Is Project Time Tracking Worth It? How It Can Affect Your Bottom Line

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Project managers (PMs) and small business owners, we know nailing your project budgets is crucial for profitability. Accurate job costing means the difference between profit and unexpected costs. This is why project time tracking is essential and can help your bottom line in several ways.

How Time Tracking Can Help Your Project's Bottom Line

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Avoid Overspending

Time tracking helps project managers use time more efficiently and curbs overspending on projects by:

  • Showing where time is being spent and how much
  • Highlighting where efficiencies may be possible
  • Helping PMs to more accurately allocate resources
woman reviewing financial forecasting sheet on table

Better Forecasting

Accurate time data can help you estimate future projects more precisely. This ensures you strike the right balance between shooting too high, and losing the opportunity, or too low, and risking profitability.

Transparent Costs

Clients love transparency. Showing them timesheet data can help:

  • Prove your team’s hard work
  • Clients qualify their investment in your services
  • Build positive and honest relationships that keep clients coming back

Boost your business’s bottom line with

Optimize your operations with! Unique from other time tracking tools, offers scheduling, expense tracking, reporting, and HR capabilities all in one platform. Better yet, there’s no additional cost for these bonus features.
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Save Money

Time tracking increases accountability which, in turn, can make your team more efficient. More done in less time means your team members can focus on other projects and generate more profit. Additionally, with automated project time tracking, your team leaders can spend more time on profitable projects.

person sitting at table reviewing financial documents

Monitor Budgets

Knowledge is key to keeping your project on track financially. Online time tracking makes it quick and easy to keep an eye on project budgets. This allows you to make adjustments and adjust resources, as needed, to avoid overspending.

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Improve Processes

Time tracking is excellent for process improvement and efficiency. It helps with:

  • Reporting and invoicing, leaving more time for business owners and project managers to address other priorities.
  • Understanding where your time is being spent and finding opportunities to work smarter.

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