Tracking time and expenses is a symbiotic process. Keeping track of time is not so useful unless you have a firm grip on where your finances are at, and vice versa. With Moneypenny’s time and expense tracking tools, you can track both the timing of your projects and your expenses together. This helps to give your business the competitive edge over others. Here is a quick guide to utilizing the advantages of our time and expense tracking software.
Synchronize your timesheets for a streamlined approach
Getting projects completed on time, or even better ahead of schedule, is a must for any business that wants to be profitable. Our time tracking tool includes an automated timer, so you can stay on top of how much time a project has taken, and can be alerted when projects seem like they might overrun, or when several projects are drawing to a close together. It is also possible to log the time manually with our software.
Cut down the time that you spend on billing
Another useful feature is the auto billing function, which uses the data gathered about how long employees have worked on a project and how much that has cost to generate a bill for a client automatically. There is no denying that this saves you further time, and cuts the running costs of your business.
Keep track of all team members for a given project
Moneypenny’s time tracking also provides a single, streamlined interface through which you can monitor how much time each team member has sent on a given project. Rather than juggling separate timesheets one at a time, with detailed timesheets you can see at a glance how the team dynamic is progressing. This is very useful for helping you to monitor employee performance in general, and to see which employees are taking on the lion’s share of responsibility or wok in a project.
How to use this data to gain a competitive edge
It is clear that Moneypenny’s time and expense tracking tool provides you with a wealth of data about the time spent on projects and the amount of money that has been spent, saved, paid to employees, and billed to clients. Knowing how to use this data well will help to give you an appreciable edge over your competitors. So here are a few tips about things to look out for when analyzing the data you get from our software.
How cost effective is each hour?
Our software enables you to see how many hours are spent on a project vs how much revenue that project it brings in. It may be that the project brought in a large lump sum for your business, but that when it is broken down into actual hours or weeks of work, your employees were generating less revenue per hour than they do on other projects. Often, when a large project brings in a large lump sum, this can mask the fact that it has in fact not been a very profitable use of your employees’ time. Our tracking software, however, by tracking both time and expenses and relating them to each other, enables you to pick up on this at a glance.
Keep track of how well you are improving
Perhaps you have implemented some strategies to make your business more profitable, and want to see if they are actually working? Moneypenny enables you to do this with ease, by showing you how your projects have been performing on a month-by-month basis. If the strategies that you have implemented have been effective, you would expect to see the cost efficiency and time efficiency of your projects increase as the months progress. If not, it is time to rethink your strategy once again.
In conclusion: why does this software help you to gain a competitive advantage?
The first step to optimum efficiency is getting lots of data: knowing how long your projects take and how much money they bring in overall is a good place to start. Moneypenny’s tools help you to add nuance to this data, and to monitor the progress of your projects on a month-by-month, project by project, or employee by employee basis. However, just having this data is just the start. Using it to automate several processes that would be lengthy if done by hand, such as timing projects or creating bills for clients, is fantastic for making your business more profitable. And, finally, monitoring the data to see which projects are the most profitable, which employees are ripe for promotion thanks to the extra work they put in, and which strategies have had the biggest impact on your business’s success and profitability, will help you to stay ahead in the market, whatever sector you work in.
Do you like the sound of this? Try the software today
This software can easily be integrated into any business model, and you will quickly see positive changes in terms of both how profitable your business is, and how easy it is to run your business in a cost and time efficient manner. Try out the software today so that you can keep track of your expenses, project by project, and also see quickly how to improve your business strategies further.