Why You Should Track Time Online
Whether the owner of a company overseeing business operations, a manager in charge of a small group of employees, or a freelancer just tracking time for himself, tracking time online has so many advantages. With an online time tracking service like Timesheets.com you aren’t just getting a place to record your time (you could do that with paper or spreadsheets) but a service that can do so much more. A web-based tracking also gives you:
- Reliability (our up time is over 99.9%)
- Accurate time reporting (a pre-programmed app that calculates time automatically is better than a calculator!)
- Accurate overtime calculations (most people don’t even know the Federal, much less, state overtime laws)
- Friendly support
- Backed up data and easy storage (we tell our customers that we store all records for at a minimum of three years but in reality we’ve never deleted a single thing in 10 years!)
- Accountability (proof of time on the clock and presence in the workplace)
- Access (records are available all day/night, and from anywhere)
Benefits For The Owner:
If you’re the owner of a company, saving money is important to you. You want to be sure you are paying and billing accurately and that your employees are accurately reporting their hours. Tracking time for payroll saves thousands in time padding, in calculation errors, and in manager’s time collecting and adding up time cards. Implementing an online time tracking system increases productivity, improves accountability, and eliminates errors.
Benefits For The Project Manager:
Clients will often demand to know the breakdown of time spent on projects, making accurate reporting essential for billing. But keeping track of the varying pay rates and bill rates can get really tricky. You need a system that handles multiple pay rates for employees who earn different rates for the work they do on the same project (seniority, experience). And you also need a system that can assign different bill rates for projects assigned to different customers.
Benefits For The Freelancer:
As a freelancer, you set your own hours and may switch from project to project at any hour of the day or night. Keeping track of the time spent on and off these projects is important. Minutes add up to hours and the hours add up to your paycheck. If you’re guessing how much time you spend here or there you’re bound to lose due pay.
You probably know what you think you’re worth in terms of hours but you might not know how this translates to your projects. The best way to get a really clear idea of what a project is worth is to keep track of the hours you and your employees spend working on it. For example, if you think your time is worth $25/hr, then charging a client $500 for a project that takes 3 days, or 24 work hours is going to end up shortchanging you one hundred bucks. $500 is a nice round number but it isn’t the best price for this job.
Knowing exactly how many hours you work is like insurance for getting the most value out of your time.
The good news is, Timesheets.com is free for freelancers (as long as you are tracking time only for yourself).
Benefits For Your Clients:
Many clients require that projects are billed by the hour and that the break down of time is reported. But even if they don’t, providing these records, or at least keeping them on hand, could prove beneficial. Accurate time reporting can prevent disputes, expedite payments, and foster trust between client and service provider.
Tracking time is important for the business, the client, and the individual:
- Eliminate guesstimating – Punching in and out keeps employees from having to guess their hours. A web designer, for example, can guesstimate that it took 7 hours to design a website, but it may have really only taken him 5 or 6 hours. By requiring that employees actually clock in when they are working, they will add up (and bill) real working hours.
- Eliminate estimating hours based on the desired paycheck – When employees guess their hours, they will usually throw out a number based on what they want their paycheck to look like and not the amount of time they actually put into the project.
- Provide work-time visibility – Recording work notes with every clock punch provides the employer with the actual breakdown of duties during that shift or segment of working time.
- Form better habits – Being organized is good for the employee too. Most people don’t want to lie and don’t want to rip people off but they may not have the tools to bill accurately.
- Save time and prevent inaccuracies – Tracking time on paper or on spreadsheets leaves a lot of room for error and is a lot more time consuming than it is worth. A system designed for this purpose makes it easy to assign time to projects and calculate bill and pay rates.