Time is money: why your business needs time-tracking software

Time-tracking software is revolutionising business administration as we know it. Saving countless man hours and removing the possibility of human error, time-tracking software such as Xero can help you manage all aspects of your business, from payroll and stock, to fixed assets and expenses.

Here are just some of the benefits Xero’s time-management software could bring to your company:

Minimise time spent on manual data input

The cloud-based alternative to laborious manual data input enables devices to share information at pre-set intervals with almost no input after initial set up. Xero will help you manage your cash flow by importing and categorising your banking information and transactions, scheduling invoices and dispatching them without even a single click of a mouse.

Working out which clients are profitable

Time-tracking lets you work out how much time each client requires and measure it against the rate agreed for the work to see whether it makes financial sense. If you’ve almost reached your full time allowance for a project, you will be notified instantly and can move to wrap things up, and adjust time-slot projections and cost estimates in future.

Employee performance monitoring

Being able to see which of your employees are hitting their timing targets is a valuable asset to any business. Employees ahead of schedule can be rewarded with confidence, whilst those lagging behind can be assisted with extra training, etc. If a whole team is ahead of schedule, additional time can be re-purposed for improved profitability.

3 Wise Bears offers Xero as part of our fixed price packages, conveniently sharing accounting information and enabling us to help your business grow. To find out more about how time-tracking software could save you money, contact one of our expert accountants today.