How Time Tracking Can Help Contractors Improve Revenue and Productivity
[ Article was originally posted on www.constructconnect.com ]
Advanced construction accounting and project management software offer solutions like time sheets, which is capable of working on tasks much more than just logging work hours. Time sheets can help construction contractors track all the necessary data related to job progress reports with insights to labor performance, expense management, payroll reporting, and more.
Though time sheets have proven to be a highly capable performance solution for construction contractors, there are many contractors who either resist or have not upgraded to time tracking solutions. However, upgrading to a professional time tracking solution can help construction contractors with so many benefits:
All in all, using time tracking software such as time sheets makes it much convenient for contractors to build an effective business and service. Besides these, there are many other benefits that can be added to the business by switching to a construction accounting and project management software that offers time sheets support.
Driving Business Productivity
When it comes to construction, job labor costs comprise one of the biggest parts of the overall expenses made on the completion of the project. Using time sheets makes it easier to monitor and analyze the profits and allows you to work on budgeting goals.
Moreover, the information available on time sheets can be used to take account of labor productivity and ensure the timely delivery of the project. In case, there are any discrepancies such as fake entries or routine overworked hours, time sheets could help understand the need for change into the existing work plan to avoid unwanted additions to the project budget and resist loss of revenue.
Transparency with Added Value
The next good reason for which a business must move to a construction accounting software that offers time sheets is the improving scope of opportunities. Time tracking helps contractors to get real-time information of the project and gives them an idea of the routine progress made at the site.
Also, the justification made on the time through time tracking solution as well as progress reporting increases the chances to have a successful bidding strategy for prospective clients. Therefore, it not only helps to improve your relationship with existing clients but also adds value to your business. Moreover, having a record of the project progress and time spent on the development can help avoid any disputes related to billings or delays made through frequent change orders.
Get Rid of Double Entry
Using an integrated software solution to meet your project management related requirements can help keep all the office and site data in sync. This improves the control on all the essential tasks related to accounting, payroll, work orders, resource management, etc. easier. Also, it gives a benefit on time as it doesn’t need project managers and supervisors to keep track of numbers using paper-based reports.
The handwritten records possess the risk of time theft, inaccurate reporting, and even inefficient budget reporting. Moreover, it does not need much time to pin the work hours on spreadsheets from the written reports to manage the payroll process. So eventually, using time sheets is always a business productive idea that makes it easier to process payroll, generate quick progress billings, and receive timely payments.
Reducing Unwanted Loss of Revenue
The contractors who have a true record of the project hours and that too for multiple projects, it gets easier to develop estimates for the upcoming projects. Moreover, it helps to build a sense of trust as clients get real-time reports on the existing projects with zero error system generated reports.
Also, using solutions like time sheets, with integrated construction project management software helps to improve overall project planning and delivery schedule. From the labor productivity to the chances of an increase in project completion time, time tracking helps to avoid unwanted business losses made through poor resource management.
All in all, using time sheets with existing construction management software helps project managers and contractors to ensure the smooth running of the project. From routine progress to productivity reports, it helps to get over challenges that office staff and site teams may face with timely and budget-driven completion.
Thus, adopting construction management software that allows you to control time is an effective move in the long run when a contractor needs to unlock potential business opportunities while improving business service that overtakes the competition.
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