The Benefits of Time Tracking Software
Transcript of The Benefits of Time Tracking Software
BENEFITS OF TIME TRACKING
ACCURATE PRICING & ESTIMATES
ACCURATE BILLING & INVOICING
Use time tracked on previous tasks to make more accurate estimates or even adjust base prices for services
A study calculated $50,000 in revenue per person is lost each year from inadequate tracking of communication with clients
Easily and accurately bill clients for all work completed
Provide accounting all hours worked on a job, avoiding errors or follow-up invoices
EXAMPLE: Technician agrees to fix an outlet in the basement, even though they are there for a kitchen rewire. The technician never tracks his time for the additional task, and it is never billed.
How much money does this lose?If this happens once a week with 15 technicians giving away one hour of free work per week at
IMPROVE PRODUCTIVITY
FASTER, SMARTER PAYROLL
* 360e does not provide payroll services or process information in a way that is payroll ready
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BENEFITS OF EMPLOYEE TIME
TRACKING SOFTWARE
HOURS
$100/HR x 52 WEEKS PER YEAR = $78,000Employees tend to underestimate their time spent on a task or project,
undercutting the appropriate value of their work
Handle client questions or disputes over time with ease with detailed records
JANUARY30% PROFIT LOSS when reporting worked hours at the end of the month
15% PROFIT LOSS when reporting worked hours at the end of the week
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How much the U.S. economy loses each day in productivity due to inefficiencies like inaccurate time reporting
$7.4 BILLION
How much U.S. companies lose each year in productivity due to fraudulent time and attendance costs
$400 BILLION
Analyze tracked time to see where time is wasted and cut down on procrastination
Tracking time can also help to improve poor time management and create good work habits
IMPROVE PROJECT MANAGEMENT
IMPACT OF TIME TRACKING
Automated time tracking systems can speed up the process
Time spent on payroll can be reduced by up to 50% simply by eliminating the hassles of manual time tracking
Cut errors and wasteful costs
34.2% of payroll expenses can be accounted for by direct or indirect costs of absences
Payroll was completed 70% faster one clinical laboratory saw by switching from punching paper cards to an automated system
Errors due to manual processing of time and attendance can account for 1% - 7% of total payroll costs
50%Reduced 34.2%$
Keep employees and projects on task, on schedule, and on budget
The top requested web-based project management software function is time tracking, requested by
60% of small business leaders
Time tracking allows you to better assess your progress in real time
TIME TRACKING
MANAGE FREELANCE, CONTRACT,& REMOTE EMPLOYEES
Time tracking software can help businesses better manage remote employees by not only tracking time but monitoring their activity level, capturing screenshots, and improving their accountability
The number of employees not working together in the same office is increasing
in work at home among the non-self-employed in the past 10 years
employees work from home at least half the time
in telecommuting employees in computer engineering and science
WORKING IN THE FIELD
Many employees working remotely are actually mobile or working in the field
The number of employees not working together in the same office is increasing
Time tracking while out on a job provides:• Accurate value for labor• Adds accountability similar to other remote employees• Better time management for scheduling calls or projects• Account for varied uses of time like communication, training, retrieving permits, transportation of materials, or travel between work sites • Real time progress tracking instead of retroactive progress tracking
75% of companies switching to an automated time tracking and attendance gained 250% ROI within 5 months according to the American Payroll Association
360e FIELD MANAGEMENT SOFTWARE
360e OFFERS A POWERFUL, FLEXIBLE TIME TRACKING SOLUTION THAT PROVIDES:
Real time tracking and playback between office and field, which facilitates proactive management instead of reactive management
Connectivity between office and field for the tracking of labor, materials, communication, docs, files and job requirements (i.e. permits, code upgrades, etc.)
Automate jobsite mapping and routing
Quickly and accurately send customized invoices
LEARN MORE ABOUT HOW 360E FIELD MANAGEMENT SOFTWARE CAN LIGHT UP YOUR BUSINESS! MY360E.COM
Infographic designed by Mad Fish Digital Copyright © 2016 360 Enterprises, LLC.
Sources: everhour.com, globalworkplaceanalytics.com, hbr.org, my360e.com, nucleusresearch.com, on-timeweb.com, paymoapp.com, saimgs.com, softwareadvice.com, techrepublic.com, waspbarcode.com, workforcemanagementchannel.com
103%increase
There’s been a
3.7 million
Between 2000 and 2010, there was a
71% increase
RETURN ON INVESTMENTJANUARY {
250% RETURN ON INVESTMENT
FEBRUARY
MARCH
APRIL
MAY
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