The Real Benefits of Time Reports for Project Management

Alexandra Cote

Written by

Alexandra Cote

Read Time

6 minutes

No successful business has grown overnight. Behind every great product or service lies a strong team that has put thousands of hours into developing it. But the road to success is not always easy. Ideas can fail at any time, budgets might be limited, and the clock is always ticking for entrepreneurs to deliver outcomes quickly.

If you find yourself in the same shoes and need to make sure you’re on track with your projects, then monitor their progress. One way of maintaining full control over them from a single place is through time reports.

Despite their name, they highlight so much more than just the amount of time you spent on a project or task. One time report can show who worked on a project, how much money was spent, and what tasks had to be completed.

But, what are time reports?

Time reports are visual summaries built on top of the tracked time to offer a detailed look at how your project team spends time, money, and resources. These can be paper-based or come as part of a complete digital solution. In project management, you can create time reports after you finish a project or on the go to keep clients informed at every step.

To help you understand the benefits of time reports for your own projects, we used real examples from our own project management tool:

Time reports benefits

Keep clients up to date with real-time data and improve communication

Having a good communication plan for teams and clients can save you valuable time. Not notifying your client about an issue might make them ask you to go over certain tasks right when you thought you were done with the project. Having to fix problems at the end will only cost more money and time. You could spend these on more important duties such as product/service launch or maintenance.

In Paymo, you can generate two different kinds of time reports:

  • Static reports – great for one-time reports or insights over a specific period of time
  • Live reports – provide constant updates on timesheets and change every time someone accesses them

You can share these time reports with your clients or key sponsors. This is done by giving them a permalink to the report. Paymo users will find this below any report.

permalink

Permalink for clients

They’ll be able to analyze the information you provide, spot potential problems, and suggest changes. Also, they can print the report or turn it into a PDF, CSV, or Excel file.

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Time report after exporting

The export option lets you send a report in a file format of your choice. This way anyone can access them, regardless of computer or Internet speed.

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Export option in Paymo

Alternatively, clients can retrieve these time reports from the client portal.

In addition to improving client communication, offering transparency when it comes to projects increases their trust too. They’ll see exactly what the team has worked on, for how long, and how this translates into money.

See your time reports in real-time from anywhere and at any time

Provided you’re using a digital time tracking tool or a project management tool, you’ll see the reports as they adapt every time you complete a new task. Even when working with a remote team. This makes it easier for any client to access the data they need whenever they want to check project progress or look for improvements.

Stay on budget

Money is a sensitive issue. No client wants to find out that the funds allocated for a project are running out. With reports, they can see exactly how much of the initial budget has been spent. This helps you find out if you should limit your costs so that you’ll keep up with your finances. Not to mention that a virtual time reporting tool can sum up all your billable hours and automate the accounting for you.

budget

Time report showing spent budget

Save time

Automating the creation of time reports can help you redirect your time to more valuable tasks. Any virtual time reporting tool can do that in your place in a matter of seconds. In fact, digital reports are much easier to personalize and filter as they can be changed even after being created. And the best part is that you can re-use templates from previous projects to avoid the lengthy process of manually setting up a new report every time.

When it comes to tasks, you’ll manage the time you spend working on them better. Time reports can help you identify what activities took longer than expected based on the summed up hours. With the data you have gathered at hand, you’ll also make better time estimates for following projects.

Plan and distribute tasks to avoid overbooking or underbooking

Time reports give you an overlook at what employees are working on so you can see who has too many tasks to complete or who is slacking off. This will help employees save energy by focusing on the tasks that really matter.

In this sense, the possibilities of personalizing your time reports are endless. You can customize these to suit your exact needs and help you see easily if tasks are evenly distributed among your team. In the example below, you can see who worked on a project, for how long, and on which tasks:

monitor_users

Time report for managing employees

Increase productivity

Getting an overview of your work can show you if you’ve been wasting time on unnecessary or less valuable tasks. Without a time tracking and reporting system in place, you’re more likely to overlook minor details and problems created due to a lack of time management.

Learn to set goals such as reducing the time you spend on idle activities like browsing social media or watching YouTube videos. Additionally, discuss time reports in meetings to see what went well and what you can fix for better results. Having these reports on hand also increases the employees’ accountability, makes them aware of the importance of time, and helps them reach their goals.

Keep all information in one place

An online time reporting tool usually means you’ll use a single screen or dashboard without switching between multiple apps, tabs, or views. Having the possibility to look at all your data at a glance lowers the time you spend looking for the information you need.

We’ve created a complex report for two different projects and several tasks, users, time entries, and days.

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Complex time report

You can use this particular time report when a general manager or CEO asks you, as a project manager, to provide a detailed report on all the work hours that went into specific projects. In this example, this is done according to project, task, employee, and time.

Taking all benefits into consideration, think about what your project, team, and clients truly need. Employing the use of time reports can cut down the number of hours spent on analyzing a project’s status. Also, they help with identifying potential mistakes that could cause severe problems if left unfixed.

To put it briefly, time reports sum up everything that goes in and out of a project. By shifting your project analysis to time reporting, you add valuable hours to your workday. Otherwise, you would spend these collecting the necessary data from dozens of other sources.

This way, you bring all your information in one place. If you opt for a digital solution, you can even minimize time spent on creating paper-based time reports by hand.

Let us know in the comments section how you think time reports can help you. And, don’t forget to work happy!

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