$7.4 billion. That’s how much money U.S. economy loses in productivity, per day.*

Think of what your business could do with all that money. Perhaps invest in better training, equipment, staffing. Maybe you could even go on that vacation you’ve been dreaming of.

So how can you prevent colossal financial loss? It’s simple – time tracking. Time is money. If you want to maximize efficiency and time spent, treat it as you would money. Establish budgets, regulate it carefully, and understand that it’s a limited resource.

Time tracking has countless benefits. We all understand a clients’ dissatisfaction when a deadline is missed or a project is not completed in a timely manner. It’s important to understand that missed deadlines and wasted time cost you money and could literally cost clients. Additionally, tracking time encourages employees to be more productive and focused. This may allow your firm to take on more projects or increase your services.

Yet another benefit of time tracking is increasing your number of billable hours. While employees often take care to track a large chunk of their billable hours, many seemingly small tasks, like answering emails or internal meetings, go untracked. Remember! Hours spent untracked are hours that are unbillable. By cracking down on time tracking, you gain an accurate tally of the billable hours spent on a client. Without this, it’s as if you’re tossing money out the window.

But perhaps most rewarding are the long-term consequences of proper time management.

You can draw valuable conclusions based on your company’s time tracking reports. These metrics may tell you that, say, you’re expending too many resources on a specific project. Or maybe the metrics will tell you which employee is due a promotion and which is simply slacking off.

The good news is that time tracking is now simpler than it has ever been. Why don’t you contact us and see how we can help you?

*According to the Harvard Business Review.

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