You may think that tracking time and expenses to optimize your team and satisfy your clients is an easy, routine task. The truth is that tracking staff’s timing and expenses is about making insight-driven decisions a key part of your business culture and day-to-day activities.
Usually, a new company will start small by tracking employees’ hours in an Excel spreadsheet or even in traditional, handwritten records. As your client portfolio grows and your team gets larger, your time management needs to change. Whether you are an accounting firm, an IT consulting company, or a bank, there will come a point where you will need to better take advantage of your resources and track your revenue and costs.
A lot of times, people consider buying a time management system an unnecessary expense. In fact, the effectiveness of it in tracking, analyzing, and reporting on employees' timekeeping, outweighs its cost. Today’s software options focus on web hosted portals with reporting and time tracking features, as well as various options for recording expenses toward clients and projects. You can also bill an employee’s time at various rates depending on the client and the tasks to be performed.
Therefore, a time and expense management system helps you to better leverage your employee time and keep track of how you utilize your resources. As you build an historical database, the better you plan and manage, the more revenue you generate
Doriana Kote, Marketing Assistant,