Once a time tracking solution has been implemented, many organisations will say is it an invaluable asset for them regardless of their size or industry. In 2023, most businesses are looking at their business processes and how they can be more efficient. Employee costs is usually the largest for most businesses and making sure you have a handle on it is vital. For many Professional Services businesses time tracking is one of the most important things they do, as important as payroll or project management.

This blog post introduces the concept of time tracking, why is it important and how Coretime can assist in the logging of time.

What is time tracking?

Time tracking is the process of recording time against assigned tasks and planned activities. The time tracking process consists of three simple steps:

• Logging time
• Approving time
• Reporting

Generally, prior to purchasing Coretime many of our customers were doing these steps through multiple Excel spreadsheets that needed manual collation and analysis. Coretime makes logging time easy and gives project managers and administrative staff an overall view of time logged in real-time.

Why is time tracking important?

Time tracking touches some of the most integral parts of a business. It gives you a full understanding of whether you’re making money on your projects or you’re pouring money and resource into a bottomless pit. It ensures your Project Managers have a 360-degree view of their jobs and know in real-time whether they will hit budget and deadlines and if they are charging enough for their employee’s time.

Overall, time is expensive and needs tracking. It is important for benchmarking, budgeting and forecasting. It makes teams more efficient and businesses more profitable.

How does Coretime assist with time tracking?

Your employees can record their time and expenses whenever and wherever they need to, while management can enjoy an expansive view of exactly where the hours are being allocated and how the costs are stacking up. Feed Coretime the gritty details and it will give you more clarity, so you can maximise your chargeable time. Below are 3 benefits to tracking your time with Coretime:

1. Manage your team better – time tracking allows you to see exactly how much your team is working and on what. If they’re doing too much you can add more resource to the project and if they’re doing too little you can potentially take on more work.
2. Keep your projects profitable – if your business charges clients for their time then tracking time is important. For your business to be profitable you need to make sure that what you’re charging the client is greater than what it is costing your business to complete the work.
3. Bill your clients with confidence – tracking employee time will ensure you are billing your clients exactly what they need to be billed for the work completed. You’ll have a full audit trail that you can send to them of time spent right down to the activity level if you wish.

Overall, time tracking allows you to make more educated business decisions on how you charge for projects and be more efficient. The majority of our enquiries might come from a need to track time or a bottleneck in collating information but once they see the system the other business wide benefits become obvious.

Do you have a time tracking requirement? Are you interested in taking a closer look at Coretime? Call us today on 01423 330335 Option 1 or email info@onesys.co.uk