How Does Real-Time Time Tracking Improve Project Profitability?

You’re a busy Project Manager trying to coordinate project schedules, staff schedules, and keep on eye on profits and expenses – keeping track of everything in different places with different software can get messy and lead to missed details, over or under scheduled workers, and ultimately profit loss. How can you coordinate your workflows and improve project profitability? Real-time time tracking using ProWorkflow!

Real-time time tracking is time tracking that is captured as it happens. Your employees’ time is logged as they work, so instead of needing to remember or calculate their time after they’re finished working, or even at the end of the work week, their time is logged in real-time. With ProWorkflow Nexus you can do all of this in the same system you use for project management, meaning you don’t need a bunch of disparate systems to track time, manage your projects, and use that data for forecasting.

More accurate forecasting, budgeting, and planning

Real-time time tracking allows your employees to instantly track the time they are spending on your projects. Tracking time in real time means more accurate time-tracking, which means that you can more accurately forecast the time that will be needed on future projects of similar work. More accurate forecasting allows you to do better budgeting and planning for your future projects, which can help lower your margins in terms of both finances and time – time, after all, is money!

Gives insights into cost-sinks and nonprofitable work, helps keep an eye on expenses

Real-time time tracking helps you see where you are spending your time, and with ProWorkflow you can easily see if that time is billable or non-billable, allowing you to see where your team is spending time and if that time is profitable. This can also help you to keep an eye on expenses, as you can see where you are making profit vs. where you are not getting paid.

Better resource management for staff allocation on jobs

With a better eye towards the profitability of the work you are doing, you can ensure that staffing needs are met on the work that makes you money. Are the hours getting tracked on a project, but the work isn’t completed as fast as your budget had expected? Real-time time tracking with ProWorkflow helps you target in on that information quickly, so that you can allocate resources to the work that needs more staff attention to get done.

More accurately scope and plan future jobs and quotes

Because you have such an accurate profile of the work your company is doing, and the time budget you need to have in place, you can scope hyper-accurate plans for future jobs. This not only allows you to work more efficiently, but it also allows you to provide the most accurate quotes possible to your clients for prospective work, making you the most reliable.

Potential for transparency reports for Clients or Shareholders, and compliance

Whether you are reporting to shareholders or investors, have compliance needs for legal or governmental purposes, or you are wanting to provide transparency reports to existing or future clients, real-time time tracking helps you accurately report on how your team is spending time and where budgeted time is getting spent. Easily demonstrate how the work your team is doing accurately reflects your financial reporting.

Team accountability and performance goals

You’ve got a busy team, and you want to make sure that everyone is on task, completing their work, and hitting performance goals. Real-time time tracking helps you see accurate reporting on the work your team is doing and where they are spending their time, which allows you to hold them accountable for their performance goals. It also allows your team to hold themselves accountable by giving them the ability to accurately track their own time.

Prevents staff burnout

While it’s important to hold your staff accountable and help them keep track of performance goals, it’s also important that you prevent staff burnout. Real-time time tracking helps you prevent staff burnout, because managers and admin can accurately keep an eye on staff allocation, and ensure no team member is being assigned more hours than they can reasonably handle.

Fewer administration needs for payroll

As a busy team, you also don’t want to waste a lot of administration time on payroll. Keep your admins free to do the work that really contributes to your project goals, as real-time time tracking’s more accurate time reporting means that processing payroll requires less manual intervention and review. Less manual intervention and more accurate reporting of time means your administration team can spend less time on payroll, and more time on other work.

How to make real-time time tracking optimize your business’ workflow

Real-time time tracking is baked in to the core product of ProWorkflow. Our Nexus platform offers multiple methods for your employees to accurately log and track their time records in real-time. We also offer forecasting, budgeting, and reporting tools that take that real-time data and help you use it to improve your workflow. All of this is included with our brand-new state of the art Nexus project management system, so you can reap the financial benefits of real-time time tracking without needing to pay for a separate time tracking software. Start a trial account or reach out to us today to start letting us work for you!