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Find out the Best Time Tracking Software in 2020

Finding the best Time Tracking Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

Table of Contents

What is meant by time tracking software?

Time tracking software for small business organizations is a concept that has really started being implemented a lot in the past decade. Time tracking can be simply understood as the tracking and documentation of the hours clocked in by the employees of an organization. Through sophisticated time tracking tools, companies can measure and quantify a number of important variables such as worker efficiency and employee productivity levels.

Time tracking software is a category of software that facilitates an organization to record the time spent by its employee's on different work tasks. Online time management software can be a real asset to any organization, and it is particularly helpful for industries that employ freelance workers who are geographically scattered over the globe. Time and attendance software is also very useful to professionals who bill their clients by the hour it ensures that your valued clients are not over-charged or undercharged.

So make sure to come to a careful and wise decision about investing in the top time tracking software for your company as it can escalate your business fortunes to an all new high!

Discuss some popular time tracking methods that are used by organizations worldwide.

Employee time tracking is a common occurrence in organizations across the globe and companies nowadays use advanced time tracking tools to measure the time productivity of their workforce. Some popular time tracking methods that are used are:

  • The Honor System - This popular time tracking method is also known as the honor method and is commonly used because of its simplicity, along with ease of use. In the honor system, the employees are supposed to record their time spent on organizational tasks and give a rough estimate of how many hours they have worked, so that invoices can be prepared according. The main disadvantage of this method is that if you want to know how exactly your employees spent their time; you will not have a detailed break-down.
  • The Paper Method - A simple method employees use a paper, pen, and notepad to physically record the time they spend during work hours. They may also structure a time-sheet for better efficiency and accurate results one main advantage here is that physically logging in their time themselves makes employees super aware of their individual productivity levels. However, some disadvantages of the paper method are that the timesheet may be prone to loss or damage and employees may also not be very regular in updating it leading to inaccuracy and errors.
  • The Spreadsheet Method - This is a very efficient method of employee time tracking all you need to do is create a spreadsheet on excel with five main columns Date, Activity, Start Time, End Time and Total Hours Worked. You can utilize inbuilt or download specific time tracking templates according to your organizational requirement. A largely labor-intensive method, the spreadsheet system also involves a large amount of trust from staff members for it to work, as they must not enter wrong timings for personal benefit.
  • Project Management Time Tracking - A project management time tracking application is another great solution for organizations which helps them to keep track of their workforce productivity levels. New technological project management time tracking applications have the ability to quantify and measure the time spent by employees at different project stages thereby giving your company a detailed breakdown of time spent on various project tasks.

?These are the various methods of employee management and there is definitely no doubt that keeping a track of your employees work hours is an absolute necessity to kick start performance and boost up efficiency levels!

Why is time tracking software important for business growth?

To run a smooth and well-oiled business organization, it is necessary to keep a vigilant eye over your workforce to make sure that they are conducting all their duties in an efficient manner. Time tracking tools can be your best friend in doing so they will make sure to streamline all business operations, enhance productivity levels throughout the organization and help you reward your workforce for high performance (performance management software) levels.

Online time management software has a number of immense benefits that can help managers stop micro-managing their employees and instead focus on more critical activities. Time tracking and recruiting software is absolutely critical for organizational growth and diversification in the long run, as it helps in reducing overall costs and increases bottom line results. Time tracking software makes sure that your workforce remains well-aware of the time they spend on organizational tasks, keeps them motivated and directed towards the end results.

So make sure to invest in the best time tracking software for your organization it will surely propel business growth and advancement!

What are the key features of some of the best time tracking software?

