Benefits of Implementing Time Tracking Software for Large Construction Companies
Every large company needs an efficient time tracking software. This is because they need to be able to track employees’ working hours accurately. If your company does not have tracking software in place, you are putting yourself and your business at risk of losing a lot of money due to payroll errors.
Here are some reasons why a good employee time tracking system is necessary for every large construction company:
1. Better Planning for Projects
Employee time tracking software can ensure that the work time matches with the appropriate cost code and project. This means that employees can simply choose the project and cost code when they use time tracking software. As a result, clients are able to pay an accurate amount for hours spent on the project.
2. Better Insights on Business
Time tracking software can also be used to analyze employee productivity. All the data points provided by the software can be used to gain a more complete understanding of your business. In short, you will be able to see the problems and what could be improved just by looking at the data from your employee time tracking software.
3. More Productivity
Time tracking software can also be used to increase the productivity level of your employees. For example, your accounting team often works overtime because there is no automated time card system in place. This means that there needs to be one person who is responsible for collecting the workers’ time sheets on the site. The accounting department then has to work out the hours and pay the workers accordingly. However, the process is flawed as there might be a lot of errors and inaccuracy involved. With employee time tracking software, finance employees are able to get past these problems, and they can focus on other areas of work that require more of their expertise and are able to yield a greater return in the future.
4. Organize Future Projects
Employee time tracking software can help companies learn how to prioritize parts of the project better in the future. Together with the project completion reports, tracking software can be used to analyze where resources are needed the most. The management team can then use the information to better improve their resource allocation for future projects.
5. Measure Employee’s Performance
Employee time tracking software can also be used as a tool to measure employees’ job performance. By looking at the number of hours employees have worked in a week and how fast they have completed a job, you will get some idea about how each employee is performing. Then, you can even reward employees who have been performing well to keep them motivated. When those who seem to be lagging or falling behind see that the hard work can be rewarded, they will be more driven to perform just as well.
6. Monitor Scope Creep
The problem of scope creep has always been a recurring problem in the construction industry. Scope creep means that there is a change or growth of tasks in the project after it has already begun. Time tracking software can be useful to spot the problem. That is because it is easier to see when a project is drifting off course as cost codes are associated with projects. Thus, when projects have to keep creating new cost codes, it’s easy to spot scope creep and address it as soon as possible.
7. Improve the Payroll Process
Finally, the most obvious benefit of using time tracking software is that the payroll process will be easier to manage. As employees are able to sign time cards electronically, it is easier for both them and the people who have to take care of their payment. This makes more time for the accounting department to spend on other tasks besides payroll.
In conclusion, the benefits of implementing time tracking software are worth investing in. Not only do they help with the financial savings but they also improve your employees’ performance and productivity in an efficient way.
Timeero provides modern, affordable construction time-tracking software for construction companies, get in touch today to see how we can help!