Time tracking can benefit more than just your payroll process

Though tracking software clearly ensures employees receive proper payment, automating the time collection process has benefits that go beyond simply streamlining the payroll process.

These are five other advantages manufacturing companies that utilize time tracking software can enjoy:

1. Lowering costs within the company
Companies are always looking for ways to trim costs and add to the bottom line. Time tracking software enables decision-makers to do just that by providing them with an understanding of their business's workflow. As problems and inefficiencies are brought to light, allowing management to adjust processes and reduce wasted spending.

2. Cultivate data for client billing
A history of precise data will enable companies to better determine the value of both current and future projects – particularly when it comes to flat fee-based services or products. If, for example, data reveals a popular product is taking longer to produce, decision-makers at the company may evaluate further and ultimately opt to increase the price of said product.

Regular price evaluations demonstrate a sense of credibility to customers; they enable customers to understand how they're being charged and feel comfortable with your estimates in the long run.

3. Reduce the potential for error
Time tracking eliminates the likelihood of errors typically committed through manual data entry. Such automated systems decrease the risk of miscalculations in several areas of your business – from payroll and billing to shipping departments.

4. Have a more accurate picture of productivity levels
Time collection modules can open up a window and allow overseers to get a glimpse at efficiency within their organizations. Once managers have a clearer picture of how long it takes to complete a project, they can better account for employee time.

If a project runs past its completion date, tracking may enable companies to determine where lengthy setbacks occurred and put employees in a position to correct them in the future. Similarly, managers can use data to provide assistance when they see a delay in a project's completion.

5. Improving customer experience
If a company's staff has a better idea of when projects will be complete, they can provide more accurate dates of completion and delivery – and perhaps, better customer service.

By using time collection data to determine a base minimum, companies can then allot extra time in case of setbacks and then determine dates for completion. Should the company finish before that date, customers will likely be impressed by its timeliness and potentially seek them out for future projects or products.

Managers who want to improve internal processes as well as their company's standing with customers can do so by having the proper tools – and specifically, the right software – in place. Microsoft Dynamics NAV is an ERP solution for companies seeking a more clear-cut and efficient time collection process. The implementation of such software provides peace of mind and promotes visibility throughout your organization.

Companies interested in learning more about the benefits behind automated time collection can click to download "Features & Benefits: Enhanced Time Collection."

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