One of the most essential parts of managing any business is figuring out how to promote growth. Driving growth for your business means using every tool you have at your disposal to make your business run more efficiently and drive down costs while bringing in new business.
While it may seem like a clock in and out app is only for tracking employees, there are many ways that this modern team time tracking solution can help drive growth for your business besides just letting you effectively manage your employees.
Here are some of the other ways that a clock in and out app can help drive growth for your business.
Improved Scheduling and Employee Management
Being able to adjust to changing situations effectively is one of the best ways for a business to make the most of its available resources. Without the aid of time sheet management software, it can be difficult to manage employee hours and attendance to see who is scheduled, who isn’t, who’s nearing overtime, and who’s available.
This can lead to inflated labor costs when the business is down and under staffing when the company is heavy. In both cases, this hurts the bottom line for the business and does not promote growth.
However, with a clock in and out app, it’s straightforward to see who is scheduled, who has shown up for their shift, and how many hours they have left in their schedule. Having simple time card data available at your fingertips makes being fluid in any situation much more manageable. Managers can send employees home when business is slow or schedule more employees when needed. This allows business owners to manage their workforce to maximize the potential for profits and cut down labor costs if possible.
Better Project Costing and Projections
Data is key to knowing how your business is performing and what you can do to drive growth. The problem is that collecting data without the right tools is time-consuming and often inaccurate. The better you understand your project costing, the better you can create estimates and improve your profits on individual jobs. You can also use data to improve workflow and make projects conclude faster, meaning less chance of overages.
A time and attendance app can seamlessly and effortlessly collect project costing data from every job and store it to be available in the future. Business owners can view trends like seasonal work and repeat jobs.
Being able to assess how much time and money is spent on jobs makes it easier to cost out jobs so that they are more accurate to both the time and money the business will spend on the project, and future projections are more manageable as well; thanks to past data.
Faster and More Accurate Payments
Getting paid by your clients upon project completion is also an essential part of effectively growing your business; after all, companies can’t grow without money. Managing invoices and payments via manual means is time-consuming and can take forever to process so that your business gets paid and your bottom line stays healthy. Not to mention the potential for errors.
A clock in and out app makes it easier to manage invoices, prepare them, and process payments from clients. The invoices are guaranteed to be free of manual errors and can be processed much faster than by doing so manually, meaning that your business gets paid quickly and correctly every time.
The fact is, slow or inaccurate payments cost money to fix, and waiting on money can put your business in a bad situation. The better you control your income, the more potential you have to add growth to your business.