subject: Small Business And The Value Of Time Tracking [print this page] Small businesses are a unique breed of catSmall businesses are a unique breed of cat. Unfortunately, theyre a dying breed. But where else can you conduct free enterprise as a name and not a number? Rarely do corporations or conglomerates have 3rd and 4th generations running things. And even more rarely is your arrival announced using your first name by the proprietor. The SBA US Small Business Administration defines a small business as an independent business having fewer than 500 employees. Yet small firms pay 44% of the total US private payroll (www.sba.gov/advo/research/rs299.pdf). So how important would it be to those under the weight of regulations, taxation, OSHA, and health insurance (just to name the big boys) to find ways to make their commerce more fiscally profitable? Heres a valuable tip to get you started: invest in a time tracker.
Web-based time tracking software provides a myriad of ways to save money and become more expedient in every way. One might think (erroneously) that the only way a time tracking system can redeem a companys hard-earned dollars is through the practice of clocking employee work hours more carefully.
Certainly that is the tip of the iceberg and should always be monitored. Especially in the case of overtime. If a company of 500 employees mistakenly adds 15 minutes to their timesheets just one time per week, based on a minimum wage of $7.50 per hour, that industry loses nearly $4k in a months time. And remember, overtime is never $7.50 per hour. But a good time management program will do much more than increase accuracy to employee timesheets.
With a web-based time tracking app, approvals need to happen any time, not just the day the pay period ends. It can sometimes be cumbersome and time consuming for employees to submit partially completed time sheets to managers for approval in-between pay periods. Its even more time consuming for managers to review all the timesheets in bulk. In addition, customers can also quickly and professionally approve or reject the time spent on their project. No disparity discussions, with clients or employees, down the road. Approvals in real time reporting.
Small businesses would do well to examine their in-house reports more closely. Should you decide to engage an automated time tracking app to assist, custom reports provide data to make business decisions about a companys largest business expense: human resource allocation. Time tracking software can provide fast payroll where data can be exported into any payroll or accounting system, cutting processing time down dramatically. Managers can receive real time reports, and manage labor expenses as they happen.
Further, job costing becomes a science. Before projects start, its possible to figure in accurate job costing numbers based on historical, detailed reports. Time tracking takes estimating to a whole new level.
And of course, look for the free services any reputable business offers. Until you are convinced that a time management and time tracking system is right for your industry, why not start with a 14 day free trial period? Look for a company with great customer assistance that can make your transition seamless, integrating your companys software and system with the new. Be sure they offer 24/7/365 monitoring and fast, friendly customer support who are knowledgeable and professional.
You may be one of the die-hard, elite small business owners out there operating strong among big corporations who place you in a queue when you call and ask for your 16 digit account number (after you press 1 for English) and we salute you. Your resolve to succeed is admirable. So make your business even better still: use online time tracking software. It will be one of your best investments.
