Benefits of Automated Time and Materials Tracking in the Construction Industry
Even well into the digital age, many contractors continue to use a pen and paper to track their work. However, technology has advanced. This is no longer an effective way to handle time and materials tracking because there is always a risk of losing time and material tags. Fortunately, there are now automated solutions available to help with real-time data for time and materials tracking.
In simple words, construction job costing entails tracking expenses specific to various jobs. The goal is to break down large projects into more manageable ones. This helps to track expenses that are specific to certain areas in the project in a much better way. Breaking down expenses at both the micro and macro level can help business owners see the projects that are profitable and the ones that are not. Accordingly, a contractor can allocate more labor hours than estimated on future bids if it is determined that those particular tasks are worthy of driving profit.
Mobile Tracking Solutions
With paper time cards turning out to be inefficient for helping contractors, advanced mobile solutions have now come to the rescue. By using a mobile device, employees can simply enter their time directly into the application on their phone. Real-time labor information can be of great help to any team who is looking for more accurate data to review projects.
Time and Materials Require Immediate Visibility
A lot of data can be generated in the field and contractors need a real-time view of this information. However, there could be additional costs associated with tracking this data. Not anymore! With cloud-based reporting and approvals tracking, the data is digitized, and it is not only faster but cheaper as well. The days of paper T&M tickets generated on carbon sheets are now gone and so are the headaches for all parties involved.
The Case for Digital Records
Using paper for time and material tracking can lead to various issues, the most common ones being duplicate data entry and lost tickets. Ditching paper and going digital will allow you to save time on not having to run paper copies to stakeholders and also getting rid of the issue where you discover extra work tags in a truck, months later.
The Key Benefits of Going Digital
Let’s take a look at the main reasons why digital automation is a good idea:
- With digital automation, the visibility is immediate for your stakeholders. Once a T&M ticket is made, everyone ranging from subcontractors to owners and architects can be informed.
- There won’t be any lost tickets. Going digital can remove the risk of a lost or delayed ticket, which helps you stay in the good books of owners after you wrap up a job.
- It eases cost evaluation. By having all T&M costs in one place, it is easier for stakeholders to see total risk potential for a project.
- Digital records remove the administrative burden. The goal of a company should be a time and materials solution that uses automation and removes administrative burdens for all.
What are you waiting for?
There are solution providers like Timeero that offer software which will enable you to capture data from the field and use it to further measure your labor productivity. Their software feature capabilities for productivity performance metrics, notes, photos, and timecards from the field and much more.
There is even software that syncs with accounting systems like Sage and Quickbooks. They are a blessing and executives, field operations, payroll, project managers, and all other teams alike will appreciate an automated approach that saves them both time and energy.
Timeero solves the issue of time tracking for the construction industry, get in touch with us today to see how we can help!