Time is one of the most important control parameters in project management. Detailed time keeping of services and working hours not only enables better budgeting and planning. It also serves as a sound basis for decision-making in all phases of the project.
Projects often get out of hand, particularly in today’s complex and dynamic IT world. As an analysis by McKinsey management consultancy shows, the budgets for IT projects are exceeded on average by 45 percent. The reasons for this can be varied. Sometimes projects fail because of communication. They are often too complex and poorly planned. However, an unrealistic budget and planning can often lead to failure.
Online time keeping solutions, as they are now available in countless variants, promise to remedy this. They offer themselves as a better alternative to the annoying and error-prone hour recording with Excel. Teams are able to record their working hours conveniently and in detail, bill professionally, and evaluate with reports. As a result, project managers not only create more cost transparency but also more trust towards project members and stakeholders.
Time Keeping Helps with Cost Estimates and Transparency
If you want to implement your projects on time and budget, you cannot rely only on your intuition. When planning work and calculating prices, you also need precise data. If you set yourself off when budgeting a project that is offered to the customer at a fixed price, the company can even make losses in the worst case. Consistent time keeping throughout the project leads to more cost transparency and better cost estimates.
Easy Planning with Time Keeping Apps
Another advantage that a time tracker brings with it is directly related to the topic of cost transparency concerns project planning. Previously recorded hours on already completed projects serve as a sound basis for decision-making when planning future projects. This way, project managers can plan team tasks better and better, and optimize the assessment of the corresponding workload in each project.
Build Your Client’s Trust
We should always be aware of the fact that the client not an expert or specialist in the service. Therefore, it’s often difficult to them to estimate how much work is really involved in developing a website or in fixing a programming error. Detailed work timesheets and precise service statements help building a relationship of trust between the client and the service provider.
Time Records Allow Flexibility Arrengements
Time records can also be useful for internal projects within a company. For example, if we want to create trust between management and project employees. Or to implement more flexible work modalities such as remote teams or home office, as is increasingly desired by employees. Reports show all hours worked by individual employees, so management can check whether the agreed working hours are actually being met.
An accurate work and services hour tracking can set the basis for realistic project estimates. This allows professional project planning. Through the precise recording and analysis of the services and working hours performed with the help of a modern time keeping solution for companies, projects can be guided better to the goal, that is, on time and budget.
Time keeping using TrackingTime
- Invite your team
- Manage and share projects and tasks
Add projects, set their permissions and categorize them by client if needed.
Set up some tasks into the projects. Add hourly rates, due dates, time budgets and assign the team members that will have to track time against them.
- Track time collaboratively everywhere
The team is ready to track time by starting the timer and choosing the task or project they will work on.
They can also add and edit time entries in Hours according to their permissions.
For more convenience team members can install the desktop assistant to keep track of their time right from their desktop pc and get the mobile app to track time everywhere.
- Monitor team’s performance and get timesheets
Check the dashboard and reports to study your team’s performance and work progress.
Finally get team’s time data breakdown in timesheets to understand the time distribution between people, projects and tasks and evaluate your efficiency and profitability.