Small businesses often face many challenges. One of the most common problems is the lack of funds to cover costs. Under these conditions, managers are looking for any ways to cut costs, and time tracking is what they think about last. However, time tracking can help to save the business more money and optimize the work that on perspective can help get more profits.
Most of the time tracking services are rendered on a SaaS (software as a service) basis. Let's see what a web based time tracking software is and how it can be useful for a small business.
What exactly is web based time tracking software?
Like we said before, most of the time tracking services are rendered on the SaaS basis. This means that you don't need a local server to collect and store the information about your employees performance.
The great advantage that SaaS provides is that it' s much cheaper than having a local server. Additionally, you can hire remote employees and monitor their work using a web based service, which would be impossible with traditional desktop applications.
How can a web based service help small businesses?
1. Provide accurate payroll and performance data
With the old pen and paper method, calculating payroll could be quite a pain in the neck. Not only was it slow, but also inaccurate. Employees could easily falsify the data and claim that they've done more than they've actually done and add up some overtime.
A web based time tracking service provides you with accurate information about hours worked, employee performance and productivity. And most importantly, it collects all information for you. So no more cheating and you get a chance to see gaps in employee work and make timely decisions on what should be improved.
2. Improve HRM
Human resource management is always difficult, and there's always a room for human mistake if you collect data manually. A web based time tracking software will help to streamline basic HRM processes like:
- payroll calculation;
- scheduling employees who work flexible hours, work in remote offices or were hired as part-time employees;
- task and project management.
You have all the information about employee performance, hours worked, no matter what the schedule is, projects and tasks progress statuses right in front of you.
You can monitor employees work in real time, so if something goes wrong you can make timely changes before things get worse.
3. Save time and money
Except saving money on unproductive time, web based time tracking software takes less time and money to implement.
Let's say that you decided to track time on a local server. This means that you have to:
get server hardware:
- get a couple of licenses (e.g. application and security software licenses);
- hire some IT consultants ( to install, configure and test the software, to apply release updates);
- pay annual maintenance software fees.
Sounds like a lot of work, doesn't it? It also sounds like it would cost a lot of money and time to do this.
With a web based service things are much easier. You don't have to install a local server. All you have to do is sign up for a time tracking service that you like on the Internet.
By using time tracking software, you will have a much better understanding of how much time it takes to complete projects, and you will be able to use that data in the future when it comes to new projects and scheduling. There really are no downsides to using time tracking software, and it is better for your small business to start sooner rather than later.
This is really a nice and informative post about Time Tracking and how it is beneficial for Small Businesses. Thanks for sharing this nice information with us.