Undertaking a project usually means that a team is working on different tasks simultaneously. Project time tracking will measure time and performance on each task.
What is Project Time Tracking?
Time tracking is a measurement of worked hours. Project time tracking is a measurement of worked hours on a single project.
From a business point of view it is important to know how much time employees spend on different tasks and projects. To do so, all team members log the amount of time, in hours and minutes, spent when working on a project that they have been assigned to.
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Why should I track time for all projects?
Tracking time for each project is especially useful for three big reasons:
- Firstly, if an individual is assigned to more than one project at a time, the time tracked is important for them to get paid.
- Secondly, it’s a way for management to understand and know how much time is being spent on a project for future estimates as well as to improve worker efficiency.
- Thirdly, time is a cost. So worked horses are a variable in the project’s profitability equation. Knowing this data leads to improving cost efficiency.
Ways of Project Time Tracking
One way to begin using project management time tracking is to use a time sheet to mark start and end times. This can be done manually on paper or through a spreadsheet program like Excel.
Another way is to use digital timesheet app. The user clicks “start” and “stop” work time and for certain task and the app automatically fill in the timesheet.
Obviously, project time tracking is directly related to the company being able to compensate the worker for time logged. This is taken on good faith that the time logged was productive time spent working on the project.
More advanced and intuitive software like MoneyPenny also allow users to enter in the parameters of an entire project, rather than just a task, and tie in all workers and time logged towards the completion of that project.
They simply have to access the software’s “dashboard”, which will let them view which tasks have been completed, which are pending, who’s been working on what and for how long.
How can Project Time Tracking help you?
Project time tracking allows two very specific views.
- High-level view, where managers and team leaders can check on the progress of the project. On that bases they can report back to the client, as well as possibly set new deadlines.
- More nitty-gritty view that allows team leaders to zero in on where complex tasks can be broken up or to address individual worker efficiency issues. For example, if a task is taking too long with one worker, it can be reassigned to someone else.Project Time Tracking helps you Automate Payments, Maintain Efficiency and Work Smarter with… Click To Tweet
Project tracking in project management
Project time tracking is a broad aspect of businesses that criss-crosses three very major functions:
- HR and employee compensation
- future project budgets and analysis
- current project accounting
Software like MoneyPenny takes these separate functions and ties them together into one seamless and interconnected workflow. Time that is logged by workers is automatically linked to tasks. They are then assigned to project’s budget. This way you get a clear overview on completion as well as accounting for how much the worker gets paid.
These one or two major numbers get used in multiple channels without business owners having to do any extra data collection or inputting. It cuts down on time and makes things way more efficient. It also promotes worker productivity and improves overall worker happiness, as they can always count on payments being made on time.
On the business side, these numbers help the company analyse internal financial statements to determine which projects are profitable (and can be taken) in the future, as well as where things need to be tightened.