Starting A New Business

Dec 09, 2023 Business

How Time-Tracking Helps For The Growth Of A Starting Business?

If you are a small business owner, you have the knowledge of the money your business earns each day because you can track the finances closely. Small businesses operate on tight margins; every penny should count, discover here how. But, when you are not tracking time with similar intensity, you are not getting a full financial picture.

Time is money; are you a business making every second that counts? Time tracking comes along the way, from paper punch cards, and messy spreadsheets. Modern time-tracking solutions make the work effortless for you and the employees, keeping track of where time is spent. The time tracking data will help make smarter decisions for your business and the team, to obtain the following benefits:

  • increasing productivity
  • balancing work with life
  • boosting profitability

That is right! Time tracking can really help your business grow.

Starting A New Business

How does time tracking benefit business owners?

Tracking employee time is beneficial for the business, for several reasons. Initially, it ensures you are not underpaying or overpaying your team based on loose estimates. The payroll keeps on to the point where employees get paid every second of work. An accurate payroll doesn’t only save you money, it saves you from the FLSA lawsuit.

The Fair Labor Standards Act regulates everything from employee pay to hours worked to payroll recordkeeping. Accurate employee time tracking can keep the business compliant and it helps you keep hour missteps and avoid wages. FLSA will require employers to track the time for all nonexempt workers; they expect to keep time tracking records on hand for two years and over. Tracking employee time helps better assess the team’s needs

Are teams working longer than the others? Are the employees constantly hitting for overtime at the end of the week? Are the workloads spread evenly across the employees? The time-tracking data will hold the answers.

Modern time-tracking apps help keep employees safe and accountable. Business owners with workers in multiple managers or locations of remote teams benefit from employee time tracking, allowing them to see who is on the clock and what they are working on.

How will time tracking help employees?

Business owners are not the only ones to help with time tracking. For the employees, the time tracking ensures they are paid for every second worked and earn overtime when applicable. Accruing the correct amount of sick leave or paid time off. Time tracking can give employees more control over the work and the schedule.

Starting A New Business

It will allow the employers or managers to be accountable for the unrealistic work expectations, including:

  • Unreasonable schedules
  • Workloads

Also, they can underestimate the amount of time spent on the project or job when the proof is in the puddle which helps them avoid burnout and balance work with life.

Finally, the employees who track time are better at managing how they can spend it. When they see exactly where the time goes, they are more intentional regarding the work they perform. But, there is one more slightly unexpected advantage of tracking time, both for the employees and employers.