Advantages of Time Tracking

I was reading the Wikipedia’s article about time tracking today, and ran across some great content about the advantages of time tracking. Here they are:

Time tracking can lower costs in 3 ways: by making payroll processing more efficient, by making costs visible so you can lower them, and by automating billing & invoicing.

Time tracking can increase revenue through automating billing, which tends to make it easier for a company to get correct invoices out for all hours worked by consulting staff. This speeds up payment and eliminates the hassles of ‘dropping’ bills.

By lowering costs in 3 ways, and increasing revenue in one way, timesheet management technologies that are web-based can improve the health of companies.

In the project management world timesheets can also be used to build a body of knowledge about how much effort tasks take to develop. For example if developing a training plan has historically taken a month, then it can be assumed that creating a new one will take a month.