In business, time is always of the essence. You could say that if you waste a lot of time, you could potentially be losing a lot of money in the process.
Your employees should know how important time is, which is why I recommend that you install a time tracking software to ensure efficiency across the board.
This is especially true if you are going to get outsourced accounting services in Malaysia. This is done just so that everything is in working order without anyone losing time and effort.
Today, I am going to talk about how you can keep track of time so that you can integrate it with your company’s bookkeeping needs.
Explain It to Your Employees
Now, if your business has been working without a time-tracking software in place, it could shock your employees about the sudden implementation of the system.
Time-tracking software, for those of you who do not know, is installed in computers to help ensure that your employees are indeed working on what they’re supposed to do rather than doing something else that is not totally related to work.
This is to ensure a couple of things, including:
- Recognizing opportunities to help improve the company’s workflow
- To give the ability to spot areas of concern, especially those that would require higher productivity
- Provides aggregate company performance to help with performance evaluation a couple of months after. This will help the owner know which areas need improvement and so on
- Gives the owner the ability to spot top-performing employees so that they will be given the right benefits and compensation (possibly even promotion).
Explain these to your employees so that they will not think that you are constantly looking “over their shoulder”.
How to Choose the Right Program?
The beauty of time-tracking programs is that you can just install it on your employee’s computer and no matter where they are (in other words, if they work remotely), you can keep track of their progress to ensure that everything is in working order.
That being said, what time-tracking software should you choose? Well, I can highly endorse TSheets because it integrates well with your accounting software and provides you with timely updates via smartphone notifications or text message.
Profitability and Project Management Analysis
The use of time-tracking software in any business is mandatory in this day and age. That is because you can know which specific projects require a lot of time and it also helps you determine projects or client types that are the most profitable for your business, and those that are costly ones as well.
Tell your employees that they should always provide timely updates, especially on things that are considered to be important (that would require constant updating).
Usually, such programs have a “notes” feature that will allow your employees to provide information as to why they need to take a lot of time taking on certain projects.
There are also time-tracking programs that will allow you to pay your employees on time and from within the software as well. Seriously, if you are going to get outsourced accounting services or from an independent contractor, using such programs will make your life (and theirs) easier.