One key benefit of implementing Timesheet Management Software is the potential to increase productivity and profitability. How you increase profitability varies depending on your organization? However, multiple options exist for improving productivity, reducing project costs or more accurate revenue recognition. In this article, we examine three ways of how timesheet software which is actually a part of an Integrated Project Management Software (IPMS) can help drive profitability in your professional services organization.
Timesheet software improves productivity increasing profitability
Although it sounds like a simple analogy – get your employees to work on more productive tasks and your organization will be more profitable. For many organizations, this simply isn’t put into practice. They do not have the tool sets in place to understand profitability and when they implement timesheet software they are quite shocked at just how much time is spent on administrative or nonproductive tasks or non-billable activities
TouchBase Timesheet Management Software focuses on improving productivity by providing employees with a simple method to update activities and tasks. This information is fed back to executives in real time, allowing them to improve the productivity of employees and projects through better-informed decision making on topics such as training requirements, staff activity deployment, projects go/hold/kill decisions and future resourcing requirements.
Reduce Project Costs with efficient timesheet software
For organizations running large volumes of projects a sure-fire way to improve profitability is to ensure that you are carrying out profitable projects. In order to understand whether a project is profitable, it is essential to understand project progress and to gain an accurate up to date view of project cost and revenue.
Timesheet software puts you in complete control of your project management process. When recording time, users can be requested to track time at a task level and update percent complete. This enables the project manager to carry out a thorough review of each project to understand progress to date, the actual cost to date vs. planned and current profitability.
Project Managers can also predict future profitability by comparing the Actual percent complete and efforts against planned to analyze the extent of any overruns or time gains. This information is essential for executives understand the profitability of projects and to make all important kill/go/hold decisions on your current project portfolio.
Helps to improve revenue recognition
Timesheet Management Software ensures your employees focus on timesheet compliance and your managers have real-time information on missing or incomplete timesheets. By improving compliance this leads to more timely input of time, which reduces time entry errors, meaning your timesheet approval process is shortened, resulting in on time billing and improved revenue recognition.
Hopefully, one could visualize the benefits associated with Timesheet Software from the above pointers.
Now, it is imperative that unless organizations invest in a top-class Timesheet Management Software, the chances of success are very bleak!
Fortunately, with the advancements in the software world, innovative and cost-effective solutions are available today that make timesheet management relatively easy.
Try TouchBase® and explore the power of a real Integrated Program Management system and Timesheet Management Software!