While choosing time tracking software for your organization, it is vital to make sure that your platform has a comprehensive set of features that cater to your diverse organizational requirements. Here are some standard features of employee time tracking software:

  • Real-Time Tracking - Your online time management software will enable your organization to maintain a record of every minute of an employees work day in the real-time and maintain it in timesheets in an organized manner. The timesheet also serves as an attendance management report which records leaves, absences etc. from the workplace.
  • Online Invoicing of Billable Time - This feature is definitely a must-have if your company has a wide base of regular clients who charge by the hour. Employee time tracking software measures all worked hours with precision and routinely generates billing based on software settings like billable time and company rates. Time tracking software helps you charge clients with transparency, so unnecessary grievances are avoided. Time tracking software also automates wage calculation which is surely a huge time-saver for small business organizations!
  • Reporting and Analytics - Employee time tracking and payroll software allows you to generate customized reports and summaries through just a few clicks, which can analyze an extensive range of information relating to tasks. Managers can examine the total time expended on a project or quantify specific data such as monthly, weekly and daily time statistics. There are a number of visual charts and graphs for quick lookups that give all the detailed information at a glance.
  • Tags and Alerts - One extremely useful feature of online time management software is that it allows users to utilize tags to time entries to categorize employee timings through activities. It also has the ability to tag filters in report charts to show the time taken by different teams in project activities. Notifications and alerts can be applied in different ways through time tracking tools. For example if a team is falling behind schedule, they can be sent a reminder. Team members can also be alerted for urgent or pending tasks thereby making sure that project timelines are maintained strictly.

?So make sure to invest in the best time tracking software for your company to witness a dramatic increase in your bottom line results.

What are the major benefits that your organization can accrue through time tracking tools?

Employee tracking software can prove to be a great asset for any organization, as they carry a number of immense benefits. Here are some important advantages of online time management software:

  • Prioritized Task Lists - Time tracking software lists down organizational tasks on the basis of priority so that employees do not waste their time doing inconsequential work. Time tracking tools explicitly communicate the highest level objectives to workers so that they can plan their work hours and gain maximum efficiency in a limited amount of time.
  • Bills Clients Accurately - Employee tracking software bills clients exactly for the work that has been performed, making sure employees earn exactly what they deserve for the time put in. It facilitates better transparency between the clients and organization, and makes sure your clients stay happy.
  • Improves Project Schedules - Online time management software is a great platform to make sure your projects follow their timeframes according to projected schedules. It measures the important goals and gives alerts to team members to complete urgent tasks; thereby ensuring projects are completed on time.
  • Rewards Excellence - Time tracking tools are a very good way to measure your employee productivity as well as human resource and if you find some workers consistently performing above their targets, it gives you a great platform to give them incentives and rewards. So, time tracking software can help keep your start performers motivated and engaged in the workplace.
  • Better Workflow - Employee tracking software helps to streamline organizational operations and gives business owners an entire overview of their workflow. Time tracking software helps to reduce extra expenses, diagnose undetected problems and enhance efficiency so that the overall bottom line profits escalate to an all-time high!

?Time is an extremely limited precious resource, so make sure your organization utilizes top time-tracking software. Time tracking tools will help you measure time wasted on non-essential activities and stay aligned to long-term corporate goals. So make sure to invest in the best time tracking software to accrue these advantageous benefits for your organization!

 

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Frequently Asked Questions (FAQs)

  • Time tracking is the process of tracking and recording the working hours of employees to ensure they are rewarded accurately for their efforts. It usually comes under time and attendance management, and consists of the following components:

    • Time entry
    • Approvals
    • Reporting
  • If you are a freelancer, business owner, manager, or employee, you should use web-based time tracking software to effectively manage your work hours and project deadlines. It helps you get a precise estimate of how much does it take to complete particular tasks and projects, which enables you to generate accurate bills and invoices.
  • Yes, time tracking apps are used by managers and team leaders worldwide to enhance their team's performance. It helps you get detailed reports of how each member of your team is spending their team, which enables you to track their performance and reward and punish them accordingly. When team members realize that their performance is being monitored continuously, they will become more focused and determined towards their job.
  • The latest time tracking system not only helps you track time but also help you manage invoices and record employee billable hours. If you're looking for the best cloud-based time tracking software, here are a few options to choose from.

    • Zoho Projects
    Time Doctor
    • Wrike
    Hubstaff
    • Mavenlink
    • BQE Core

Rinkesh AnandaniBy Rinkesh Anandani | Last Updated: October 19, 2020

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