Efficient planning is what helps teams complete a project. The question is: how do you ensure the plan sticks to the deadline? How would project managers ensure the timely execution of every task? The answer is project management.

However, project management is not sufficient on its own. There are various components that drive it; one of these is time tracking. Monitoring time on a given job helps a project manager plan future projects the easy way. Time tracking gives a very detailed view about how a team member handles a task and about how good he is at it.

However, in this regard, let me give you some reasons that tell you why there is a need to implement time tracking into the management of a project.

First, let’s answer the basic question: what is time tracking in project management?

What is Time Tracking in Project Management?

Time tracking in project management implies calculating how much time a team would take to complete work. It also gives the project manager some good ideas about how efficient the team is and how well they handle a project. Making use of Controlio time tracking in project management also helps forecast what may be the current situation of a project and makes adjustments in the plan accordingly.  Moreover, team members can use it to ensure that all tasks are on schedule.

5 Reasons You Should Use Time Tracking in Project Management

As seen from above, time tracking does come with some major benefits when it comes to project management. Let us take a look at the reasons why you should use time tracking in project management.

Helpers Assisting Managers in Tracking the Time of the Team Member Spent on a Task

Depending on the project management tool being used, business managers can be able to track how much time a certain team actually spends on a specific task. This becomes handy as it helps in making sure that a team that is handling multiple projects at once operates effectively.

Another use of time tracking is in the estimation and projections to be made for upcoming projects. By recording time spent on a particular project, managers can predict when a similar project will be completed in the future.

Helps Monitor Employees’ Productivity

There are some time management tools that offer a timesheet feature. Timesheets help organizations check how many hours a team puts in at work and how effective the employees are at their jobs.

These also help employees record their working hours and the tasks completed during that period. In other words, time tracking in project management helps companies best labor productivity tracking.

Helps with Billing Clients and Calculating Payroll

Including time tracking for managing projects helps generate accurate invoices for billing clients. This is a major benefit for organizations that bill clients on a per-hour basis, which ensures correct billing for a service or product. In the long run, this helps improve the organization’s and client’s relationship. Apart from this, time tracking makes the job of the company’s HR easy through accurate payroll computation. Many time-tracking tools offer this functionality.

Helping Make Every Project Profitable

Time tracking is the most valuable asset for organizations offering client services. For a project to be profitable for the company, one has to submit a breakdown of all the resources spent to complete it. Doing this helps in asking for the right price from the clients and minimizes losses.

To make a profit, businesses have to keep the price charged to the customer higher than the expenses incurred in completing the project. It is time tracking in project management that helps you determine the exact value of the work required to get the job done.

Helping Maintain a Record of Work

A major benefit of including time tracking in project management is time tracking reports. These come in handy when the customer demands more details about a product or service they want to purchase, making them a valuable resource to consider when evaluating a Qualtrics competitor.

 At the same time, stakeholders and investors can also ask for a project report. With time tracking in project management, managers can generate time-tracking reports to share the project details. It comes in handy while auditing or handling a larger project.

Conclusion

Time tracking plays a vital role in helping project managers keep track of a task with ease. Using time tracking in project management not only ensures good project management, it also helps project managers detect potential bottlenecks and design a workflow that everyone can work with ease.