12 Benefits of Time Tracking Software for Small Business in 2021

Do you know, around 90% of the startups fail, and 10% of them fail within less than a year? This horrendous statistic gives someone a frightening vibe if someone contemplates starting a new business or venture. While most of the causes of this failure are widely known, a few internal problems diminish the survival chance, and the sad part is that we rarely care about them while thinking about growing a small business. Tracking the employees’ time, productivity, and performance is one of those problems that is vaguely discussed and interpreted in a small business or startup. But, a genuinely learned business owner cares about these small details and then pulls out a victory of sustaining business. This is why tracking time in small businesses is worth concerning and contemplating.

Time Tracking and Small Business

Time tracking software can do wonders for you, especially when you are a business owner of a startup or a small business that just stepped into the fierce competition of the corporate world. Time tracking software does the job of tracking the time and gives away the proper insight into the actual productivity and performance of the employees.

Now, it's important to note that, at the beginning period of a business, the employees work enthusiastically hard to fetch good haps for themselves to survive in the long run. But what makes them struggle after a year or two is the way they define productivity. Maybe they are doing a lot of things, but not in the way they should be. Or they are attempting the tasks, not completing them, and you, an owner unaware but delighted with their efforts. People in your workforce come from diversified backgrounds and features different work ethics. Being a small business, you couldn’t afford a money-leaking recruitment process, so you have no option other than to depend on the available workforce.

Affording skilled and high-profile employees is an arduous task initially, but affording time-tracking software is not. There are a plethora of productivity apps around the world on the internet. Buying one and implementing one means that you now have more control over your employees and can track down the bits and pieces of their work. Thus, accurate insight into performance and productivity could be achieved, which will propel your organization toward unprecedented advancement.

12 Benefits of Time Tracking Software for Small Businesses

The benefits that a small business can derive from advanced time-tracking software are enormous. Here are twelve of those benefits described in detail.

1. No Need for Micromanagement

• Tracking down every step an employee takes and inspecting the data he is handling violating all forms of secrecies is what we call micromanagement. It’s a grievous mistake that so many managers across the globe commit. Micromanagement has been an issue of discord that sometimes breaks the tolerance threshold to make people angry, frustrated, and helpless. A desperate, autocratic business leader can’t help but micromanage, infuriate the whole workforce, and embarrass the surroundings. It's important to respect people’s privacy, and that’s why time-tracking software eliminates the need for micromanagement and tracks down every vital aspect a business owner requires and an employee happily shares.

2. Track the Time!

• Well, that’s obvious. Time tracking software tracks the time- Simple and easy! Time tracking software helps the manager track down the employees' working hours. It shows the performance metrics and productivity percentage, providing the business owners with an advanced level of insight. Time tracking software also offers the opportunity to generate exclusive reports on the performance of the employees, which helps them evaluate, appraise, and judge an employee based on the performance and brings the ultimate growth for the company.

3. Bring a Chain of Discipline into the Company

• A new organization faces many problems, from managing the organizational culture to creating a work ethic that sustains for a long time. By fetching the time tracking software, you can create a groundbreaking solution to the problems you face daily due to the shortcomings of your new small business. Applying the time tracking software enables you to run the organization smoothly by keeping records of the performances. You can also create a standard work ethic while contemplating building up a good work culture. So, bringing time-tracking software is a win-win strategy for you.

4. Ensure Efficiency in the Workplace 

• Productivity is a term that most small companies misread. Hard work doesn’t always promise you a productive workplace. Your employees may be working hard, but you never know whether that work is in vain. They might be passing the time on some other tasks, but you’re happy seeing them typing sitting on their desk! Time tracking software tracks everything starting from the working hours to how much time your employees work. So, by using one, you can get trusted information about how much productivity your workplace is generating in a particular tenure of work.

5. New Encouragement to Stay Ahead

• Time tracking software generally provides numerical, tabular, and graphical data to give a better understanding of the productivity and overall activities of the employees. Employees should be able to see their performance and can act accordingly. The productivity and other data are very tempting, and employees enthusiastic about improving their professionalism would love to see the standard bar rise. So, bringing time-tracking software into the organization means you’re providing a valuable source of feedback to your employees to ensure long-term growth.

6. Integration with Payroll

• Payment of the employees is sometimes a tricky ask for the HR managers if there is a contractual agreement, not a fixed salary. Calculating the complex numbers regarding the working hours would be a gargantuan task for the people concerned. Instead, afford time-tracking software and decrease the hassle by a considerable margin! Advanced time tracking software has the feature of integration with the payroll system of the organization. This will push your small business ahead by a mile!

7. Less Hassle for Supervising Body

• Time tracking software has the features like timesheets, activity reports, activity/non-activity ratio, payroll, task management, and many more. These features are what an HR manager requires to shift to relaxing mode! Time tracking software literally provides managers time to focus on some other spaces. Why is waste of time supervising the employees when mere software can manage everything? So, bring one into your organization to create a difference with others because it's worth it!

