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Published September 07th, 2016 by

The Importance of Time Tracking

We all have the same 24 hours in a day to make the most out of our efforts. When you are in business, whether by yourself or as part of an organization, one of the most valuable assets at your disposal is time.

Whether you are a project manager in charge of a large number of people or are working on your own as a one-person shop, you can never underestimate the power of keeping track of time. Even if you promote your business in terms of selling particular items or services, what you are really doing is selling some of your precious time to the highest bidder.

Time tracking is not something that you can do very easily on an ad-hoc basis, such as trying to remember when you began a project and then noting when you paused for a break and the final minute when you finished.

For busy individuals who need a reliable method to keep a close accounting of the time being spent on projects, time tracking software such as that provided by Tick is an ideal solution.

Determine Your True Income on a Per-project Basis
Do you really understand how much revenue you are generating from each project that you begin? It’s best to use time tracking software so you can get a better view of the income on the basis of each project.

You may discover that certain types of projects or certain customers require a great deal of extra work. This knowledge can help you cultivate more lucrative customers and even make a decision about cutting loose the clients that are actually dragging down your bottom line.

Make Better Estimates
Being able to provide a quick and accurate estimate for a new customer is crucial. When you have records of how long previous, similar jobs took you to finish, you can use this information to make estimates on upcoming work.

Document Extra Work Hours to Support Your Request for a Raise
You’ve been putting in a lot of extra hours lately and you deserve the recognition for all your hard efforts.

Keeping track of how you used your time enables you to put together a document to show your boss that you should be in line for a raise or even a promotion, noted a recent article at LiquidPlanner.
Highlight a Need for More Support Staff
Another great reason for using time tracking software is to demonstrate inadequate staffing levels for a given project. When you show how much time it really is taking to finish various tasks, you’ll have the ammunition you need to convince stakeholders in your organization that you need to take on extra help.

Conversely, a prudent manager can examine time tracking details and determine that a particular worker needs more training or practice rather than an assistant. Either way, the beauty of time tracking is that it gives you concrete results that can lead to action in your company.

There is a reason for the popularity of the old saying that “Time is money.” Those who understand the true value of their time are in a better position to get more money from their own efforts as well as encourage better performance from employees.

Tick

Tick's straightforward time tracking software and mobile apps help you track your time and hit your budgets. Try it free for 30 days.

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