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Managing projects has become more complex in a world where remote working has become the new normal. With team members working across different time zones, working hours, and environments, keeping track of time spent on projects can be tricky. Accurate time tracking can increase productivity while maintaining transparency managing budgets and delivering projects on time. Using a timesheet solution such as Coretime eliminates errors by 50% and increases productivity by 20-30% by reducing time spent on tracking.
Budget Management & Control
Inaccurate time tracking can lead to budget overruns and missed financial objectives. When a business knows what hours have been worked on which project accurately it can
Avoid overbilling or underbilling clients
Spot areas where costs can be reduced
Calculate labour’s costs more precisely
For remote teams, particularly those utilising freelancers or contractors on an hourly basis, accurate time tracking facilitated by a robust timesheet expense tool is crucial. It ensures fair compensation for contributors, prevents costly billing disputes, and provides invaluable data for accurate budgeting, efficient resource allocation, and informed project forecasting.
Enhance Trust and Accountability
Implementing a remote work policy can present challenges in maintaining team visibility. Without direct observation of employee efforts, managers may struggle to accurately assess time allocation across projects. Accurate time tracking software bridges this gap by providing a transparent record of individual contributions, including the specific tasks undertaken, the duration of work on each, and the location from which employees are working. This data empowers managers to identify potential bottlenecks, optimise resource allocation, and ensure project timelines are met, even within a distributed workforce
Enhanced Productivity & Satisfaction
Accurate time-tracking software encourages employees to stay focused on their tasks improving their satisfaction. Knowing that time is being tracked helps reduce distractions and improves work efficiency allowing employees to have an insight into their workload and habits. This enables them to:
Prioritising time restraint tasks
Eliminate unnecessary activities
Identify which tasks take longer than expected
A robust, secure system houses all project data, enabling project managers to track key performance indicators via a dedicated dashboard. The system also provides email alerts for potential overruns and offers an extensive reporting suite with over 100 reports. With Coretime Resource Manager module you can get set up in the matter of days.
Meet Deadlines with Ease
With the lack of face-to-face interactions when your team is remote, you can lose sight of deadlines. But a time tracking tool like Coretime, can help identify project schedules by:
Monitoring progress in real-time with data insight
Inform managers to potential delays in the projects
Break projects into smaller trackable tasks
When time is tracked precisely, teams can adapt their working habits to ensure they deliver to their best abilities even when challenges arise.
Data-Driven Decision Making
Efficient time-tracking tools like Coretime empower businesses with invaluable data that drives strategic decision-making. By meticulously recording employee time spent on various tasks and projects, Coretime enables organisations to:
Optimise resource allocation: Analyse historical data to identify patterns in project timelines, resource utilisation, and team productivity. This data-driven approach allows for more accurate forecasting of project timelines and resource requirements, minimising bottlenecks and maximising efficiency.
Enhance team performance: Deep dive into individual and team performance trends. Identify areas of strength and weakness within the team, pinpoint skill gaps, and tailor project assignments accordingly. This data-driven approach empowers teams to work smarter, improve their performance, and achieve optimal results.
Improve project forecasting: Leverage historical time tracking data to refine project estimates with greater accuracy. By analysing past project performance, organisations can predict future project timelines more precisely, reducing the risk of delays and cost overruns. This data-driven approach fosters increased predictability and improves overall project success rates.
Increase Team Collaboration
Remote teams often face problems with coordinating across their various locations and time zones. Accurate time tracking and expense tools can foster better team collaboration by ensuring no one is overwhelmed by an unequal workload, allowing team members to plan around each other availability, and offering a shared view of tasks and projects. With everyone aligned on project timelines and workloads team collaboration is more effective.
Maintaining Work-Life Balance
One of the biggest risks of remote work is burnout and isolation as employees can often struggle with separate work and personal life balance and feeling a part of a team. Accurate time tracking can help prevent overwork by highlighting when employees have consistently exceeded their expected hours, providing the basis for discussion around work-life balance, and monitoring workloads to ensure there is an equal balance. This can promote a healthier and more sustainable working environment among the employees.
Build Strong Relations
Transparency is paramount in fostering strong client relationships. By providing detailed reports on how time is allocated to their projects, businesses demonstrate a commitment to professionalism and accountability. This fosters trust and strengthens client relationships. Coretime’s integrated CRM and Resource Manager module empowers businesses to achieve this by providing a centralised platform for:
Detailed Time Tracking: Accurately track time spent on client projects, offering granular insights into project progress and resource allocation.
Real-time Data Visibility: Share real-time project updates and performance metrics directly with clients, ensuring transparency and fostering open communication.
Enhanced Client Communication: Streamline client interactions within a single platform, facilitating efficient communication and fostering stronger client relationships.
Data-Driven Insights: Leverage comprehensive data analysis to identify areas for improvement, optimise resource allocation, and identify new growth opportunities within client engagements
Conclusion
In the remote era, accurate time tracking is no longer a nice to have — it’s essential to have for project success. It ensures transparency, improves productivity, keeps projects on budget, and improves team collaboration, all whilst promoting a healthy work culture.
Investing in Coretime provides all the benefits outlined above, making it an invaluable asset for navigating the complexities of remote project management. We are deeply committed to our clients’ success and are dedicated to ensuring you maximise your investment. To this end, we offer:
Dedicated UK-based support: Our team is readily available to assist you with any questions or challenges you may encounter.
Comprehensive training sessions: We provide expert-led training sessions, including “Lunch & Learns,” to equip your team with the knowledge and skills necessary to effectively utilise Coretime.
Custom Deployment: We prioritise your individual needs. Our custom deployment options ensure the solution perfectly aligns with your business goals and provides the flexibility to address any additional requirements.
Our goal is to help you achieve a significant return on your investment in Coretime.
Are you ready to unlock the power of accurate time tracking for your remote team? Schedule a personalised demo today to discover how Coretime can streamline your workflows and drive project success.
Published: January 28, 2025
For more information on Why Accurate Time Tracking is Critical for Project Success in a Remote Work Era talk to Coretime