What is Timekeeping?—Part Two

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What is time keeping by The Payroll Company 505-944-0105

Timekeeping Benefits

It has been documented that companies derive considerable advantages from timekeeping for both themselves and their workers. Data is king: understanding how and where time is spent on work assists companies and workers by providing the information needed complete work more effectively, improve work processes, organization and the workplace setting, and finally, to put and end to time wasted sitting around, i.e., procrastination.

Timekeeping Business Advantages

Timekeeping provides exact data for company invoice billing, bookkeeping and accounting. Companies billing their clients by the hour require timekeeping records that are exact. Exact timekeeping by way of modern software programs resolves the issue of not billing for all hours work and it assists companies by helping them keep positive customer relations.

Documenting and Tracking Work Completed

Information about work performed is provided by detailed timekeeping converted into reports assists companies by providing critical information needed regarding how work tasks are done and which components take the longest to complete.  

Efficient Work Planning

Developing plans for upcoming work tasks, predicated on prior timekeeping records is far simpler and easier now. Additionally, data from timekeeping assists companies by providing insights into work place “work” where time is being spent doing virtually nothing so they are able to stop them or to improve how a task is completed for that specific work going forward.  

Improved Work Process Management

Developing improved work processes mandates specifying how long it takes to perform a work task and when it must be completed. This requires understanding and how long it takes to do a work task so how the task is set up can be improved predicated on data garnered from timekeeping records and reports from earlier periods. Employees that know this information are aware of it while completing work tasks which tends to improve task completing efficiency.

Employee Advantages

Improving Task Completion Method

Being aware of which work tasks that are harder and take longer makes it easier and better to assign time to tasks more intelligently and to know from the data garnered from the reports to complete the ones that need to be completed right away.

Crushing  Procrastination

Knowing what your company’s tasks completion costs are for employees motivates them to focus their work time with more drive, get rid of components in the workplace that reduce effectiveness and to push are to complete tasks.  

Spotting Work Overloads 

Reports identifying time costs assists in learning what work tasks are taking up most of each employee’s time and to learn where they maybe situations where a staff member may be overworked.

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