When It Comes To Bookkeeping, Time Is Going To Be Of Essence

Are you keeping track of the time you spent on projects? Do you make it a point to record the amount of working time spent on a specific project or task? Small business employees can greatly benefit from time tracking because it does not cost a single cent. You just need to be mindful of your time so you can accomplish the task at hand without compromising on quality. There are time tracking applications made available to smart phones, desktops and tablets so you can religiously time your task and determine the exact amount of time you should allocate for each task.

If you have not yet realised the importance of a time tracking tool, here are reasons you should try one out:

•    It gives you the ability to estimate the amount of time spent on a particular task. Are you completely losing track of time as you become focused on a specific task? Have you totally forgotten about other tasks assigned to you because you are concentrating on a single task unmindful of the time spent? When you are completely aware of the time you spend on a single task, you will be able to estimate the time you need for completing other tasks. An ability to manage time without setting quality aside is a good sign of overall efficiency.

•    You can accomplish future projects in a timely manner if you learn to develop the habit of timing your current projects accurately.  Time-tracking allows you to time projects realistically and you can also plan in advance and still meet your goals without sacrificing other projects.

•    You can also improve your efficiency if you track your time because in any business, time is money. When you make it a habit to track your time, you become more responsible. You are also preventing getting side tracked by social networks that can deter you from completing your task in a timely manner. Actual time differs from ideal time. As much as possible, you should challenge yourself to finish the tasks more efficiently.

•    When you track your time, you will easily determine if you have enough time at your disposal. If there are too many tasks at hand, and you cannot finish them without getting help from other employees, the time tracker can help you identify the amount of time you need for the task to be completed. As a result, backlogs and delays are prevented.  You can also use the time trackers as means of estimating the time your outsourced employees need to finish the task.

•    A time tracker also helps maintain authenticity and integrity when it comes to invoicing. Tracking time also allows both clients and employees to reveal hidden time. These things often go unnoticed when time is not properly tracked.

Andrew Donnelly

Written by : Andrew Donnelly

Andrew Donnelly is a degree qualified accountant and registered tax agent. He is the principal of Brisbane Bookkeepers, which provides bookkeeping services to small businesses in Brisbane and its immediate surrounds.

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­ Questions? Give Andrew a call 0450 605 592