Improve Your Project Management Efficiency with Time Tracking
Published: 01/10/2023
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There are several ways to become more efficient with project management, even when handling multiple projects at the same time. In this article, we will explain why digital time tracking is something all project managers should utilise and which features of the software will be most beneficial.
In our previous article, we discussed strategies for becoming more proficient at multitasking when managing multiple projects. Now, these approaches require specific tools to support them. However, there is one tool that encompasses all of them, making it quite universal - a time tracking software. Moreover, it usually comes at a very affordable price and can enhance various aspects of a business, not just project management. Today, we will focus on the latter and how its efficiency can be boosted with just one tool.
Of course, just one tool isn’t enough to make you a project delivery expert. However, it is definitely an essential part of a project management tech stack. When combined with other solutions, it can become a key driver of efficiency. Below, we will explain what makes this tool indispensable for project managers.
While this article will focus on a few key features we consider most important for enhancing project management efficiency, here is a broader list to provide a general overview.
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 greatly enhance the experience for both your team and the client. This article would become very long if we tried to cover them all, so instead, we will divide it into two categories: internal and external, highlighting the main benefits for each.
Let’s start with internal uses. After all, project management depends heavily on how you utilise your budget and resources. From initial planning to post-project review, accurate time tracking is essential for your success.
A project exceeding its time estimates is hardly a new concept. It occurs frequently and is a no-win situation. You either damage your relationship with the client by adjusting their quote to a higher price, or you accept a financial loss. That’s why time tracking is so vital. It provides you with reports on previous projects to analyse, helping you gain a clearer understanding of their actual costs. Next time, when a similar project comes your way, you'll have a better idea of how long it will take.
The more projects you track, the deeper your insights will be. This means you'll find more optimisation opportunities and keep refining the process. Naturally, no estimate will ever be set in stone, but becoming more accurate will save you a lot of money and protect potential client relationships. For this reason alone, you should really look for software with an extensive reporting module.
Some tasks naturally take priority over others, whether because of time constraints or because completing certain tasks depends on others being finished first. Being wise in prioritising these tasks is crucial to ensuring the project progresses smoothly. A time tracking system can be extremely helpful in making sure you are actually following these priorities instead of straying off course and wasting your team’s time and energy on less important tasks in relation to the overall success.
Time tracking software also provides a centralised view of how your workers progress individually, their availability, and the speed of delivery. This is important because it enhances your ability to distribute work effectively among your team. Not only does this help ensure deadlines are met, but it also promotes a collaboration-driven culture. For example, if you notice a particular team member struggling, you can assign a colleague to assist. Additionally, this approach helps prevent burnout, addresses worktime gaps, and much more.
Time tracking software is also a valuable tool to bridge any gap between your team and the client. It helps keep the project process fully transparent, fosters communication between both parties, and helps prevent potential errors.
One way to ensure your clients always receive accurate invoices is to ensure your employees' billable hours are properly tracked. Using a time tracking software is more effective than traditional paper timesheets because it simplifies assigning tasks a monetary value. This is particularly useful when you have different rates based on the assignment, time of day, day of the week, and so on. In other words, it makes the invoicing process much easier and helps you budget projects more effectively.
If you’re utilising contracted workers or freelancers, this is an essential tool. A digital time-tracking solution helps you stay on top of payroll and project expenses, while also offering valuable insights for future planning. Not to mention, some solutions (like Timesheet Portal, for example) also use timesheet data to generate and send invoices, reducing your workload further.
Whether it’s approving timesheets, expenses, leave requests, or anything else, the process is only straightforward in theory. It is often complicated by human errors, such as accidentally deleting an email, forgetting to reply or act on one, and others. Things can become even more chaotic if there are multiple stages and no smooth handover.
There is also the scenario where the submitter is an outsourced worker and the approver is the client. This means you are expected to act as the middleman, which likely adds extra pressure to your already busy schedule. However, there is a straightforward solution — automation. Certain time tracking solutions, such as Timesheet Portal, enable you to automate the approval process, making it more accessible and generally requiring minimal effort from all parties involved.
You might feel inspired to search for a time tracking solution to improve your project management. But hold your horses. There's no need to spend hours researching the market. You're already in the right place.
With over a decade of supporting project managers across various industries, Timesheet Portal has become a comprehensive platform. We serve as a hub for most of the features you need to guide your team towards successful project delivery. Thanks to our wide range of modules, users can customise their packages based on their specific needs and how much they intend to use the software. Both upgrades and downgrades are simple to implement without needing to contact us.
You can find a wide range of customisable timesheet templates, along with the ability to create your own. Our system of timesheet rules also makes it simple to accommodate needs such as different rates, flexible hours, and more. In addition to time tracking features, Timesheet Portal offers modules for holiday management, onboarding, expense tracking, invoicing automation, approvals, comprehensive reports, and much more. Our team of experts will assess your business requirements, set up your account, and guide you through every feature to ensure you get the most out of our service.
Project management efficiency is something many pursue, and, as in many cases, the secret is very simple. The right software makes effective strategies easily achievable, improving various processes along the way. A time tracking tool is one such solution. Although powerful on its own across multiple business areas, it is especially valuable to project managers as part of their unique tech stack.
First of all, it puts you on a path of ongoing improvement in the accuracy of your project forecasts. Secondly, it facilitates wiser and collaboration-driven resource allocation, fostering teamwork alongside enhanced project delivery. It also streamlines communication with the client and outsourced workers by introducing automation to processes prone to human error and typically major time wasters.
Are you ready to improve your skills? Begin with Timesheet Portal.