7 Benefits of Time Tracking for Your Business

Laurentiu Bancu

Written by

Laurentiu Bancu

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2 minutes

There are several benefits of time tracking besides task management or creating time entries, reports. Here are just 7 of them:

1. Identify non-essential activities

Time is a limited resource. If you don’t track it, there’s a high probability that you have no clue about how much time is wasted on non-essential activities. You might even be shocked when you find the truth.

2. Stay aligned with your goals

When you track how you spend your time, you’ll be able to see if you’re on the right track to accomplishing your goals.

3. Define and clarify your goals

Many people are living without having defined clear goals. Tracking your time and taking a closer look at how you spend it might help you, or even “force” you, clarify and define your goals.

4. Tune and improve task estimates

Tracking your work time allows you to compare your initial estimates with how long it really took to accomplish certain tasks. This will help you make the necessary adjustments for similar future tasks.

5. Create daily routines and habits

Tracking your time might help you create daily routines and habits. In time, habits such as these will help you fight against procrastination and improve your personal productivity. This is crucial for people who have problems with procrastination that are mostly rooted in fear of failure or hedonistic delay.

TIP: A great way to manage your work or studying time is to use a Pomodoro app – also known as the clock that resets itself after 25 minutes to allow for a 5 minutes break.

6. Adjust your work rates

If you charge by the hour, tracking your work time is mandatory so you can get paid/charge fairly. If you have a flat rate, tracking your work time is still a good idea as it will give you a price/hour and allow you to compare yourself with those who offer similar services but charge by the hour.

7. Time tracking is easy to do

Keeping track of your time has become a very simple process, for your business, through the use of online time tracking software no matter where you are: at home, at the office, or on the go. You only click Start when you begin an activity and Stop when you’ve finished.

If you manage several employees, consider reading reviews from top employee time tracking software. These focus more on the team as a group and keeping a tidy timesheet for organizational purposes. This is good because you can turn your time entries into reports and invoices. If you are looking for web-based software for invoices, we made a list of the best 6 no-brainer invoicing tools.

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