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Can Timesheet Management Software Really Drive Business in Times of Crisis?

April 20th , 2020

The ongoing development of Coronavirus (COVID-19) is changing the way we work. Individuals, teams, and entire companies are choosing to work remotely, and organizations are scrambling to adjust. In this time of crisis when remote working and working from home (WFH) has become the new reality. It has become so much imperative to implement timesheet software for time tracking of employees who are working remotely or WFH. People or Human Resource are the heart of any organization. How are these employees doing amidst a major business disruption? We need to learn effective ways to work remotely and manage the workforce. We need to provide our employees with the best tools and resources to help them grow.

Remote Timesheet Management Software from TouchBase Integrated Project management platform gives you the everything you need to keep teams thriving and productive. Timesheet Management Software is also known as Time Tracking Software in some organizations. This is primarily understood as a time tracking software for employees. But there are several other benefits which are equally important as time tracking. 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 PM Software (IPMS) can help drive profitability in your professional services organization other than time tracking for your employees.

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 tracking software, they are quite shocked at just how much time is spent on administrative or non - productive 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 Management 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 Project Management Software and Timesheet Management Software. This project-based Time tracking software enable organizations in changing business environment to not only help to do time tracking for the employees but also make their employees feel safe & supported. Using Timesheet Software along with an Integrated Project Management Tools, employees get empowered to be more productive and to succeed in this new environment.



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