The expression “time is money” holds more truth for the small business that needs to spend its time wisely. If managing your small business seems challenging, join the club. Many owners have to find ways to optimize this valuable commodity in order to thrive.
It can be done. To start, you want to review practices for tracking hours worked by contractors and full-time employees. Of course, this requires letting go of some old systems that frankly, takes too much time.
The Old and the New of Time Management
In the past, Excel spreadsheets and paper punch cards ruled the time management world. If you wanted to know how many hours your employees worked – or if they actually worked a full shift – you had to collect the information manually.
Employees were left with the responsibility to input the hours they worked. This antiquated method often led to inconsistencies. Additionally, the data input was restrictive, which meant you had to rely on a different system to have useful information for labor reporting.
Today, you can shop for a wide variety of small business time management software. Because you are often on a tighter budget in comparison to large corporations, this type of software might not initially seem like a wise investment.
However, the overwhelming benefits makes this a worthwhile expense. Modern time tracking software allows you to carefully manage project costs and monitor your employees’ daily work activities.
Your Small Business Runs Smoothly with Time Management Software
The demands of running a small business makes it essential to have effective tools at your disposal. Without efficiency becoming a standard operating procedure, you may start to lose vital customers. Ultimately, this loss will create greater problems and eventually lead to the demise of your small business.
Before things get that grim, you should add the right kind of software to your arsenal. This includes time management software. If you are still pondering whether there are advantages to such a system, continue reading to understand three advantages.
Small Business Time Management Software Can Help You Save Money
Most small businesses find it difficult to find the money for multiple software applications. This causes problems with various processes that are essential to moving tasks and projects forward. By using one software application to manage time, you are equipped to:
- Eliminate redundant tasks
- Save money with one licensing fee
- Keep the flow of a project under one system
- Give employees a one-stop source for entering and tracking their time
- Enable managers to monitor the progress of different projects
- Stay on track and on target with deadlines
- Make smooth adjustments to unplanned interruptions
Clearly, your small business saves money when multiple tasks and activities are kept within a resourceful time management system. Employees enter their time for various projects. Managers pull reports for attendance and compliance data.
Track Project Progression More Effectively with Time Management Software
Investing in the right time management software can help you and your staff track the progress of projects. Instead of scheduling multiple meetings that take employees away from crucial tasks, one click gives you instant updates on milestones, completed tasks and fast-approaching deadlines.
You can see for yourself whether a project remains on time. Employees can continue their daily tasks. Meetings are only scheduled when it is absolutely necessary.
Small Business Management Software has Increased Accessibility
With a software that manages time via the Internet, you, managers and employees can access the application anywhere, anytime. As long as there is a secure connection, this tool gives you access from a laptop, desktop or smartphone.
Having this level of access is essential when you have mobile staff. Additionally, this is a convenience if you take work home. Every minute spent on work-related activities is captured. This helps to ensure that accurate time is logged into one place.
For certain, the use of small business time management software is an effective tool. Whether you have 10 employees or over 100, there are no limitations to completing tasks and keeping accurate records.
In fact, some software systems are scalable, meaning they grow with your business. You may start out small, but you can add more users as your small business expands from the efficient time-saving practices these systems provide.
Ultimately, your choice should fit the needs of your business. Look for one that integrates with existing processes and helps you fulfill project needs.
More small businesses are making the switch to state-of-the-art technology that helps them become more successful. The many advantages listed here proves that you will make a smart investment into the growth of your business.
Time & Attendance Tools for Small Business