Time Tracking Reveals The True Costs Of Running Your Business
Have you ever stopped to consider the cost of hiring employees? Yes, hiring. Bringing on new employees is an expense many employers neglect to anticipate. There’s hourly wage or salary, federal taxes, state withholdings, workman’s comp, paid time off, insurance, retirement, and perhaps a 401k and other benefits. Need help getting a handle on all these costs so that you can improve your business and increase your bottom line? Then consider implementing time tracking software into your workplace.
Once that employee gets hired, it’s still critical to correctly figure what they cost you but then it’s essential to figure it into pricing your product or service to insure profitability. It’s important to price those once you understand all the costs it takes to create, sell, and deliver them. It’s universal that labor costs come in first or second on the expense list but profit will still be based on where you set your prices based on labor expenses. That’s where the automated time tracker shines.
With a time tracker, you are able to … well…track time. Yours, your employees, your managers and administrators. According to which job they are working on. A web-based, cloud-computing time tracking software program tracks time in real time by clocking in and clocking out using unlimited multilevel job codes and custom data fields designed to provide categorized time to ease estimating, invoicing and overall administrative workloads down the line. Using an iPhone, Android, cell phone web app, dial in phone call, SMS text messaging and Twitter integration, anyone can do it. Customize your gentle reminders for staff to track their time using employee alerts, including PTO, vacation, and holiday info as well as overtime. And it never hurts to use your knowledge of these hidden values when offering a position to a potential employee.
Furthermore, reporting with a time tracking app is click-easy too. You can create scheduling, assign managers and administrators, edit reports, create approval reports, and generate your own customer invoices, and export to payroll systems, all as simple or complex as you need. An audit trail exists for daily time entries as well as for corrections, approval, and adjustments. This is a feature sure to enhance your revenue return.
And a good time tracking company makes the transition to this method easy to implement and easy to use. It will integrate this new automated system with your existing system, with successful training, follow up and good customer support in the ensuing months.
Sure, labor expenses are a major force to reckon with and one that should always be foremost in your mind. But with the time-tracking tools of the 21st century, you will be able to pinpoint who’s doing what, where, and for how much. No more guesswork, paperwork, or grunt work. Your workplace will be filled instead with clicks, computers and cash (well, profit!). And as your earnings increase, you can yet again thank your time tracking software for helping you figure out when it’s time to hire another new employee.
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