Time tracking is more than just a tool to monitor your employees’ time. It provides data insights you can use to analyze and improve your company's processes, more efficiently plan and manage projects, and ultimately increase your profits. It also allows your team to save time, keep accurate records, and optimize workflows.
BQE CORE is an award-winning solution that makes time tracking simple yet powerful. Here are the top five benefits of using CORE as a time tracking software.
Top 5 Benefits of CORE as a Time Tracking Software
Don’t Overlook the Importance of CORE
How Does CORE Work?
Instead of manually tracking and entering your time, CORE effortlessly captures the exact time spent on a project, including site visits and client calls. With CORE, you spend only two minutes per day on time entry, feeling confident that you’ve accounted for every second.
CORE includes user-friendly features such as pause-and-play timers, overtime calculators, smart timesheets, automated invoices, activity reports, and integrations with popular third-party tools like QuickBooks and Xero.
Your time tracking data gets stored in a real-time dashboard that houses both individual and collaborative project stats (e.g., billable hours and expenses), giving your company transparency, accountability, and added collaboration, so you’re more likely to hit every deadline and milestone.
Top 5 Benefits of CORE as a Time Tracking Software
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Increases Accuracy
A shocking 80% of timesheets are inaccurate and have to be corrected. So, if you don’t precisely know how much time you spent on a task or project, it throws off all of your other project data. As a result, you can never properly estimate or plan projects, and your company's payroll and billing will also be incorrect.
Most of these inaccuracies stem from using spreadsheets to track time, which aren’t precise, are prone to input errors, and hurt productivity. Because spreadsheets require employee time to fill them in manually, it’s an administrative task that distracts from more critical work, which is frustrating for you and your employees. The more you streamline and uncomplicate your processes, the better morale will be at your company.
Gaining accurate insights into the time your team spends working lets you easily identify areas for improvement; better allocate personnel, time, resources, and budget; and removes the inefficiencies that delay projects, so you finish on time and without exceeding cost estimates.
When one person submits an incorrect timesheet, it inevitably causes other people to lose time trying to correct it. Automate your time tracking to drastically reduce the chances of a payroll error while gaining more extensive reporting you can use for project planning and employee utilization.
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Enhances Productivity
Forget manually logging work hours in a timesheet, chasing down employees’ late timesheets, and losing time trying to make sense of timecard discrepancies. With CORE, you can count on the time tracked and reported to be accurate while saving time on entry, manual invoice creation, and investigating inaccurate billings. CORE gives you your time back on low-value tasks.
When you set up your team in CORE, the time they spend tracking and reporting their time is down to only 1-2 minutes a day. They also gain information they can use to identify where they’re most productive, which processes are bloated, and proactively change unproductive patterns. As a business owner, you gain real-time visibility into their work, so you truly understand the ins and outs of your company's productivity and output.
With CORE, you can easily track and link time entries and project expenses to smart timecards and pre-populated, customizable timesheets. This allows you to expedite and automate the payroll and reimbursement processes. And since CORE is available on your desktop and mobile phones, employees can track time and expenses anywhere — they don’t have to wait until they’re back at their desk.
CORE makes recording your time more efficient and improves productivity in other areas of your company, including billing, accounting, HR, and project management.
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Refines Project Estimates
A time tracking tool like CORE gives you analytics that enable you to set more accurate project start and end dates, monitor their progress, and identify milestones, resources, or budgets at risk so you can make adjustments before something goes wrong. This helps you avoid rework and unhappy clients.
CORE displays actual hours and money spent in real-time, so you can compare actual time and expenses against what you originally budgeted and forecast profits and other financials. These insights help you make long-term projections for your company and plan future work to target the ideal outcome. Profit forecasting can help you determine if you need to reduce project costs or add clients to your company to achieve your profitability goals.
The more you use a solution like CORE and gain a deeper understanding of your team’s workload, capacity, productivity patterns, and the actual cost of each project, the more accurate your project estimates will become.
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Provides Performance Data
You can’t achieve your company's goals without a deep understanding of how your projects, employees, and company as a whole are performing. CORE unlocks this for you through detailed, real-time insights into your productivity, profits, and processes, and makes it easy to spot where a project went off track and how to improve.
Leveraging the power of performance data helps managers and employees compare actual performance against plans and expectations, so you can become aware of underperformance and find ways to be more productive.
To help your company's staff improve the speed and quality of their work, look at the amount of time they took for a given task and compare it against a standardized requirement or the time allotted in the project plan. Work with them to determine what’s slowing them down and the necessary resources or process changes to reach this standard.
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Improves Profitability
To keep your company growing, it’s crucial to track project profitability and improve it over time. Profitability is a gauge of what does and doesn’t work, which is why you should continuously monitor it for trends that you can apply to future work. Time-tracking data specifically can illuminate a more accurate cost structure for future projects, so you price them competitively.
Beyond tracking time, CORE collects related metrics, such as billable utilization, project margin, and project overruns to ensure your budgets, revenue, and employees all fit a profitable model. With time tracking software, it’s easier to uncover your most profitable clients and projects, so you know what to prioritize, replicate, and stop doing. Spotting inefficiencies allows you to learn how to make projects more profitable.
Don’t Overlook the Importance of CORE
By leveraging CORE for your time tracking needs, you can help your company see value from:
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More accurate project estimations
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Increased profitability
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Real-time, detailed performance reporting
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Reduced inefficiencies
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Fewer non-billable hours
CORE is particularly helpful for industries like accounting, engineering, law, and consulting, where you’re delivering work for clients and billing hourly. You’ll gain valuable business intelligence and improve the flow of your billing and accounting, while decreasing administrative overhead and freeing your staff from low-value tasks.