How Time Management Software Improves Your Bids and Billing
How much time do you put into your projects? When bidding and billing contracts, it is important to get man-hours estimated, prioritized, and allocated properly. What type of system are you using for bidding and billing? The system you use should streamline the process, not make it more cumbersome.
In some situations, your time collection and management software can do a lot of the heavy lifting. This type of software works to accurately record the amount of time a person works. However, time recording software does not just work with employee payroll, it can also connect the dots and provide you with insight into what's happening on each project.
Using a software solution means the employees and their time spent working on any project can be easily tracked. It only takes a matter of minutes to gather information about who, when, and where an employee is clocking time. You can then determine how many hours, and even which hours, employees are putting into each project. You can then accurately bill for that time or use this information to estimate and determine proper rates for RFPs and other contracts for hire. Plus, the more information you have on how and when an employee is using their time helps with productivity data analytics, which can also save you money in the long run.
Even though implementing a new time collection and management system may seem expensive, it’s only short-term and can actually pay for itself. Over time, inaccurate billing is more expensive in the way of lost revenue, and costly to productively. The return on investment (ROI) for implementing a new time collection and management system can be realized sooner than you may think.
In addition to providing valuable insight into estimating project costs for bidding, and correctly providing real-time billing information, a new solution can also reduce and eliminate the human errors that happen in manual systems. When the ability to make mistakes, accidental or not, is removed from, it saves having precious time spent on correcting errors. Productively increases across the board.
Employee management software, such as LightWork® Software’s Time solution, makes human resources' process of tracking and reporting employee time much less cumbersome and more efficient. LightWork Time is an automated system that allows employees and their managers to confirm timesheets to ensure that information is accurate and complete. If you are interested in learning more about LightWork Time to streamline your employees’ timekeeping process, contact us today.