The notion of time tracking is not always well-received. For employees, it can create a sense of being watched and not trusted by management. Employers can see it as too rigid and a process that could crush the creativity of their team.
However, approached in the right way, time tracking can provide crucial insights into your business. Are you making the money you think on each project, or are you burning through cash faster than you anticipated? Are your teams hitting deadlines? If not, why not?
Like many sectors, law entails working with multiple clients at the same time, meaning that employees constantly swap from project to project throughout their day. Without time tracking, it’s very hard to know for sure how efficiently your law firm is operating.
The key benefit of time tracking for a business is efficiency. Only knowing roughly how long tasks take leaves a large margin for inaccuracy, which can result in a loss in profits. If a 40-hour project takes 10% more time, you are losing half a day’s worth of fees. If that continues through the year, it can have a big impact on the profitability of your business. With time tracking, estimating how long a project will take can be more of a science, as you can look back over past projects and have the facts and figures in front of you.
Although all benefits tie back into efficiency, there are many other advantages of time tracking:
By establishing all of this, law firms can make the necessary adjustments and move forward in a more effective way, improving business, morale, and profits.
Nobody likes to be micromanaged. That’s sadly the stigma that comes with time tracking. However, if management takes the time to educate their team well about the aims and benefits of tracking time, it should be seen as a tool that can work in their favour. Here’s how:
So, what are some of the revelations that time tracking can provide, and what improvements can be put in place?
Traditionally, time was tracked using time-consuming and impractical methods. With employees working from various locations and often on the move, a cloud-based time-tracking solution offers the best solution, enabling employees to quickly enter the time wherever they are.
DPS Software’s time-tracking app iTime offers exactly this, helping great managers to understand their teams and plan for a more efficient workforce. For more information, get in touch with our friendly team today.