Keeping track of tasks in a project is very important to build a strong rapport with clients and build a name for yourself in the market. As a result, most firms use project estimation software to monitor employees, design project frameworks, and settle bill payments.
But, some solutions may not give you an accurate idea of the time spent. So, you can integrate your solution with time tracking software to get a better idea of time spent in all activities.
Before we move onto the reasons why you should use time tracking with project management software, let’s understand its importance.
Importance of Time Tracking
Here is why time tracking is essential.
1. Tracking time helps team members get work done faster. You can easily find out which tasks take more time and make sure your team is performing efficiently. Moreover, it ensures that the focus stays on tasks and there are minimum distractions.
2.It lets you identify activities and patterns that lead to delay in tasks and take countermeasures to rectify them.
3. Time tracking software can easily identify the members efficient at particular tasks so that you can assign them those tasks
4. It creates a transparent project delivery process and lets you have a look at all the project data at once.
Now that you are clear on the benefits of time tracking, let us understand how it can be used with project estimation software.
1. Easy Payment Tracking
If you work on projects that are charged per hour, it can get challenging to keep track of payments. But, time tracking software makes it super easy to do it, and you need not waste time calculating the hours spent on it. Moreover, it lets you stay on top of your payments and get them faster by providing access to multiple business payment methods.
2. Resource Allocation
When you use time tracking software, you can easily monitor where specific resources and staff have been assigned. It will help you gauge their impact and address any possible shortcomings to achieve peak productivity.
3. Advanced Reporting and Analytics
Smart time tracking with project estimation software generates actionable data. You can use it to monitor projects better while sticking to your budget. Time tracking software lets you measure project progress and individual productivity and address minor issues before they become big problems.
4. Expense Tracking and Cost Estimation
With limited funds at hand, it can get difficult to estimate costs and track expenses. However, project estimation software combined with time tracking lets you do that seamlessly. Subsequently, not only are you able to track expenses better, but you also stick to your cost estimates as you have a comprehensive understanding of the time spent on all tasks. Moreover, since the time spent is proportional to the money earned by your firm, you will never lose out on profits with time tracking software.
5. Easy Invoicing
Well, having accurate estimates of time spent on projects is one thing, but sending invoices to clients can be a huge task. Often project managers face issues in sending invoices. This is because it is easy to forget to send them, and personalizing them is another issue.
Luckily, project estimation software lets you customize invoices and send them to your clients. This not only builds a strong impression on your customers, but they are likely to send you more work too.
Besides, you can even choose to set reminders for sending invoices with time trackers and never miss out on a payment.
6. Boost Productivity
A project team has different members, and so are their working styles and adherence to deadlines. While some of them may believe in completing way before time, some may be regular shirkers. However, time tracking will ensure that all get on the same page and fulfill their commitments. This is because they will know that they are being held accountable and do their work with the best quality.
Executing the time tracking process is essential as it can revamp the entire project management process and deliver better results. With several solutions in the market, you can analyze and then use a time tracker to make a bigger impact on your projects.
Conclusively, time tracking forms the core of project estimation software as it lets you optimize all processes, address possible loopholes, and determine how to expedite the delivery process.