Project time tracking: an overlooked tool
Project work is a standard in the service sector, whether in the crafts, the consultancy sector or the healthcare sector. The hours of work are carried out on behalf of the client. But the hours are not always recorded separately. Even if the company has a time recording system, project times are not necessarily independently documented.
Project time tracking is not a matter that should simply be swept under the table. We’ve put together 4 reasons why you should rely on project time tracking:
1. Increase sales
In a study conducted in Great Britain, the London Business School found that in the consultancy sector alone, 15% of billable activities are not recorded in invoices. At this point, you’re losing money if you don’t track exactly how many hours you work on each project.
Annualized, 15% can make a big difference. By recording project times, invoices can be created correctly, hours are not worked without compensation, and you receive fair compensation for your earnings.
2. Make profits
When it comes to making profits, it’s important to evaluate how profitable a project will actually be. This requires not only considering sales, but also taking a closer look at resource management and measuring the duration of certain activities or work processes.
To evaluate the reliability of your project, you need to draw on the experience of old projects. You can only obtain this data through clear documentation. The data won’t help you if it stays in documents and gets lost. Digital project time tracking allows you to access this information with little effort and therefore be able to better evaluate your projects in the future and significantly increase your company’s sales.
3. Project management
According to a HAYS study, nearly one in six projects fails. In more than 70% of cases the reason for this is poor project management. In project management, time tracking is useful for managing resources and measuring the duration of specific tasks or workflows. To successfully implement projects, regardless of the industry, information from previous projects is needed. By recording working times on projects, but also by recording individual activities, you can ensure clean control and correct implementation of projects.
4. Working hours
A study by the GPM (German Society for Project Management) on the safe management of working time in projects 2023 shows that for almost 50% of project-based employees, working time is determined by the projects: the larger the projects, the harder they work. Only 64% of respondents use some form of time tracking in their company. When asked about the consequences of free management of working hours, 60% said they work longer/longer than they actually need to.
Recording working time in general, but especially project working time, allows you to balance these numbers.
Digital recording of project time
Digital recording of project times with clocking allows you to process orders completely digitally from the first minute of work until the creation of invoices thanks to the lexoffice interface. Your employees can flexibly record working times using the browser on their smartphone or PC and directly punch in an order. This can be done stationary, mobile on the go or from your home office. As a manager you can view schedules, edit them or send them directly to lexoffice with just a few clicks.
Digital project time tracking not only allows you to enjoy the benefits of project time tracking, but also automate your company’s processes, such as invoicing. What may seem like more effort at first will save you time later and collect additional data essential for efficient and profitable work processes