Improve Your Project Management Efficiency with Time Tracking

There are multiple ways to become more efficient with project management. Even when dealing with multiple ones simultaneously. In this article, we will explain why digital time tracking is something all project managers should utilise and what features of the software will be most beneficial. 

In our previous article, we’ve spoken about strategies on how to become more proficient in multi-tasking when juggling multiple projects. Now all these approaches need certain tools to support them. But there is one that homes them all, making it relatively universal - a time tracking software. What’s more, it usually comes at a very affordable price and can elevate multiple areas of the business, not just project management. Alas, today we will be focusing on the latter and how its efficiency can be driven by just one tool.

Of course, just one tool isn’t enough to make you a project delivery guru. However, it is absolutely a must-have in a project management tech stack. When in tandem with other solutions, it can become a major driver of efficiency. Below, we will be explaining what makes this tool irreplaceable for project managers. 

How Can Time Tracking Software Help You Increase Your Efficiency and Time Management?

While this article will be focusing on a handful of features we think are the most important when improving project management efficiency, here is a fuller list to give a general idea:

• Task prioritisation;

• Resource allocation;

• Cost estimation;

• Centralised view of time/cost ratio;

• Tracking of billable hours; 

• Expense management;

• Accustomisation to differentiating rates;

• Thorough and in-depth reports;

• Automated invoicing and accounting; 

• Smoother in-team handovers;

• Space for collaboration;

• Transparency and compliance.

As you can see, there are many features that can significantly improve the experience for both, your team and the client. This article would get very long had we tried to cover them all, so we will instead break it into two categories: internal and external, highlighting the main benefits for both.

Benefits for the Whole Team

Let’s begin with the internal uses. After all, project management heavily relies on how you utilise both your budget and resources. From the moment of initial planning to post-project analysis, time tracking is vital for your success. 

Better Project Estimations

A project exceeding its time estimates is barely a new concept. It happens often and it’s a no-win situation. You either damage your relationship with the client by adjusting their quote to a higher price or you take a financial loss. That’s why time tracking is so important. It gives you reports on previous projects for you to analyse, getting a better understanding of their real-time cost. Next time, when a similar project comes your way, you will have a better understanding of how long it will take. 

The more projects you track, the deeper will your insights be. This means you will have more optimisation opportunities and will continue polishing the process. Of course, no estimate will ever be set in stone, with becoming more accurate will save you tons of money and potential client relationships. For this reason alone you should really look for software that has an extensive reporting module.

Improved Work Distribution and Prioritisation

Naturally, some tasks are higher in priority than others, be it due to time constraints or the fact that the completion of others requires it as a foundation. Being wise in sorting these priorities out is vital in ensuring the project moves along smoothly. A time tracking system can be a massive help in making sure you are actually sticking to these priorities instead of getting off the course and applying your team’s time and energy to tasks that are less significant to the overall success. 

Time tracking software also gives you a centralised view of how your workers progress individually, their availability and the speed of delivery. This too is important as it betters your ability to distribute the work among your team. Not only is this helpful in the sense of ensuring the deadlines are met, but also a great way to nurture a collaboration-driven culture. For example, if you see a particular team member struggling, you can assign their colleague to assist. In addition to that, this approach helps with burnout prevention, worktime gaps and many more. 

Tools for External Operations

Time tracking software is also a great tool to bridge a gap you may have between your team and the client. It helps keep the course of the project fully transparent, establishes communication between both parties and helps avoid potential errors. 

Track Employee Billable Hours

One way to ensure your clients always get accurate invoices is to make sure the billable hours of your employees are tracked. A time tracking software is better suited for the job than traditional paper timesheets simply because it makes it easier to assign tasks a monetary value. This is especially handy when you have differentiating rates based on assignment, time of the day, day of the week and so on. In other words, it makes the accounting process much easier and additionally allows you to budget projects better. 

If you’re utilising contracted workers or freelancers, this is an absolute must-have. A digital time-tracking solution helps you stay on track with payroll and project-related expenses, as well as provides valuable insights for future analysis. Not to mention, some solutions (like Timesheet Portal, for example) also use timesheet data to generate and distribute invoices, taking yet another layer of work off your shoulders. 

Easy Approval Workflows

Whether it’s approving the timesheets, the expenses, the leave requests, or anything else, the process is only simple in theory. It is often filled with obstacles based on human error. For example, accidentally deleting an email, simply forgetting to either reply or act on one, and many others. The situation can get even messier if there are multiple stages of the process and there is no smooth handover.

There is also the situation of the submitter being an outsourced worker and the approver - the client. This means you are meant to serve as the middleman, most likely putting an additional strain on your already tense agenda. But there is a simple solution for that - automation. Certain time tracking solutions, such as Timesheet Portal, allow you to automate the approval process, make it more accessible and generally requiring minimal effort from all parties involved. 

Perfect Solution Is Closer Than You Think

You might feel inspired to set off on a lookout for a time tracking solution to elevate your project management game. But hold your horses. There is no need to spend hours researching the market. You are at the right place already. 

Timesheet Portal for Better Project Management Efficiency

With over a decade of serving project managers across a variety of industries, Timesheet Portal became a one-stop platform. We are a hub of most of the features you will need to guide your team to a successful project delivery. Given our abundance of modules, we allow our users to build their own packages, based on their needs and the extent to which the software will be used. Both upgrading and downgrading are easily achieved without having to contact us.

You can expect to find an ample amount of customisable timesheet templates, as well as being able to create your own. Our system of timesheet rules also makes it easy to accommodate such needs as differentiating rates, flexible hours and many more. On top of time tracking features, Timesheet Portal also has modules for holiday management, onboarding, expense tracking, invoicing automation, approvals, in-depth reports and many more. Our team of experts will scope your business requirements, set your account up for you and walk you through every feature to ensure you are getting the most from us.

Summary

Project management efficiency is something many are chasing and, just like in many cases, the secret is very simple. The right software makes the right approaches simply achieved, bettering a variety of processes along the way. Time tracking tool is one such solution. Although powerful on its own for a range of business areas, it is especially useful to project managers as part of their unique tech stack.

First of all, it puts you on the curve of continuous improvement when it comes to the accuracy of your project forecasts. Secondly, it enables wiser and collaboration-driven resource allocation, nourishing teamwork alongside improved project delivery. It also smoothens communication with the client and outsourced workers by adding automation to processes that are susceptible to human error and are generally major time wasters.

Are you ready to up your game? Start with Timesheet Portal.