menu-option Back to Blogs
How TrackOlap Can Save your Business Money in 2022

How TrackOlap Can Save your Business Money in 2022

Best Ways to Save Money in Your Business

Of course, you do! In fact, today, everyone wishes to save their hard-earned money after the big blow of the second lockdown.

But, before we move forward with the topic, let's clear up one thing, in work from home culture, your traditional money-saving techniques won't work anymore. In this new remote work environment, where time is money, you have to think of a new way to save your business resources. But how?

It's not rocket science to save time and money today. With the right remote work technologies, you can easily make your business profitable in no time. And for your further convenience, the TrackOlap team worked tirelessly to produce dynamic time tracking software for all types of businesses.

Wanna know how we can save your money? Then, scroll down and read it carefully!

Need of Time Tracking Software Today

Before we discuss how to execute an excellent time tracking management process using our tools, first understand why you need time tracking software today. So, businesses, time tracking benefits you as follows:

* Monitor your remote team's progress. Time tracking is the only way to track your remote workers' productivity and efficiency since your team isn't working under the same roof anymore.
* Keeping your projects on time. Through the time tracker, you can ensure that all your projects complete within the given timeframe.
* Analyze your team's growth. Time tracking helps in understanding when your employees' growth went up and down so you can take some real-time actions.
* Minimize errors in the operations. In payroll and timesheet recording, you can minimize the level of errors with software support.
* Keep distractions away from your employees. Yes, using the tool, you can ensure your employees remain focused and dedicated to their work.

So, now you get a fair overview of time tracking benefits for businesses. Here the next step is to disclose ways to save your money with a [TrackOlap]( suit. Let's get moving, people.

How Employee Monitoring Software Can Help you Save Money

Businesses, to save money, don't have to practice job cuts or overburden their employees. No, you simply have to manage your work hours in a way that your team can maximize their output without burning themselves.

Let's check out some of our certified time management strategies:

Understand how much time actually your employees spend working

Suppose if you have assigned a standard 8 hours work shift to your employees, hardly any person will work for a full eight hours. You see, folk, not all your employees have the same performance level. Every person has different capabilities to handle a task. Some can do the same work quickly, while others require more time.

Secondly, your employees have to take washroom, lunch, and brainstorming breaks throughout the day. In fact, statistics showed that, on average, an employee takes three bathroom breaks for 10-15 minutes in a day. So, if employees spend a minimum of 30 minutes each week in the bathroom, you could be looking at an average of $6,250 per employee lost over 50-weeks.

To cut all these time gaps, we have created a smart time tracking tool where every minute detail of your employees is recorded. In fact, it has a special break button that your employees can press every time they take a break.

This way, you will know exactly how long each employee took to complete a job and how many breaks they took. Using this knowledge, you can assign high-priority tasks to employees who deliver fast and motivate other employees to work efficiently.

Prevent employees from stealing your work hours

Apart from taking essential breaks, some employees unnecessarily steal from your working hours to do their personal tasks. In the office, you still have some control over your employees and prevent them from wasting their working hours, but virtually you have no luck.

According to American Payroll Organisation, employees steal 4.5 hours weekly. That means when you think your employees are working; they are actually playing games or shopping online.

Therefore, in our time management software, we have added two primary features — Applications usage tracker and Screenshots.

Application usage tracker constantly tracks apps and websites used by your employees during working hours and for how long. This helps you know whether your employees are using work-related applications or pleasure.

Similarly, the Screenshot feature takes random screenshots of your employee's screens and shows you what they are doing in real-time. This double attack ensures your employees never steal your precious time.

Minimize errors by maximizing your automation

Many companies make the mistake of introducing manual timesheets in their organizations. The manual timesheets have two problems—

First, it takes up employees a lot of time to manually maintaining time logs daily.
Secondly, humans are always prone to errors, so one small mistake in the timesheet can mess up your entire payroll system.

Therefore, it is essential to provide automated timesheet solutions to your team so that they can focus on their work, and also, errors remain minimal.

Through our system, we have taken automation to the next level. We have interlinked timesheets and payroll software that saves your money by reducing errors and freeing up your employees more time. With just one click, payroll managers can create payslips and issue salaries on time.

So, business owners, if you today invest in automation today, you can make your tomorrow more profitable.

Protect employees from burning out

In work from home setup, many people often complain about working for long hours without any personal boundaries. In fact, some employees are even planning to quit their job due to excessive workload and pressure.

Not only are employees today burned out, but managers are also struggling to maintain a balance between work and personal life. To handle this situation, we have added an automated report generation feature in the time tracking application.

Managers can generate a variety of performance and productivity reports with our tools and easily share them with the employees. This practice reduces the burden from managers' shoulders as they don't have to individually tell employees about their progress. They can simply share reports with the concerned employees and let them self analyze their performance.

Additionally, using real-time data, managers can help overburdened employees and share their workload with other staff members. So, when both employees and managers are stress-free, they can better channel their energy to grow your business.

Reduce overhead costs and administrative time

Reducing overhead costs is the fundamental step towards saving your business money. When you undertake your business operations remotely, you can lower down vivid overhead costs in the organization, such as:

You no longer need to rent out office space
There is no need to pay utility bills like electricity, water, internet services, etc.

Apart from controlling your business overhead costs, time tracking software can reduce the administrative department's workload. In fact, you don't even need to hire an administrator to manage payroll, leaves, and other operations.

In the TrackOlap dashboard, you will also find a leave management solution that can keep a record of every employee's leave. This leave management portal is self-management by employees like they can request leave within the software.

This one feature not only saves administrators time but also saves employees time for applying leaves physically. Employees can get leave accepted or rejected status within the app, which can indirectly save your business's many resources.

Avoid various legal troubles

Running a business organization isn't an easy task today. You have to follow various legal rules and compliance standards to smoothly run your operations. Just for payroll management, every state and the central government has compiled different rules that you have to follow strictly.

If you don't create your employees' payroll properly or don't file related taxes, the Income Tax Department can impose hefty penalties on you. In some cases, the IT Department can even penalize your business assets or severely punish you.

In every situation, your business reputation and profits will suffer drastically. Therefore, we have integrated payroll management and time tracking software so that businesses can adhere to all the different legal compliance without any hassle.

Closing Remarks

Do you know the real power of time tracking management software is beyond identifying the unproductive hours or reducing overhead costs? Your failure to track time can lead to potential customers.

When your team is working without a time rule, they can't chase hot leads on time, and worst, they can't retain your existing customers. And when you don't have customers, how will your business grow and make money?

So, business owners, we highly recommend you start tracking your working home and office time today. To better understand time tracking benefits for businesses, you can book a demo with our team today !


Read more posts by this author.