What is the return on investment for time tracking?

Posted by on 21.04.2017

Business executives are increasingly aware that adopting the right employee time-tracking technology can improve efficiency within a company. However, in a world in which business decision-makers often need to be persuaded by bottom-line figures, what sort of value can be placed on introducing such a system?

Time is money. A 2013 report by the American Payroll Association (APA) found that some $148bn was lost annually due to timekeeping errors.

Moreover, studies have shown that it can take up to seven minutes to calculate manually a timesheet for a work period, whereas automated employee time tracking reduces the length of time to less than one minute per ‘card’.

As far as TallyPro is concerned, its software eliminates so-called ‘time theft’ by staff – including long lunch breaks or arriving late for work. The APA report estimated that the average daily ‘theft’ was 49 minutes per employee. Therefore, over the course of a year, more than 200 work hours can be lost per employee – more than five weeks of work – all down to inefficiencies that can be extinguished by effective employee time tracking.

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How do I encourage my staff to improve time management?

Posted by on 10.04.2017

If forcing employees to work longer hours simply leads to disillusionment and stress rather than increased productivity, bosses need to employ a little alchemy to encourage effective time management.

Some workers will be self-aware enough to understand what makes them tick in the office, while others may utilise the small changes we suggested in a recent blog – such as regular exercise and being tidy – to improve their output.

However, many workers are neither proactive or productive. For some it might be that they struggle with pressure, while others might be, well, lazy. Neither of those reasons need to be accepted or indulged, and this is where a competent boss comes in.

There are several methods to inspire people to pump out top notch work at a steady rate throughout the day. All of them devolve much of the decision-making to the individual, but the role of the manager is important. As in many walks of life the key is to help people help themselves.

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Simple steps to improve your time management skills

Posted by on 23.03.2017

Bosses are always looking for ways to improve their workforce’s output, but there’s nothing more effective than an employee who takes charge of their own time management.

Businesses that want to quantify their efficiency may consider the use of time management software as they look to audit how their workers are spending their days and how long tasks are taking to be completed. Whether it’s to measure success or determine flaws, it’s unquestionably helpful to collate data that reveals a true picture.

While business tools, such as those offered by TallyPro, have a role to play in illustrating patterns – whether they be positive or negative – it is for the company itself to work out how they should then act. Should there be a problem, will a boss reach for the benevolent carrot, or do they go straight for the trusty old stick? How can leaders reward those that are found to be most productive?

Undoubtedly there are more and more distractions during the working day. Where once upon a time a quick read of the paper over a morning break might have been considered the norm, workers now have the rolling, 24-hour feeds of Facebook, Twitter and the rest on their desktop computer and smartphone. While technology was meant to save time, it often has the opposite effect. Matters are particularly bad among the young, perhaps unsurprisingly, with a report by technology company Highfive finding that as many as 73 per cent of young workers are doing something else during a conference call while 45 per cent check their phones during in-person meetings.

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How do I take the strain out of invoicing?

Posted by on 06.03.2017

Invoicing is a vital part of business, but the payment process can be a challenge. If you don’t get paid, you won’t be a success. Spend too long creating or chasing up invoices and you’re wasting valuable time.

The goal must surely to be paid in full and in good time. Further to that, we should be looking to streamline the invoicing procedure, with as little time spent as possible on achieving the maximum result. So how can this be achieved?

While it seems almost inevitable that many invoices will be settled late – the Federation of Small Businesses (FSB) puts the figure at one third among its members – companies cannot simply blame their clients’ sloppiness.

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Wake up and boost productivity at your company

Posted by on 17.02.2017

Productivity levels are a headache for economies as well as companies.

According to the European Central Bank, productivity growth in Europe is below 0.5%, lagging behind the US and other advanced economies and emerging markets.

If output per worker – as well as labour participation and structural unemployment – remain the same, the decline in output per head by 2050 will be 14% in Germany, 16% in Italy and a whopping 22% in Spain.

Distractions are everywhere. A 2016 study by the Pew Research Center in the US found that more than one in five people believe their work suffers due to social media. Some 34% of those who use social media at work do so for a ‘mental break’ from their job.

With productivity on the slide, it is easy to see why companies are increasingly looking at time-tracking software tools to ensure that work hours are as productive as possible for the business, as well as being as fulfilling as possible for each worker.

As a starting point, TallyPro’s state-of-the-art time-tracking software helps to plug ‘time leaks’ by recording and costing time, billings and expenses against projects and clients.

Software that helps companies, organisations and individuals to identify where and how such ‘leaks’ are happening is an essential first step towards improving productivity.

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Your time tracking nightmare could be solved in minutes

Posted by on 03.02.2017

If you’re worried about wasting valuable hours and minutes in your business, the bad news is that you might be squandering both time and money on many of the time tracking software options on the market.

Those businesses that have signed up to these tools are often exasperated by a failure to monitor effectively their workforce and the tasks they are carrying out. Whether it’s assessing productivity or a requirement to log the number of employee hours spent on a contract, an accurate time tracker is a necessity for many firms.

Unfortunately, if the time tracking software selected isn’t right, it can create headaches of its own. Here are just three of the problems that many businesses encounter:

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Plan ahead to avoid late payments

Posted by on 19.01.2017

Late payments are having a devastating effect on small businesses, with 50,000 going bust each year because bills are not settled on.

A recent survey found that a third of payments to small businesses are late, leading to 37 per cent of those companies running into cash flow difficulties and one in five experiencing a slowdown in growth. The report, conducted by the Federation of Small Businesses (FSB), which provides advice and help to hundreds of thousands of firms, found that each late payment is worth an average of £6,100, and almost a third of firms are forced to dip into overdrafts to cover the missing cash.

Poor payment practice is having a toxic effect across the economy, and its effect is wide-ranging. A business that has not been paid does not have access to funds to pay its own suppliers and staff, who in turn then experience struggles of their own. A third of businesses are wasting valuable by spending more than a day each month in chasing late payments. While time tracking software, such as that offered by TallyPro, can record time spent on administration, these are effectively wasted hours.

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Why the hour has come to take time tracking seriously

Posted by on 10.01.2017

The working day has changed beyond anyone’s imagination since employees ‘clocked in’ and ‘clocked off’ for the day simply to show their employers that they were putting in the required shift.

Nowadays keeping tabs on tasks during a busy working day can be an awesome challenge for the most organised of individuals and organisations.

For employers and employees alike, though, time-tracking software has become an integral tool in ensuring time spent at work is as productive and fulfilling as possible.

The market-leading software that has been developed and refined by TallyPro over the years offers a comprehensive time-recording system, accurately recording and costing time, expenses and billings against clients and projects.

Such software is of vital importance to people who operate in a variety of industries, particularly those that require billing on hourly rates, such as accountants, freelancers and lawyers.

Time tracking is flexible and, crucially, can be tailored and customised for specific individual requirements – whether that is billing someone else or improving internal productivity – all with the aim of saving time, money and effort for all concerned.

With advances in technology, the ability to track time anywhere – from a website browser, smartphone or desktop computer – quickly and easily through a speedy set-up and submission process can reap significant rewards on an individual and organisational basis.

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