It also states that \u201cmoving from weekly (or worse) timesheet updates to daily (or better) would recover $52,000 per professional, per year in billable time.\u201d<\/p>\n\n\n\n
To put things in perspective, here\u2019s what you could buy with the extra $52,000 (if they hadn\u2019t gone with the wind):<\/p>\n\n\n\n
- \n
- 50 iPhone 12 Pros<\/li>\n\n\n\n
- A 2 nights stay in a Royal Suite at Burj Al Arab hotel in Dubai<\/li>\n\n\n\n
- A 3-carat diamond<\/li>\n\n\n\n
- A house or an apartment (size depends on the location)<\/li>\n\n\n\n
- One year tuition fees at Harvard University<\/li>\n<\/ul>\n\n\n\n
And after buying something from this list, you would still have a couple of thousands left to spare.
I think we can all agree that it\u2019s a lot<\/i> of money – that should not be wasted just like that.<\/p>\n\n\n\nHow time tracking saves you money<\/h2>\n\n\n\n
Time tracking software saves your money in various ways, especially if you choose an app that\u2019s high-quality and affordable, like Clockify<\/a> by CAKE.com<\/a>. Here\u2019s how:<\/p>\n\n\n\n
- \n
- You have actual data in front of you, instead of estimates. <\/b>It\u2019s not a stellar idea to rely on guesswork when it comes to business.
When you track time, you have an insight into everything that is going on, including all the tasks and the time spent to complete those tasks. Even if you do have to make an estimate (for a big future project, for example), you will have a lot of data to rely on and make a guess that\u2019s as accurate as possible.
You will also be able to tell if there\u2019s a particular project that wastes the company\u2019s resources – when you track time, you can see exactly where your money is going. This brings us to the next point\u2026<\/li>\n\n\n\n- It facilitates accurate billing and processing data for payroll and invoices<\/b> since there is a record of all billable and non-billable hours<\/a>.<\/li>\n\n\n\n
- Avoid legal issues.<\/b> Speaking about payroll data – in 2013, IRS issued 4.5 billion dollars in penalties related to payroll taxes. Time tracking will decrease the risk of being part of a similar statistic.<\/li>\n\n\n\n
- It increases productivity. <\/b>It helps with focus and keeping priorities straight, as well as minimizing idle work.
It also prevents overworking. And when someone is well-rested, they\u2019re much more likely to perform well and be more efficient.<\/li>\n\n\n\n- It saves time<\/b>, compared to outdated attendance systems. In comparison between the two, there\u2019s also less space for human error.<\/li>\n\n\n\n
- Digital time tracking means not wasting environmental resources like paper nor additional money to restock them once they\u2019re all used. <\/b>Did you know that, according to the University of South Indiana<\/a>, approximately 1 billion trees worth of paper are thrown each year in the US? Using time tracking software means saving not only your money but the trees too.<\/li>\n<\/ul>\n\n\n\n
Try Clockify by CAKE.com today<\/a><\/p>\n\n\n\n
Tips for effective time tracking<\/h2>\n\n\n\n
Here are some tips to time track effectively and, consequently, save money:<\/p>\n\n\n\n
Track time every day<\/h3>\n\n\n\n
AffinityLive\u2019s study states that \u201caccording to the Ebbinghaus Forgetting Curve, humans only retain 23 percent of what they learn after six days. This means that it\u2019s impossible to be completely accurate with your timesheet if you\u2019re only completing it once a week.\u201d<\/p>\n\n\n\n
That\u2019s why it\u2019s best to track time every day, as higher frequency results in better accuracy.<\/p>\n\n\n\n
![\"When](\"https:\/\/clockify.me\/blog\/wp-content\/uploads\/2021\/02\/When-to-fill-out-your-timesheet-graph.png\")
<\/center>\n\n\n\n<\/div>\n\n\n\nBe consistent<\/h3>\n\n\n\n
It\u2019s as important to track time consistently for a longer period, as it is to track it regularly. You have to stick to it for it to be effective!<\/p>\n\n\n\n
Also, make sure there is consistency in terms of everyone tracking time on the same platform, so you can have all data in one place.<\/p>\n\n\n\n
Make time tracking fast and easy<\/h3>\n\n\n\n
\u201cWe found, unsurprisingly, that the main reason professionals have poor time tracking habits is that it is cumbersome to do\u201d, says AffinityLive\u2019s study.
A general rule of thumb is the more complicated it is, people are less likely to do it.<\/p>\n\n\n\nThat\u2019s why you should opt for a time tracking software that doesn\u2019t take much time out of the day and doesn\u2019t require a lot of effort.<\/p>\n\n\n\n
Automated tracking<\/a> is a great option – the only thing you have to do is to click a button to start recording. You can even set a reminder<\/a> to make sure you won\u2019t forget to start tracking.<\/p>\n\n\n\n
You can also use timesheets<\/a> where you manually add tasks (usually at the end of the workday) if it suits your company\u2019s needs better. They have a user-friendly and intuitive interface and they\u2019re easy to use, as well.<\/p>\n\n\n\n
Give clear instructions<\/h3>\n\n\n\n
Following up on what we just said, it\u2019s really important to provide clear and simple instructions when introducing new software. Otherwise, it can be stressful, especially for less tech-savvy people.
Expectations should also be discussed, for example, the expected daily workload or if there\u2019s a certain way the tasks should be organized.<\/p>\n\n\n\nRound the time<\/h3>\n\n\n\n
While it\u2019s important to track your time accurately, there is often no need for an extremely high level of precision; worrying about tracking every minute down to a tee can cause unnecessary stress and do more harm than good. Time is usually rounded to the nearest 5, 10, or 15 minutes.
You also don\u2019t need to track things like bathroom breaks or going to the kitchen to grab a snack.<\/p>\n\n\n\nIf you wonder if time rounding<\/a> is legal – yes, it is, as long as it\u2019s done correctly.<\/p>\n\n\n\n
Conclusion<\/h2>\n\n\n\n
We can\u2019t tell you the exact figures your company can save as it depends on many factors, such as its size and the number of employees. However, with everything we\u2019ve mentioned in mind, it may be easier to calculate how you can cut the costs and\/or make adjustments to your budget and make your company more profitable.
For time tracking to be effective, it\u2019s best to do it daily and consistently and to choose the right software that will fit your company\u2019s needs perfectly.<\/p>\n\n\n\n\n\n\n Free time tracker<\/span>\nTime tracking software used by millions. Clockify by CAKE.com is a time tracker and timesheet app that lets you track work hours across projects.<\/p>\n\n
\n Sign up<\/a>\n\n Learn more<\/a>\n <\/div>\n <\/div>\n\n\n\n \n ![\"Illustration\"](\"https:\/\/clockify.me\/blog\/wp-content\/themes\/cake-blog\/theme\/images\/banners\/clockify\/features.png\")
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- It facilitates accurate billing and processing data for payroll and invoices<\/b> since there is a record of all billable and non-billable hours<\/a>.<\/li>\n\n\n\n
- You have actual data in front of you, instead of estimates. <\/b>It\u2019s not a stellar idea to rely on guesswork when it comes to business.
![\"Illustration\"](\"https:\/\/clockify.me\/blog\/wp-content\/themes\/cake-blog\/theme\/images\/banners\/clockify\/features@2x.png)
\n <\/picture>\n <\/div>\n<\/div>\n \n","protected":false},"excerpt":{"rendered":"