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
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
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 Timesheets.com
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.
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.
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.
