Accurate time estimates open the door to many competitive advantages \u2014 read on to learn about the top 3 benefits of recording your employees\u2019 time. <\/p>\n\n\n
![\"To](\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/06\/To-Beat-Your-Competition-Track-Time-Heres-Why-cover.jpeg\")
<\/figure>\n<\/div>\n\n\n#1: You\u2019ll increase productivity<\/h2>\n\n\n\n
According to new McKinsey research<\/a>, up to 53% of employees <\/strong>at a given company <\/strong>face productivity issues, significantly slowing business growth. <\/p>\n\n\n\n Turning your underachievers into high performers gives you a major competitive advantage. But you\u2019ll need certain insights first \u2014 like how each employee spends their work hours<\/a>. <\/p>\n\n\n\n With precise time tracking<\/strong>, you can quickly notice when you\u2019re not using resources efficiently \u2014 including human resources.<\/p>\n\n\n\n To receive detailed, up-to-date insights into staff schedules and assignments, use an automated time tracking tool like Clockify by CAKE.com<\/a>. <\/p>\n\n\n Clockify\u2019s Team Dashboard provides a clear, real-time overview of:<\/p>\n\n\n\n Now, with the actionable insights Clockify<\/a> gives you, you\u2019ll easily be able to: <\/p>\n\n\n\n Track productivity in Clockify<\/a><\/p>\n\n\n\n How often do you lose a client or get a bad review due to a disputed invoice? <\/p>\n\n\n\n Executive consultant Finn Wheatley<\/a> states that it happened all the time earlier in his career \u2014 that\u2019s before<\/em> he introduced time tracking to his business:<\/p>\n\n\n\n \u201cEarly on in my consulting practice, I spent far too much time putting out small fires for clients instead of focusing on big-picture strategy. Invoices led to disagreements because it wasn’t clear how I arrived at my figures. Tracking the hours I spent on each project provided an \u2018Aha!\u2019 moment \u2014 it showed where I could optimize my process to avoid frustrations.\u201d<\/em><\/em><\/p>\n<\/div>\n<\/div>\n\n\n\n Client disagreements happen to every business at some point. But still, your aim should be to reduce invoice disputes to maintain your reputation and an edge over the competition. <\/p>\n\n\n\n Besides improving productivity, a project time tracker<\/a> like Clockify by CAKE.com helps you prevent invoice disputes forever<\/strong>. <\/p>\n\n\n\n In a dispute, you can use Clockify to show clients how you spent their budget in great detail. To this end, Clockify automatically generates in-depth <\/strong>time reports<\/strong><\/a>, including:<\/p>\n\n\n\n You can export and share<\/strong> each of these reports with clients, allowing them to see where each penny from their budget is spent. <\/p>\n\n\n\n Such complete transparency reduces the risk of clients accusing you of overbilling<\/strong> and other disputes. Furthermore, it\u2019s hard to argue with meticulous time logs because they show how each billable hour was used. <\/p>\n\n\n With the Standard pricing plan<\/a>, Clockify lets you generate invoices directly<\/strong> from tracked billable hours, further simplifying the billing process. <\/p>\n\n\n\n Create invoices in Clockify <\/a><\/p>\n\n\n\n According to How Big Things Get Done<\/em><\/a>, over 90% of all projects go over budget<\/strong>, sometimes ruining the companies behind them. <\/p>\n\n\n\n With precise cost estimates,<\/strong> you can avoid ballooning expenses that often sink similar enterprises \u2014 providing your business with a huge competitive advantage.\u00a0<\/p>\n\n\n\n Besides reducing the risk of failure, cost estimates are also useful for:<\/p>\n\n\n\n To predict expenses more accurately, you can use Clockify by CAKE.com as a project forecasting tool<\/a>. <\/p>\n\n\n\n After creating a project in Clockify, simply:<\/p>\n\n\n\n Based on this info and your staff\u2019s hourly rate, Clockify can generate a project forecast. <\/p>\n\n\n This handy graph lets you track project progress<\/a> at a glance and see if you\u2019re on budget and schedule. <\/p>\n\n\n\n Generate accurate forecasts<\/a><\/p>\n\n\n\n You can also set up alerts that notify employees when a project edges close to an estimate. <\/p>\n\n\n\n As a result, you\u2019ll always be able to react on time<\/strong> and assign additional staff to the project or adjust expectations of clients.<\/p>\n\n\n\n In the long run, Clockify\u2019s accurate forecasts can:<\/p>\n\n\n\n Time tracking software used by millions. Clockify is a time tracker and timesheet app that lets you track work hours across projects.<\/p>\n\n Time tracking can help you boost your bottom line<\/strong> by: <\/p>\n\n\n\n You can achieve all of this with Clockify, without any previous experience<\/strong> with time tracking tools or project scheduling software<\/a>. <\/p>\n\n\n\n The platform packs plenty of powerful features into an easy-to-use, intuitive interface<\/strong> that you can master quickly. All users also get free access<\/strong> to:<\/p>\n\n\n\n And if you really want to outshine your competitors, try using Clockify with two more products to improve your day-to-day operations even more. Apart from Clockify, a time tracking app, incorporate a team chat<\/strong> and project management app<\/strong> into your business at a special bundle price<\/a>. Optimizing your business for stable growth has never been easier. <\/p>\n\n\n\n![\"Dashboard](\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/06\/Dashboard-Clockify.jpg\")
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#2: You’ll get data you can use to improve client relationships <\/h2>\n\n\n\n
![\"Executive](\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/06\/Finn-Wheatley.jpeg\")
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![\"Weekly](\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/06\/Weekly-reports-Clockify.jpg\")
#3: You\u2019ll estimate costs accurately<\/h2>\n\n\n\n
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![\"Forecasting](\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2024\/06\/Forecasting-Clockify.png\")
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![\"Illustration\"](\"https:\/\/clockify.me\/blog\/wp-content\/themes\/cake-blog\/theme\/images\/banners\/clockify\/landing-3@2x.png)
\n <\/picture>\n <\/div>\n<\/div>\n \n\n\n\nBuild a more efficient business with Clockify by CAKE.com<\/h2>\n\n\n\n
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