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If you are in a business where your revenue is earned based on completing projects and invoicing for your time Danton Heinen Jersey , then you need to make sure you have a good employee time tracking system. No matter the type of projects you work on, a good employee time tracking system will help make you a profitable company and give you better insight into your projects. We'll mainly be speaking about two types of projects, ones where you invoice for your time worked on a project, such as a time plus expense contract Jaroslav Halak Jersey , and fixed cost projects.

First let's discuss contracts invoiced based on time worked where you invoice on some amount of time spent on a project. Time can be tracked and invoiced to the minute, hour, day, or some other time increment you agree upon with your customer. Since your revenue Zdeno Chara Jersey , and therefore your cash flow and profitability are based on keeping accurate track of hours, you need to have good employee time tracking in order to ensure you are capturing all the time to invoice. If you don't have a standard and easy way for employee time tracking, there is a good chance you are missing revenue and cash because the employees are more than likely not recording all their time. In today's busy world, employees are multi-tasking and being pulled in many directions. Many employees wait until the end of the day John Moore Jersey , or sometimes the week, to record their time. If they work on many projects, they are probably making their best guess as to what they did. The ideal employee time tracking tool will give the employee the ability to record their time as they go, ensuring they do not need to rely on their memory. Additionally the employee time tracking tool will seamlessly flow into invoicing to eliminate double data entry and risk of erroneous entry.

Another thing a good employee time tracking system does is allow you to create budgets and track your actual time against the budgeted time. By doing this Brandon Carlo Jersey , you gain insight into the project. You are able to tell where
the project is at compared to where you thought it would be. Not only will you be able to determine if you are ahead or behind schedule, you are also able to communicate this with your customer. This analysis also allows you to identify when a project goes off track, allowing you to correct the issues before they become too big. Additionally, this comparison helps you identify when the project's scope has increased so you can ask the customer for a change order proactively instead of waiting for the project to be complete. Once your project is complete Chris Wagner Jersey , budget to actual comparisons allow you to review how the project went and what needs to be changed on the next estimate. Having accurate estimates is very important as it sets the customer's expectations about the project and their budgets. Go too far over on your estimates and you have an unhappy customer as well as an unprofitable project.

Fixed price contracts are another type of project where an employee time tracking system is beneficial. While you are not invoicing based on hours spent, the fixed price is typically based on some assumption around time.
Good employee time tracking allows you to understand how much time was spent on the project and where that time was spent. This information allows you to have a better understanding of where the project is at, allowing you to identify problems and make timely corrections as well as improve communications with the customer. Just like on time-based invoicing, employee time tracking on fixed projects is important so you can compare actual time to budgeted time for future estimating. It also helps identify when a change order is needed.

Good employee time tracking is relevant no matter the type of contract. With it Anders Bjork Jersey , you have a better understanding of your business and the ability to become more profitable. Digital Marketing Agency in Gurgaon (Delhi NCR) | India. Improve Your Business Performance. We do-Strategy,SEO,PPC,SMM Bobby Orr Jersey ,Content,Web Design & Develop聽and more.

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