Traditionally, the tracking of employee hours would have been done on a piece of paper, but times have changed and companies are evolving to use smarter more efficient ways to track employee hours.
Seeing a full breakdown of your employee’s hours which is project specific can be incredibly beneficial for a construction company.
Let’s take a look at the benefits of using a digital time tracking system for construction companies.
How can digital time tracking benefit your business? Let’s find out.
The most notable benefit of digitising time tracking is simply how much time it saves.
Using paper timesheets means data has to be inputted manually into a spreadsheet which is time consuming and open to error, and then putting that information into an accounting package, it’s an unnecessarily time consuming process.
If handwriting is not understood, it means the business has to get in contact with that employee and figure out what was put down. Once again, time consuming.
More Accurate Quotes
Digital time tracking allows businesses to give more accurate quotes on their jobs. Customers will be given a better idea of how much a particular job will cost.
It also allows businesses to accurately plan how much a project will cost, by comparing it to similar ones which have been calculated accurately.
Accurate Tracking of Contractors
If contractors are employed, it’s important to keep track of their hours and workload to ensure your budget is not being exceeded. Contractors should use the same time tracking software as staff. Being able to keep an accurate record of hours that have been worked ensures money is only being spend on labour for work that has actually been completed.
Another benefit is that it allows for the performance of different contractors to be tracked, meaning the best contractors for the job can be hired.
Better Management of Overtime
Accurate Project Profitability
Understanding when it is necessary for rates to be raised is important. Looking at data collected on a time tracking software should allow companies to make an informed decision on this. Looking at the time spent on tasks, the charge-out rates for staff, and the overall profit on a job, should quickly give an indication on whether current pricing is accurate.
If there are some irregularities and projects aren’t as profitable as imagined, it might be time to increase rates.