Employee time tracking software isn’t a fad. It’s a tool that large companies can use to increase their productivity and decrease costs substantially. Large construction companies lose hundreds of thousands of dollars every year in payroll and accounting expenses and errors.
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Below are a few reasons why large construction companies benefit from employee time tracking software.
Increase Organization in Projects
Large construction companies can use employee time tracking software to increase organization across projects. Time card management in construction is often a problem. Common issues are assuring that the work time is associated with the appropriate cost code and project. An employee time tracking software solution holds the answer. Employees can easily choose the project and cost code for the project when they use a great time tracking software program.
Employee time tracking software helps associate costs with the correct project. As a result, clients pay large construction companies and their employees for hours spent on the project.
Better Understanding of Business
Employee time tracking software can help large construction companies better understand their business as it relates to increasing productivity. Time tracking has a lot of data points that can help businesses understand precisely what goes on and what should be changed. Your business can make informed decisions based on where resources are located and where they need to be allocated. Employee time tracking software provides large construction companies with a better understanding of many of their processes.
While accounting packages might have some of the information available, it’s often difficult to get that data during the project. However, employee time tracking software helps you get the data you need to run your large construction company efficiently.
Large companies benefit from employee time tracking because it can help them increase productivity. One of the areas that large companies see substantial costs and excessive overtime is in the accounting department. This happens because the time card process isn’t effective. In the typical time card situation, field workers punch in and out for a week. The foreman collects time cards from the field workers at the end of the week. The foreman emails or drives them to the accounting department. The accountant processes the time cards and pays everyone if the information is accurate. But sometimes the project and cost codes aren’t listed, or the numbers are illegible, or many other issues.
Employee time tracking software makes the process easier by reducing problems with the time card process.
Prioritize Projects and Steps
Employee time tracking software can help large construction companies better prioritize project and next steps. The employee time tracking tells your business what they did while they were at work. The project manager or foreman updates project completion, so executives know how far the project is. Project managers can use project completion reports and employee time data to better understand where resources are needed. Time tracking software also helps estimators better tune their estimates as well since they can review varying levels of effort and time necessary to complete future projects.
Employee time tracking software provides greater insights to key staff to increase productivity and project delivery.
Large construction companies benefit from employee time tracking software because it can help them assess job performance. Assessing job performance might not sound appealing to employees; however, it is in their benefit. Employee time tracking software not only shows how long an employee was working on a part of the project but can help determine how much was completed. Employees that are completing projects efficiently and effectively will see greater rewards for their work. And employees who might be struggling or not doing as well can learn from employees that are efficient.
Large construction companies benefit from employee time tracking software because it can help them assess job performance.
Managing Scope Creep
Scope creep is a common problem in construction. Large construction companies with many projects have to ensure that all of their projects stay on time to be able to complete all projects. However, they also have to balance customer service and satisfaction. Companies have to think about the health of the project, their budget, and the contract. Scope creep can be detrimental to the health of their company and project. With employee time tracking software, it is easier for employers to visualize what scope creep will do to a project. Time tracking software makes it easier to see when a project is veering off course because of certain cost codes are associated with projects. And if projects have to keep creating new cost codes, it’s easy to see the scope creep.
With employee time tracking software, it is easier for employers to visualize what scope creep will do to a project.
It’s much easier to manage the payroll process when large construction companies switch to employee time tracking software. Employee time tracking software generally integrates with accounting packages. And offers companies the ability to approve and sign time cards electronically. This makes it easier for employees to submit their time, and easier on the back office to ensure they’re paid. This gives your accounting employees more time to work on projects other than payroll.
While many large construction firms may be hesitant to automate its processes and adopt technology, employee time tracking software is a must have. In conclusion, the financial savings along with productivity improvements that employee time tracking software brings will provide a great value and return on investment.