Time tracking has become a hot topic with the increase in WFH. Pre-pandemic, remote employees were foreign to some companies and industries, and now many have remote workers across the country or even the globe. It’s predicted that by 2025, 36.2 million American workers will be remote — that’s a 417% increase from before the pandemic.
With more employees offsite, concerns about time theft and employee productivity have fueled an uptick in businesses using time-tracking systems, forcing some to replace outdated paper timesheets with time-tracking software.
If you work in professional services, you’ve most likely already had to track time, bill by the hour or pay hourly contractors. Time tracking is essential for proper quoting and billing. Whether you have an effective time-tracking solution in place or you’re exploring options, it’s good to know some time management statistics.
We’ve compiled a list of the most useful and eye-opening stats that we came across. Some might have you questioning your team’s productivity rates or your current time-tracking methods.
Market Research Future, 2020
Gallup's State of the Global Workplace: 2022 Report
Acumen Data Systems, 2020
Acumen Data Systems, 2020
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We couldn’t share all this information about the impact of inefficient time tracking without providing a solution. The easiest and most cost-effective way to accurately track time is to implement automated time-tracking software that works with your unique business model. This is important because not all time-tracking solutions are compatible with client work.
Accelo is built for professional services businesses, so its built-in time tracking is designed for your unique business model. It goes beyond just tracking each employee’s time and tracks how much time they spend on each task and with each client. This helps you see what less critical or administrative tasks use up valuable time (especially of higher-paid employees) or what clients are less profitable but are costing your team hours of work (and most likely headaches).
Because Accelo is a complete client work management platform, everything regarding your client work and employees is connected. This means you can automatically apply billable hours to a client, set different hourly rates by employee and generate client invoices. There is even a portal for clients to view bills and manage payments themselves, creating more autonomy, less administrative work and greater efficiency.
The stats around time tracking show that a good amount of your employees’ time might be wasted just entering data, moving data or finding data and files. Accelo helps by having everything housed in one place, all systems together, for everyone to access. With Sales (CRM), Projects, Retainers, Billing, Tickets and Reports all in one, your team has a single data source, eliminating the need to share across systems, spreadsheets and teams. Having information stored on the client level provides managers and employees easy access to communications or files, making it quicker to check status and get up to speed on accounts.
Even if you have a current time-tracking system, it’s worth taking a look at Accelo to see what the platform offers when it comes to client work. Get a free trial or schedule a demo if you have questions or a unique use case.
Resources for statistics: