5 Ways How Employee Time Tracking Reports is Improving Business Outcomes

Are you tired of verbally asking your employees the reason for the delay in deliverables and questioning what they are doing with their time? Read on to know how time tracking reports can help you find answers to these and many other questions.

It is a well-known fact that “Time is Money,” and keeping track of it ensures that time and money are being utilised wisely and that the fruit bore is the sweetest of all. This means that tracking the time your employees use—be it on the field or in the office—adds to productivity.

Now, as a manager, you cannot look at the wall clock every second and time each employee’s task competition. Though it is possible but to warn you, it will take your lot of time. Why not take an easy efficient way out—what about employee time tracking reports? These reports compile data in real time and present insights in a comprehensive manner. The best part is that you get accountability for every minute and second your employees have worked displayed on a single interface.

Here are 5 ways how employee time tracking reports are helping drive your business’s success.

What are Time Tracking Reports?

Time tracking reports are a type of document that provides insight into the amount of time, resources, and effort being spent on completing a single task. They are majorly used to.

• Measure employee productivity
• Monitor project progress
• Measure the amount of work done by each employee in a given time frame
• Calculate project costs based on the amount of time spent
• To ensure that deadlines are met
• To manage and allocate resources more efficiently

These reports sideline the guesswork and provide accurate data on where your time went. It’s like having a time diary but without the hassle of manually writing everything down.

With a few clicks, you can see insightful metrics like how many hours were devoted to a particular project, which tasks took the longest, or who contributed the most effort to a team.

5 Reasons Why Businesses Need Employee Time Tracking Reports

Here are the top 5 compelling reasons why businesses must leverage time tracking reports:

Unbiased Performance Evaluation

Evaluating employee performance solely based on intuition is difficult. Time tracking reports give precise information about who is contributing and who may benefit from coaching. By displaying real hours worked on projects, you can pinpoint high achievers and areas where inefficiencies are hampering the workflow.

Precise Project Cost Analysis

Businesses may precisely estimate project costs, pinpoint areas of resource inefficiencies, and make data-driven decisions to optimise budget allocations by keeping track of the amount of time spent on projects. Reliable time-tracking solutions, such as TrackoField, can provide precise information and assist in determining the actual amount of work needed for various deliverables.

Accurate Client Billing

Time tracking reports help with correct billing to clients by keeping track of billable hours and generating clear invoice statements. No more awkward approximations or guesswork It fosters client happiness and trust.

Easy Resource Allocation

Time reports show you where your team is doing the work. This also helps you identify over and underutilised resources and skill sets. With the right data you can know the employees’ bandwidth and task status. With the use of this knowledge, you may redistribute workloads and provide the tasks to the workforce in a more balanced way.

Data-driven Decision Making

At the end of the day, time tracking records convert opinions from the subjective into the objective. With data revealing your organisational skills, shortcomings, and strengths, you can make well-informed strategic decisions that are supported by facts rather than conjecture.

How is Time Tracking Reports Helping in Improving Employee Performance?

1. To Monitor the Progress  of the Team over Time

Tracking the time the team spends on tasks is crucial to understanding the team’s progress in real time. This is because it gives you a 360-degree project perspective and guarantees that the team stays on schedule.

Time tracking reports can be used for this, allowing you to monitor team performance and time over an extended period of time.

These reports will provide you with –

• Overview of the work your team is doing
• How much time do they spend on each task
• Insights into the things that need to change to meet the goals

With such information, you can better manage your team and ensure that they are always performing at their best.

2. To Identify the Tasks that are Taking up too Much of Your Day

You must be aware of how and where your team is spending its time in order to maximise their potential which in turn improves your company. You can take action to make activities more efficient or assign them to other team members by using time tracking reports to see which tasks are consuming an excessive amount of your team’s time.

If you have this information, you’ll be able to allocate more realistically each week to various activities or tasks in order to achieve the highest level of productivity and achievement. This information will help you see patterns and make decisions that will maximise your time and energy.

3. To Allocate More Time & Resources Where it Counts

If you want your firm to succeed, you must understand where and how your resources are being used. Accurate time tracking reports can help you arrange your resources more precisely to boost productivity and performance.

Additionally, giving more time and resources to jobs that are more important than others would improve work quality and yield better outcomes for the company.

Projects run more smoothly and produce greater results when everyone is aware of what has to be done and when.

4. To Easily Track Productivity

Every business must prioritise productivity since it significantly impacts your bottom line.

In a competitive market, businesses with low productivity rates struggle to survive because their revenue streams are low, meaning they have less money for projects like expansion. Time tracking can gauge this.

Monitoring the productivity rate needs to be a standard procedure for each organisation because it makes it easy to monitor output and guarantees that your team is keeping up with tasks and meeting deadlines.

There are many ways that you can measure your performance as well, including

• Tracking the number of hours worked,
• Monitoring the number of tasks completed
• Assessing the quality of your work
• However, the best way is to use employee monitoring software.

The employee tracking software will automatically start counting up how many minutes you were productive for each day and calculate your total productivity at the end of each week. Target vs. achievement reports are sent directly to your system for instant viewing and management.

5. For Presenting a Progress Report to Clients

Clients want full transparency in the way their projects are managed and frequent updates on their status. Time-tracking reports can preserve transparency and provide clients with updates. These reports frequently contain graphs, charts, and diagrams that show clients how the project is developing and make it easy for them to understand the most recent state of the project immediately.

A pie chart, for instance, can help show the percentage of the project completed, while a timeline chart can summarise the project’s development. This leads to a more efficient work process by helping clients realise the amount of work required for their project and appropriately billing.

6. Use Reports & Data as an Improvement Plan

Time reports give managers useful information and data to plan upcoming endeavors.

Companies that want to improve task and project management might benefit from detailed time reports that show how much time employees spend on various tasks and which areas require more focus.

By understanding when and where people are most productive, businesses may plan future schedules and develop a more effective workflow model that produces better results in less time.

Working smarter (not harder) gets possible when one knows the most productive times and techniques. This leads to better future planning, higher profitability, and enhanced customer service.

7. It Helps Improve Efficiency

By analysing time tracking data, businesses may clearly understand how employees spend their time. This information can be used to make real-time modifications that increase team productivity.

Employees can learn to assign assignments that better fit their skills and will feel driven knowing that their work is helping to increase efficiency.

With more effective planning, managers may assign tasks based on the resources needed for maximum accuracy and create realistic timelines.

Thus, time-tracking reports are an excellent place to start if you want to improve productivity and streamline procedures.

Now that you understand the value of time-tracking reports and their many benefits let’s examine the top time-tracking software on the market.

How Does TrackoField Help Create Time Tracking Reports?

TrackoField is an employee monitoring software tool designed to help businesses and individuals track their time spent on various tasks and projects. The platform doesn’t believe in micromanaging and fairly provides you with a complete breakup of your executives’ day summary.

The summary includes:

• How many hours your staff worked within their assigned shifts?
• How many times they were idling, taking breaks, or roaming off-route across tasks site?
• How much time did it take to complete a certain task?
• Total transit time your staff took to commute between tasks sites or appointments.

All this helps improve payroll data computing as you pay only for productive work hours.

Automated data recording and analysis of tasks and location tracking of field employees help compile accurate time-tracking reports.

Here’s how TrackoField typically helps create time-tracking reports:

Geocoded Employee Attendance Marking

This feature of TrackoField ensures that field employees only mark their presence once they reach their first task location. This ensures accurate recording of the employee’s first and last task time and location. It even has an auto-log-out feature, ensuring the timely completion of tasks.

Task Start and Completion Tracking

You have complete access to all the tasks assigned to each and every employee with information like:

• To whom the task was assigned, allotted and completed
• Time the task was started and ended
• Location the task was completed at

The data is provided either on the employees’ profiles or you can generate these reports. The data is provided with charts and numbers, making it easy to identify which tasks or routines take most of your time. Also, you get answers to why the employee took more than the required time to complete the tasks.

Payroll Computing

Compute payrolls at 2x speed as all the timesheet data is automatically added at the end. Even the leaves and time-offs over time are added directly to the invoice. This reduces the time to run payroll or double-check total working hours. So, every minute an employee works, they’ll be paid for, on time and accurately.

Get Tracking – Time, Not Your Employees

Any company wishing to stay ahead of the competition and provide better results must have time tracking reports. By knowing how your team is doing and where they can improve, you can maximise their time and resources.

Furthermore, time-tracking reports offer insightful information that can be applied to future planning. They assist you in keeping an eye on worker performance, productivity, and expenses so you can modify your tactics as necessary to have greater outcomes every day.

We hope that this blog has made it clearer for you why time-tracking reports are crucial for companies and how you can utilize them to increase output and efficiency within your own company.

Frequently Asked Questions

• How can time-tracking reports help improve performance?

  Time-tracking reports can be extremely helpful in improving performance. These reports provide a comprehensive overview of time spent and tasks completed daily, allowing businesses to better understand their employees’ effectiveness and productivity. By understanding where time is being spent and how efficiently it is used, managers can make informed decisions about project allocation, resource management, and more which will lead to improved performance and productivity.

• How can I use time-tracking reports to improve future planning?

  Time-tracking reports are a great tool for assessing your efficiency and progress on projects. They allow you to see where time is being spent, which tasks take the longest amount of time, and how much progress has been made toward completion. This data can then be used to create more effective plans for future projects and help you better manage your workflow.

• When should time tracking reports be reviewed?

  Time tracking should be reviewed regularly based on the duration and type of projects. You can review short-term projects weekly, while long-term projects can be reviewed in a month or so.