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JOVACO Solutions

How Small Business Can Benefit from Time Tracking and Dynamics GP

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I read this article titled How Small Business Can Benefit from Time Tracking and what hit me the most was the part when they mention “without timesheet software, it is very difficult to understand project costs”. Personally, I think it’s even more than just understanding the costs, but properly accounting for them. With a project accounting solution, you now have the opportunity to separate costs and have a better breakdown of the different phases within one of your projects. By having the ability to more accurately estimate your projects, you have the opportunity to reduce the risk of miscalculations that could have a greater impact on smaller organizations.

 Although I would be cautious when they speak about the requirements list, you need to be realistic when you are creating your list as I feel this is where project accounting software gets a bad reputation for being expensive and lengthy to implement. I think it’s important to look at everything you may need, but you need to ask yourself: do I need all of this right now or can I do this implementation in phases? Then ask yourself the following: which of these is a must have, a nice-to-have, or just a fun feature? Ideally, what is important is that your organization finds a solution that could grow with you and has a long-term vision of where you will need your project accounting solution to eventually be; but you are able to just start with the basics.

 I thought this article was very honest in expectations that “there is no magic fix”; unfortunately this is very true. I don’t think that this solely applies to project accounting software; this can be said about any solution where you will be revising internal company processes. This is an important step and you should not cut corners. If others in the organization can see a benefit from this new process, you have a better chance that it will be adopted. Personally, I think this is even more of a reality for smaller organizations where employees may not see the benefits as quickly as in a larger organization.

 One of the major advantages to having a timesheet in a smaller organization is that you can empower your resources by making them responsible for the work they do within the organization. Employees are now able to stay on top of their different aspects within their projects as well as their deliverables. In addition, you limit the amount of data entry required within your financial and operational tools to ensure that your projects stay on-time by closely following their progress.

 I feel that timesheet and project accounting software should be considered for organizations both large and small and not just those who just require the input of time in order to invoice customers. A project accounting solution offers you a more concise way to follow your costs by product and department to have a better pulse on your overall organization, regardless of your size.

 By JOVACO Solutions, a Quebec project accounting specialist

7 Responses to “How Small Business Can Benefit from Time Tracking and Dynamics GP”

  1. Jimmy – Proofhub looks like a great tool if you are strictly looking for a project management application. The difference with the one mentioned in this blog is that it tracks not only your time but your cost as well by being fully integrated to your financial therefore making it easier to better understand your project profitability and not just if your project is meeting its deadlines.

  2. Jimmy says:

    Great writeup! For every size of business, time tracking is must and there are few tools in the market that are good at time tracking. I want to suggest a multipurpose tool called Proofhub, it offers time tracking, project management, online collaboration, gantt chart, to-do’s and lots more.

  3. Jessie says:

    One of the main reasons why small business or even mid size business companies uses time tracking tools to improve productivity and efficiency. It also helps assure that employees are working during working hours not just slacking their time on unrelated to work activities. In our company we also use this tool Time Doctor, which allows employees to stay focus on tasks, limit wasted time and get things done.

  4. Venessa says:

    Couldn’t agree more. Having worked in small agencies and as a freelancer most of my career I know how important keeping track of time can be.

    Tracking time allows you to manage distractions and give better estimates. The challenge is finding the right balance between tracking time and not spending too much time tracking it!

  5. I totally agree with you – the reason why I wrote this blog was because we see a lot of larger companies who understand the need for a timesheet but when it comes to the smaller ones, we feel that they don’t see the added value even if it’s a great tool to have a more comprehensive understanding of your time (and helps your administrative team with the entry and bill process too!)

  6. I wouldn’t say time tracking is just for small businesses. Actually, I recommend and explain the importance to all sized companies and its very much necessary for all, even for individuals. Time tracking softwares have made life simpler by making it completely organized and helps us in understand what we do with our time.

  7. Charlie Ward says:

    Great post! I believe being efficient with your time is one of the most important things for you to do in business. I definitely use Time Tracking Software to keep myself and my small business on track, and to make sure no time is wasted. I’m always researching new and different ones also to make sure me and my employees are being as efficient and as up to date as possible. Like the saying goes “Time is money!”

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