Do you still make or track budgets without data on hours actually worked? Then you leave money on the table. One of the most common issues in budget allocation is a poor estimate of the hours worked by employees. Automating the time registration process within a company is the answer to accurate budgeting. Wondering how your project will stay within budget?
The new technological resources can help to keep projects within budget.
If you do not want to be faced with surprises during the development of a project, using automatic time tracking can already be a large part of the solution. An automated tool registers the hours of employees accurately, in real time and uniformly. All hours worked are accurate and can be retrieved online. Automating the time registration process within a company can therefore have a huge impact on results:
1. Accurate budgeting
Employee timesheets are automatically populated. This eliminates incorrect hour estimates by employees. By better understanding how much time a project actually takes, you can budget more accurately. Not only the data of the current project can be used for budget allocation, but also data from previous (similar) projects.
2. Activity Based Billing
In addition to accurate budgeting, accurate time registration also ensures error-free and complete invoicing. Moreover, a better cash flow is created because customers pay earlier with error-free time registration.
3. Keep a grip on projects
Monitor the time and budget per project or customer. With automatic registration you can therefore immediately intervene where things go wrong (and before it goes completely wrong).
4. Save time
Time registration is often seen as a time-consuming task and is therefore quickly postponed. By using an automatic tool, you gain time that you can now spend on your projects and you do not have to encourage or motivate employees to register.
5. You create trust with customers
If you can provide a time registration based on measured facts and details, you create trust. Which in turn creates a better customer relationship.
6. Better Insights:
An error-free time registration not only offers insights into budgets, but goes much further than that. As a company, you gain more insight into where we lose time, where bottlenecks may be, how good the productivity is… It gives an insight into the actual value and profitability of a project. As a company, no longer feel in the dark and make use of the power of automation.
Lexor is such an automated time registration solution for people who use Office 365. It calculates the time spent by you and your employees using the existing data from your software and proven Artificial Intelligence