By: Jeff Morrow

Redcort Software

Time is Money

If you're reading this article then you've probably got some vested interest in time. Either you're interested in spending less of it, saving more of it, or tracking all of it. To quote the popular cliche, "Time is Money" and there's only so much to go around.

Record Keeping

A traditional time sheet allows employees to record the start and end time of specific tasks. For some employees this just amounts to starting work in the morning and stopping work at the end of the day. For others, this may involve keeping detailed start and end times for various tasks, projects, or jobs throughout the day. Whatever your business needs, time tracking software allows your employees to record this same information much more easily, accurately, and objectively.

Saving Time & Money

If you're not already familiar with the ways that time clock software can lower the operating costs of your business, let me briefly review three common ones: time tracking software makes payroll processing more efficient, time tracking software makes labor costs more visible so you can lower them if necessary, and time tracking software helps automate the billing or invoicing of your clients. Let's look at each of these benefits in more detail.

Time sheet software takes all of the start and end time information that your employees have been recording and generates instant timecard reports to be used for payroll processing. Regular hours, overtime hours, and paid leave time can be summarized for quick entry into your payroll processing software or efficiently delivered to your payroll company. hours previously spent preparing time sheets for payroll processing can be reduced to minutes. Efficient processes save money.

Time tracking software can use this same information for project or labor costing. By including employee gross wages, now those same time sheet reports can be summarized by task to provide you with labor hours and dollar costs for any task, job, or department for any period of time. Knowing and allocating actual labor hours and costs on a per job basis no longer needs to be a tedious and inexact science. Knowing resource usage saves money.

Employee time tracking software helps automate client billing. Timecard reports can be summarized by client job or internal departments for the accurate billing of labor hours per client or help determine if you are remaining within project budgets. Time clock software allows rounding calculations to be set for optional billing in tenth or quarter hour increments. This information can now be quickly entered into your invoicing or accounting software. Accurate client billing and staying within project budget saves money.

Paper time sheets cannot compete with the benefits of time tracking software; benefits that save you time.

And we all know what time is...time is money.