Expert Tips

Mastering the Clock: How Accurate Time Tracking Unleashes Project Profitability and ROI

In the relentless pursuit of project success, the role of time management cannot be overstated. Every tick of the clock influences project timelines, resource allocation, and ultimately, project profitability. In this blog, we embark on a deep dive into the intricate relationship between accurate time tracking and the financial success of projects. Beyond the conventional …

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How to Improve Estimating Costs to Accelerate Profitability

Any project has certain constraints that need to be considered. One of these is cost. Project management teams are expected to effectively control and manage this constraint as it is a primary driving force in the profitability and success of a project. As such, it’s important to implement efficient cost estimation processes and techniques to …

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A Complete Guide to Project Forecasting and Planning: How To Do It with A Time Tracking Software

Did you notice that the projects you’re currently working on have become more challenging than in the earlier years of doing business? If so, you’re not alone. A recent study by KPMG proves that 67% of project managers believe that the complexity level of programs and projects have drastically increased in the last ten years. …

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A 5-Step Guide on How to Manage Business Expenses Effectively

Effective expense management is a cornerstone of successful business operations. To ensure the financial health and sustainability of your business, it’s crucial to have a systematic approach to managing project and operations expenses. It directly impacts the financial performance of your company and provides valuable benefits such as: Smarter allocation of funds Streamlining tax processes …

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5 Tips for Real-Time Labor Cost Management and Efficiency Improvement

Within the many intricacies and moving parts in business operations, managing labor costs is a strategic imperative for success. The ability to monitor and control labor expenses in real-time is akin to holding the reins of profitability. Based on industry averages, the percentage of your operations cost that can be allocated to payroll is 20% …

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8 Reasons Why You Need an Integrated Time Tracking and Invoicing System

Managing time and invoicing can both be major challenges for businesses of all sizes. Keeping track of how much time is spent on projects, invoicing clients accurately and timely, and ensuring timely payments can be a daunting task. In fact, 48% of businesses process over 500 invoices a month. That’s a great deal of work …

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A Comprehensive Guide on How to Assess If Your Projects Are Profitable

In the dynamic landscape of project management, success isn’t solely measured by completing tasks on time or within scope; it’s fundamentally tied to profitability. Understanding how to assess whether your projects are meeting their profit targets is essential for sustaining a healthy business. In this blog, we’ll explore various strategies and tools to evaluate the …

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Why Is Time Tracking Important? 8 Benefits You Need to Know

Did you know that companies lose at least $50,000 per employee every year on untracked time? According to a study by Mckinsey, employees spend 42% of their time reading and answering emails, collaborating, and communicating internally. The hours spent on these tasks are often unmonitored and therefore, unbilled. As a result, businesses shoulder the costs …

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Project Time Tracking is Important – Here’s How to Do It Right

In this article, you’ll find: Relationship of Time Tracking with Project Management 5 Steps on How to Implement Project Time Tracking Introduction Efficient project management is an essential element of any successful enterprise. It is the most fundamental aspect that dictates the successful completion of a task or project. Effective project management is a key …

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Here’s How You Can Track Time Spent on Tasks – Task Time Tracking 101

In this article, you’ll find: Definition of Task Time Tracking Benefits of Task Time Tracking to Your Business Step-By-Step Guide on How to Implement Task Time Tracking in Your Organization Introduction Time tracking in its manual, paper form has been around since 1888 when the first New York-based company developed a “time recorder”. In its …

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