Essential Features And Benefits Of Timekeeping Software

Good Timekeeping Software helps you to gather valuable information about your employees and learn how they spend their time at the office. To find the best Timekeeping Software and systems for your large or small business needs, you have to look at your specific company requirements and compare them with the features that the system provides.

Nowadays, many apps and software vendors deliver so simple and easy to use project, payroll and employee timekeeping solutions that let you track all of the time you need in an effortless way. Main features for easy Timekeeping Software providers are automated timekeeping and tracking, payroll preparation, billing, scheduling and timesheets, effortless integration (ex. with platforms like QuickBooks), overtime settings, taking screenshots, and etc.

What is Timekeeping Software?

Timekeeping Software is a tool used by managers and employees to record worked hours for billing, payroll or operations. In general, they capture time spent on assigned tasks and are used to automate payroll or client invoicing. They can also provide insights on your operations, such as, which tasks are taking a lot of your staff’s time and costing the most money, allowing users to plan project budgets.

Benefits Of Timekeeping Software

• Lower costs

Keeping your business as efficient as possible is probably already a priority for you. Yet, Timekeeping Software is probably not one of the ways you’ve considered to ensure that costs remain manageable. Because the system allows managers to identify the parts of your workflow that simply don’t work, it can make it easier to trim your budget accordingly without affecting revenue and performance.

• Streamlined processes

With an easy-to-use Timekeeping Software, you’ll have the tools in place to simplify many of your back-end processes, making operations smoother for both you and your employees. Moreover, your business will have all the information it needs to know how best to cut back on processes that might be superfluous or unnecessary altogether.

• Clearer strategy

Because so much of your business’s success hinges on the strategy you employ on a daily basis, Timekeeping Software will go a long way toward informing your decision-making process and providing you with the opportunity to formulate more effective plans for your company’s future, thanks to data such as the capacity and duration of upcoming projects.

• Better project management

Regardless of the system, you may have been using before, Timekeeping Software will certainly make it easier to shift around schedules, milestones and staff assignments for specific projects on your timeline. Re-prioritize at will and verify that you’re using your available resources in the best possible way before any opportunity to accomplish goals slip past you.

• Increased accountability

The addition of Timekeeping Software also addresses your company’s need for accountability, since the visibility is more customizable. Clients and project hours can more accurately be tracked, and the resulting data clarifies exactly how your employees are spending their time every step of the way. As a built-in bonus, all of this tracking cuts down on distractions, having a positive effect on productivity.

• Limited human error

With more automation involved in calculating and managing data, your business greatly reduces the opportunity for human error. A clear record of projects, tasks and hours completed eliminates the guesswork traditionally involved in time tracking. Instead, your business will have a verifiable record that speaks for itself and precisely reflects the output of your workers.

• Data transparency and access

So many processes will be governed by the Timekeeping Software your business uses that it will effectively enhance your ability to access and calculate data for both current projects and well-projected figures for upcoming ones. Whether it is for the purposes of processing payroll or simply billing and invoicing, your new system will undoubtedly shed some light on your business’s spending habits.

• More reporting

All that data wouldn’t be nearly as valuable if you didn’t have a sufficient way of organizing it all. Thankfully, your Timekeeping Software features a comprehensive reporting capability that will generate and export an extensive list of customizable reports that can meet all of your specific needs. With these in your hands, you’ll be able to better understand how to improve the various facets of your business.

Essential Features Of Timekeeping Software

• Versatile Timesheets

With centralized timesheets shared among employees and HR, it will be very easy to get insights regarding billable hours. Unlike other systems, a Timekeeping Software can list attendance details of an employee in-depth with various parameters like total hours worked, lazy hours, overtime hours, early exit, late entry etc. it can be exported to PDF or CSV format to prepare billable hours accordingly.

• Project Management

In service-based industries, the customers are most often billed according to the effort of the human resources they utilize. So in those industries and companies, it is very important to track the hours worked for effective project management. With Timekeeping Software features, project managers will be able to set timely tasks and deadlines for the members of the team. This will streamline the project workflow and improve employee productivity.

• Time Tracking

As the name suggests, this is the core of any Timekeeping Software. This feature can be used to accurately monitor the worked hours in a precise manner. This allows project managers and other authorized members of the organization to monitor the project workflow and employee productivity and performance. The data from the previous projects can be analyzed to set better delivery deadlines for the upcoming projects.

• Online Invoicing

With the employee timesheet already available in the Timekeeping Software, the process of online invoicing is a breeze task without worrying about any errors or mismatches. It automates the task of time tracking and bill generation which would otherwise consume a lot of human hours. The automated process also prevents a lot of disputes in a discrepancy between employee hours and billed hours.

• User Management

User management feature refers to the process of creation of teams, departments and working groups. These groups can be monitored and managed to get in-depth summaries and various reports. These reports can be shared with authorized key members of the organization with different levels of access control.

• Notifications

Notifications are a great saviour when it comes to Timekeeping Software. For instance, an automated notification can be set to notify the user if they miss their clock in and clock out on time. This can be also utilized for sending regular notifications regarding the project delivery and task deadlines.

• Analytics and Reporting

The accumulated data from the Timekeeping Software will only be useful if it is presented in a visible and understandable manner. The data needs to be comprehensive and easy to understand. As far as the managers are concerned, the ability to convert the data to visual reports like charts and graphs is a must to analyze the overall performance of the organization. This helps in making effective decisions that will ensure the growth of the organization.

• Ability to Integrate

A Timekeeping Software must be deeply involved with every department of an organization. Hence, it should be able to be integrated with existing systems like other ERPs for the seamless workflow of the organization. Company leaders can access various insights regarding the overall organization workforce and get a grasp of the overall performance and productivity.

Final Thoughts

Timekeeping software takes away the need to spend so much time on administrative tasks and lets you focus more on growing your business. The data records, analytics, and reports that you’ll get from a time tracking tool would help you streamline the overall operational process of your business, increase productivity, and generate more revenue.

If you want to revolutionize your business and increase your standards to compete with the finest in the market, OdiTek Solutions is fully equipped with easily customizable Timekeeping Software which can be the most ideal option for you. If you have any requirements or queries on Timekeeping Software Solutions then you can freely Contact Us!

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