Yesterday is history. Tomorrow is a mystery. So, how will you make the most of today? By intentionally managing, tracking, and utilizing your time, of course.
Yet most businesses aren’t making the most of today. Quite the opposite. They’re consistently wasting precious time on a monumental scale. A study by Maui Mastermind found business owners wasted 21.8 hours each week—hours that went up in smoke and contributed little value to the company. According to Doodle’s 2019 State of Meetings report, poorly organized meetings will lead to $399 billion (that’s with a “B”) wasted dollars in the US this year. That’s a lot of money.
Regardless of the reason, businesses are squandering shocking amounts of cash by inefficiently using time—but it doesn’t have to be this way. Modern technology has provided the business world with a straightforward, game-changing solution: timesheets. Yep, it’s that simple. However, we’re not talking about manual-entry pen and paper timesheets. We’re talking about sophisticated, digital time tracking. Intelligent software that tracks hours worked, streamlines payroll, and makes sending accurate invoices as easy as no-bake-store-bought apple pie.
Let’s briefly cover how time-tracking tech can help your business recover valuable time and money, and then we’ll give you a quick and easy tool to get started.
Digital Time Tracking Works—Simple as That
Time tracking has its fair share of skeptics. Criticisms range from administrative headaches to micromanagement complaints to creative chokeholds. Haters gonna hate, and that’s okay, but we want to put any doubts to bed for good. Digital time tracking works, and we found a few numbers to prove it.
A survey from Software Advice found that 43% of employees exaggerate the hours they worked. An hour here or there by 1 or 2 employees could be seen as harmless, but it’s a repeating habit used by almost half of the workforce. The hours add up, and so does the payroll. By using digital time tracking, you can discover how your employees are spending their time, ensuring hours aren’t puffed up on a whim. No, it’s not micromanagement—it’s simply management.
Automating processes like time and project tracking also saves payroll professionals a colossal amount of time. The American Payroll Association (APA) estimates that time-tracking automation reduces payroll processing costs by at least 80%. You’ve likely automated your thermostat, credit card payments, computer back-ups, and so much more—why not automate your time tracking and payroll?
In another study, a business found that it could bill up to 20% more with accurate-to-the-second automated time tracking. By tracking projects and hours more accurately, the business found it was significantly underbilling its clients. Digital time-tracking services help you identify similar deficiencies in your processes and guarantees your employees, and your business, are paid what they deserve.
Modern Software Takes Time Tracking to Whole New Levels
Timesheets alone are a valuable tool, but most time-tracking tech goes above and beyond with productivity-boosting features. Take TSheets, for example. Sure, they have mobile timesheets, but that’s just scratching the surface. Here are a few other cool things they can do:
- GPS Tracking (not quite as Big Brother-like as it sounds)
- Real-Time Who’s Working Tracking
- Mobile Scheduling
- Custom Alerts and Notifications
These rich features add to the time-tracking repertoire like vanilla bean ice cream to warm brownies. Sure, each is a fantastic component on its own—but combined it’s just a complete, incomparable experience.
The GPS Time Tracker is one of the most handy-dandy add-ons. You get real-time insight into who’s on the clock, where they’re working, and what they’re working on. It sure can help avoid an embarrassing scenario like the one that happened with a building supervisor in Spain.
“I wondered whether he was still working there, had he retired, had he died? But the payroll showed he was still receiving a salary,” said Deputy Mayor Jorge Blas. Nope. He hadn’t died. He just skipped work for 6 years straight and kept collecting his $41,500 salary from the local government. He probably would have gotten away with it, too, if it wasn’t for the government awarding him for his 20 years of loyal service.
That example might feel like a stretch, but you can imagine how errors, negligence, and blatant employee theft could add up to a lot of lost cash annually. Fortunately, modern tech like TSheets makes protecting your business simple, easy, and affordable.
Time Data Can Be Used for More Than Tracking and Payroll
Having an accurate awareness of your labor expenses is crucial to understanding your business’s health, overall strategy, and future forecasts. Data gathered and powered by technology helps you assess the situation and create more precise projections. That data could inform many of your business imperatives and help you identify roadblocks, barriers, and opportunities.
Digging into time data could reveal some surprising insights. Maybe one of your offices is always behind because they’re understaffed. Perhaps another location is ahead of schedule because they’re taking longer, less frequent breaks. Timesheets are a treasure trove of data, and technology lets you slice, dice, double-click, and zoom out to learn exactly what your company needs.
Time-tracking tech is a powerful business advantage, but it’s just a single M&M in your management McFlurry. Take a look at our Business Tech Toolbox and explore 4 other money-saving solutions that scale with your business. Whether it’s legal services tech, digital marketing tools, or expense management software, we’ve found small business-friendly solutions that’ll make your life easier.
Technology is supposed to make life simple. Start recovering your (and your employee’s) valuable time and money by using time-tracking technology. No more ink. No more paper. No more mistakes. Tech takes care of the details so you can get back to doing what you do best—growing your business.