efficiency that shows how well an employee can convert available inputs into useful outputs within an allocated period. The more outputs are received, the more productive the worker is considered. In case of delays and broken deadline the worker's productivity tends to a decrease. Karen M. Williams in her essay "Tips on Effective Time Management" (Ohio State University Fact Sheet) pinpoints 20 major time wasters that professionals should avert at workplace for better productivity.
Measuring personal productivity serves a critical determinant of employee efficiency and used to estimate labor cost. Managers can use CentriQS time tracking software to evaluate productivity per worker in terms of tasks completed and time spent. In the Tasks Analytics view you create a pivot table that shows the number of tasks assigned to each user and the amount of time spent on each user's task. The Chart panel lets visualize the data; for example the Bar chart helps you analyze productivity data among selected users.