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Benefits of Time Tracking Software with BQE

Nov 15, 2022 | By BQE | 0 Comments

Topics: Technology, Time Tracking

Time tracking is more than just a tool to monitor your employees’ time. It provides data insights you can use to analyze and improve your firm’s processes, more efficiently plan and manage projects, and ultimately increase your profits. It also allows your team to save time, keep accurate records, and optimize workflows. 

BQE CORE is an award-winning solution that makes time tracking simple yet powerful. Keep reading to learn the top five benefits of using BQE CORE's time tracking software.

How Does BQE’s Time Tracking Software Work?

Instead of manually tracking and entering your time, time tracking software effortlessly captures the exact time spent on a project, including site visits and client calls. With BQE CORE, you spend only two minutes per day on time entry, feeling confident that you’ve accounted for every second.   

BQE CORE includes user-friendly features such as pause-and-play timers, overtime calculators, smart timesheets, automated invoices, activity reports, and integrations with popular third-party tools like QuickBooks and Xero. 

Your time tracking data gets stored in a real-time dashboard that houses both individual and collaborative project stats (e.g., billable hours and expenses), giving your firm transparency, accountability, and added collaboration, so you’re more likely to hit every deadline and milestone. 

Top 5 Benefits of Time Tracking Software

Increases Accuracy

A shocking 80% of timesheets are inaccurate and have to be corrected. So, if you don’t precisely know how much time you spent on a task or project, it throws off all of your other project data. As a result, you can never properly estimate or plan projects, and your firm’s payroll and billing will also be incorrect.

Most of these inaccuracies stem from using spreadsheets to track time, which aren’t precise, are prone to input errors, and hurt productivity. Because spreadsheets require employee time to fill them in manually, it’s an administrative task that distracts from more critical work, which is frustrating for you and your employees. The more you streamline and uncomplicate your processes, the better morale will be at your firm. 

Gaining accurate insights into the time your team spends working lets you easily identify areas for improvement; better allocate personnel, time, resources, and budget; and removes the inefficiencies that delay projects, so you finish on time and without exceeding cost estimates.

When one person submits an incorrect timesheet, it inevitably causes other people to lose time trying to correct it. Automate your time tracking to drastically reduce the chances of a payroll error while gaining more extensive reporting you can use for project planning and employee utilization. 

Enhances Productivity

Forget manually logging work hours in a timesheet, chasing down employees’ late timesheets, and losing time trying to make sense of timecard discrepancies. With BQE’s time tracking software, you can count on the time tracked and reported to be accurate while saving time on entry, manual invoice creation, and investigating inaccurate billings. BQE CORE gives you your time back on low-value tasks.

When you set up your team with time tracking software, the time they spend tracking and reporting their time is down to only 1-2 minutes a day. They also gain information they can use to identify where they’re most productive, which processes are bloated, and proactively change unproductive patterns. As a business owner, you gain real-time visibility into their work, so you truly understand the ins and outs of your firm’s productivity and output.

With BQE CORE, you can easily track and link time entries and project expenses to smart timecards and pre-populated, customizable timesheets. This allows you to expedite and automate the payroll and reimbursement processes. And since BQE CORE is available on desktop and the BQE CORE mobile app, employees can track time and expenses anywhere — they don’t have to wait until they’re back at their desk.

BQE’s time tracking software makes recording your time more efficient and improves productivity in other areas of your firm, including billing, accounting, HR, and project management.

Refines Project Estimates

A time tracking tool gives you analytics that enable you to set more accurate project start and end dates, monitor their progress, and identify milestones, resources, or budgets at risk so you can make adjustments before something goes wrong. This helps you avoid rework and unhappy clients. 

BQE CORE displays actual hours and money spent in real-time, so you can compare actual time and expenses against what you originally budgeted and forecast profits and other financials. These insights help you make long-term projections for your firm and plan future work to target the ideal outcome. Profit forecasting can help you determine if you need to reduce project costs or add clients to your firm to achieve your profitability goals.

The more you use a solution like BQE CORE and gain a deeper understanding of your team’s workload, capacity, productivity patterns, and the actual cost of each project, the more accurate your project estimates will become.

Provides Performance Data

You can’t achieve your firm’s goals without a deep understanding of how your projects, employees, and company as a whole are performing. BQE CORE unlocks this for you through detailed, real-time insights into your productivity, profits, and processes, and makes it easy to spot where a project went off track and how to improve.

Leveraging the power of performance data helps managers and employees compare actual performance against plans and expectations, so you can become aware of underperformance and find ways to be more productive. 

To help your firm’s staff improve the speed and quality of their work, look at the amount of time they took for a given task and compare it against a standardized requirement or the time allotted in the project plan. Work with them to determine what’s slowing them down and the necessary resources or process changes to reach this standard.

Improves Profitability

To keep your company growing, it’s crucial to track project profitability and improve it over time. Profitability is a gauge of what does and doesn’t work, which is why you should continuously monitor it for trends that you can apply to future work. Time-tracking data specifically can illuminate a more accurate cost structure for future projects so you price them competitively.

Beyond tracking time, BQE CORE collects related metrics, such as billable utilization, project margin, and project overruns to ensure your budgets, revenue, and employees all fit a profitable model. With time tracking software, it’s easier to uncover your most profitable clients and projects, so you know what to prioritize, replicate, and stop doing. Spotting inefficiencies allows you to learn how to make projects more profitable.  

Don’t Overlook the Importance of Time Tracking Software

By leveraging BQE CORE for your time tracking, you can help your firm see value from:

  • More accurate project estimations 
  • Increased profitability 
  • Real-time, detailed performance reporting 
  • Reduced inefficiencies 
  • Fewer non-billable hours 

Time tracking software is particularly helpful for industries like accounting, engineering, law, and consulting, where you’re delivering work for clients and billing hourly. You’ll gain valuable business intelligence and improve the flow of your billing and accounting, while decreasing administrative overhead and freeing your staff from low-value tasks.

BQE Software is DCAA-compliant, boasts 25+ years of experience, and is backed by 24/7 customer support. Book a demo today to see how BQE can help your firm improve its project planning, performance, and profitability.

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