How A Time Tracker Helps With Invoicing And Productivity Assessment

All small business owners are professionals of multitasking, who keep an eye on emails, calls, and project management. In the routine of working on different tasks at the same time, including time-wasting activities like Facebook sneaking in, it can be hard to assess how the day was really spent.

Why Use A Time Tracker?

When you work on many projects with hourly rates, it becomes especially important to know how much time is spent on every single project even with distractions so that the customer’s bill is precise and the company’s owner does not miss out on the money they have actually earned.

The next (but not the last) advantage of using a time tracker is that a company’s owner can get a better sense of how long different tasks take so he will be able to estimate upcoming projects precisely or make proposals more accurately to existing customers and prospects. Many entrepreneurs often end up underestimating projects and missing out on incomes that they could get on current and future assignments. In addition, it helps customers to get a right assessment of how long projects take so that they can budget for it correctly.

How A Time Tracker Helps To Improve Business Efficiency

Time is money, do you remember? So it makes sense to track time on a minute-by-minute basis to guarantee the highest productivity and profitability from every single employee, including the CEO. All time not spent on a project that can be billed needs to be assessed.

But there are several work tasks that cannot be billed to a client such as accounting, PR, advertisement, and so on. It is possible that time that is being wasted could be spent working on projects. Moreover, it is still good to track time spent on these non-billable tasks to assess if there is a solution to minimize the time spent on each of those activities.

By working to improve the records kept on time spent on different projects and customer accounts, those records can then be measured against the revenue to gauge real productivity and efficiency of your business. The data from CrocoTime time tracker may be viewed in relation to every single project and the whole company, or multiple employees working on a project.

Optimize Your Business

When you are able to estimate performance and productivity, including expenses and non-billable work, and compare it against overall revenue, you can understand more deeply how well is your company doing and what can be done for better planning and more informed strategic decisions. The CEO or project manager can assess the company’s power and just how much they can produce in terms of project work by themselves and with their team to determine if other solutions might be available to streamline business tasks and project work.

The results of the time tracker usage may well be a more successful business that can grow appropriately and scale up with a much better idea of what is possible or how much staff to add over time. Both big international companies and startups should look for a solution like the time tracker as the part of their overall technology to leverage all of these incredible benefits.

Ivan Petrov is interested in using modern tools for improving efficiency of businesses. Start 14 days free trial of CrocoTime time tracker now to grow the productivity of your business.