8. Held Employees Accountable for Their Actions 

• Time tracking software precisely tracks the time your employees are spending on different projects and tasks. You have complete control over them as you’ll get the report whenever you want. This is a feature of time-tracking software that creates a sense of accountability in the workplace. Employees now know that they are held accountable by the organization for all their actions. It's their choice to stay productive or tear things apart. Movie time, chitchatting with friends, or Netflix break and other time wasters in the workplace could be some of the favorite time passes of your employees, and a time tracking software can dissuade them from doing those.

9.  Build Up a Benchmark for Your Small Business.

• Every business struggle at the beginning of its journey as they don’t know how to set the standard or the benchmark for the projects, they are likely to execute in the future. Sometimes the managers make the wrong assumption while allocating time for a different project. It can be calamitous as time is money on the corporate planet. Causing an imprudent decision regarding time allocation may leak both cash and time. So, bring time-tracking software. It will definitely assist you to assume better because you have all the records available to make a wise allocation; if not, then at least an educated guess.

10. Keep the Best Performers in the Herd

• Time tracking software offers you a paramount depth of the insights that you extract from it. It is undoubtedly a game-changer in the world of internet corporate productivity. It brings you the reports of every action your employees are taking via their devices. At the end of the day, you get to see the performance and productivity report in a summarized platform. Now that you receive all the essential aspects to assess the employees, it’s super easy for you to sort out the most productive and best-performing ones. Being a small business, you can easily find out the people you can rely upon and take a chill pill as your business is in safe hands.

11. Get a Summarized View of Performance

• All the data your time tracking software is taking and analyzing gives you a synopsis of employee performance. Most advanced time-tracking apps could gather multivariate levels of data to ensure that the owners have tabular, graphical, numerical, textual, and pictorial views of the report generated by the software. Hence, on a daily, weekly, monthly, and yearly basis, you can appraise the employees properly, relying on the information you get from these raw data. It would enhance your ability to judge the workforce more clearly and concisely.

12. Bring Professionalism to Your Entity

• Time tracking software is the demand of the current business trend. A business without insight into employee performance would definitely struggle as they will be leaking time, money, and energy in all the fields they kick in. Affording a time tracking software means that you make things more professional.

You can quickly get a competitive advantage by affording one as your competitors without a performance and productivity trackers will beat around the bush to seek success, but you know you are already there! Again, the potential talents who want to deliver their expertise would prefer an office where their productivity would be adequately justified and addressed. So why wait? Bring one today and witness the productivity surge from the words go! 

Recommended Time Tracking Software for Small Business

Surfing the internet, you will see myriad options for time-tracking software, and this list is growing every day. To find the needle in the haystack, you must know what you are looking for. Your demands can be different from other business owners. You might need a feature that is not featured in most of the advanced time-tracking software. You might find simple software that fulfills all your demand.

So, make sure to know what you want from the software before purchasing one. Every dollar matters, and it matters more when you’re running a small business. 

Here are recommended time tracking software that might grow interesting in your mind if you made up your mind to purchase one.

1.  Apploye

Apploye offers one of the most refined software interfaces and more than 100 features at a sensible price, both yearly and monthly. It’s a user-friendly software that offers you basic features like tracking down productivity to advanced features like Payroll and invoice generation. Time tracking, remote tracking, and field tracking are some of its criteria while offering pricing in solo, standard, premium, and elite categories.

2.  ProofHub

ProofHub is a cloud-based project management software. Though its price is much higher than that of the Apploye (ultimate control an $89/ monthly on an annual basis and Essential at $45/ monthly on a yearly basis), it offers some cool features like Custom workflows, activity logs, and group chats and many more.

3.  Monitask

Monitask is a time tracking software, well-known for its industrywide service ranging from remote teams to e-commerce. It categorizes its pricing into three divisions, namely, pro, business, and enterprise. Many of the helpful time-tracking software features are featured by Monitask, and the prices are reasonable.

4.  Replicon

Replicon markets itself as a hassle-free time-tracking software that helps Faster Decision making increases Efficiency and improves Profits. Its pricing is based on two factors, namely by product and by segment. It promises to extend its service up to federal agencies and embedded service organizations if needed.

5.  ProProfs Project

ProProfs Project is a simple yet intuitive time-tracking platform. It allows you to track accurate time spent on a task, avoiding micromanagement at any stage of the project. The tool also enables you to generate reliable invoices, making it the perfect solution for small businesses looking to streamline their operations. It offers a straightforward Annual plan priced at 39.97 per month.

Conclusion

Small businesses worldwide struggle in the early period of operation due to the lack of performance insight and a gap in the assessment section. Time tracking software can help build a sound foundation to boost the small businesses’ immunity to dig through the right tunnel. It enables you to create brand awareness of your business and resonate along the way. So, instead of wasting time behind unnecessary and trifling stuff, be sensible and bring what your business requires in the developing period. You won’t regret the decision.