3 Ways Time Tracking Software Can Help Your Business Grow
Time tracking. Two of the least favorite words in any entrepreneur’s lexicon. Consultants, builders, creators, and innovators worldwide prefer to spend less time accounting and more time doing. That’s why “time tracking” has practically become synonymous with “necessary evil.”
Well, it may be necessary, but it doesn’t have to be evil. In fact, with the right time tracking software at your fingertips, you may find that the benefits rapidly outweigh the burdens. Let’s explore three ways that a time tracking application, when implemented correctly, can save you precious time – and boost your margins.
1. Less Back Office Work = More Revenue
Effective and efficient time tracking is one of the easiest ways to spend less time on rote administrative tasks and more time on billable work. By categorizing, recording, and streamlining time entry and project allotment, a premium time tracking tool will help you log project hours with minimal effort, preserving workflows and freeing up valuable time and resources for client work.
Additionally, premium time tracking software integrates with other core back office functionalities, such as invoicing, tax payment and expense tracking, and client information management. Having all of these back office functionalities accessible and workable from one streamlined, intuitive location further increases efficiency and reduces time spent on menial tasks.
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2. Elevated Branding = A Better Customer Experience
Effective time tracking software should allow you to easily invoice clients for billable project hours. Many outdated methods, however, require multiple applications and manual inputting to create even just one invoice. The ability to not only easily track your time throughout the month, but to then generate and send an invoice all within one application is a huge advancement for independent contractors. But it doesn’t end there. You can pick from seven different invoice format options with various levels of detail to suit the needs of each client. Impressing clients with your invoice information just the way they want to see it means better retention and rapport.
3. Useful Analytics = A Clearer Growth Strategy
Finally, the right time tracking software will help you grow your business by providing clear and useful calendar views that help you arrive at key insights. By tracking your daily activity, you will better understand how and where you’re spending most of your time, allowing you to optimize and align to growth. Whether you restructure project planning, or shift time towards more high-value projects and activities, it all starts with having the right organizational tools.