The third and last part of my article, will focus on savings that a time tracking application, and specifically Timestead brings to a business. You can read the first part of this article here and the second part of our article here.

How can a business owner quantify savings and eventually profit, by tracking time?

We have discussed some figures based on the U.S. market in the first part of this article. In this case, this is me discussing my experience and how Timestead helped me save time and money. I will also mention how, having all the information in hand live, in an understandable manner allowed me to make strategic decisions that helped my business grow into a successful enterprise.

“Knowledge is power. The only issue today is that information is everywhere, and unless harnessed effectively, it tends to become overwhelming and as a result useless.”

I have explained that I had issues. I was collecting some information, but not enough, and not efficiently. I had to find a way to streamline the information I had, to make it easy to decipher, to provide at a glance only what any business person would need to know, real time. Once achieved this gave us a quantum leap forward as a business, I was finally in control of my operation, I could tweak in real time the direction of my operation to avoid issues, and maximize my profits. I no longer had to wait for the end of the month, to have an idea of what was going on.

“No more missing Job Sheets from my people on the road. No more unclear information. No more customers with the excuse of missing job sheets to extend credit periods.”

As stated in the first part of my article, I had instances where some customers used to use the fact that I use to take longer than expected to provide them with bills to extend their credit period further. It was normal for some of them to ask for documentation simply because they knew it would take me time to collate it. With Timestead this was no longer the case. I could provide both signed job sheets and time sheets with the click of a button. This enabled me to reduce drastically the payment time frames, thus increasing my cash flow.

“No more mistakes in schedules. Full control of calendars, gave us an edge. No more management of multiple calendars. It made scheduling of appointments on site for all our employees, extremely easy.”

Mistakes in schedules happen. But when you are billing for time, missing an appointment or double booking it translates in loss of revenue. Now repeat these mistakes on a monthly basis and you start suffering huge losses. Timestead resolved this issue permanently.

“When you have different rates based on a 24/7 timetable, with billing based on designations as well as 24/7 support, it was hard to keep track of our contracts and at time mistakes in rates cause issues with customers.”

If there is anything that used to delay invoicing, it was mistakes in rate calculation. We had a complex rate structure, a customer was billed by the hour, but our rate was based on designation, time the service was provided, as well as the day of the week on a 24/7 basis. Timestead handles this complication seamlessly, not only that, but it also allows us to vector in costs per employee to help us calculate profits. No more mistakes on invoices because we must do calculations manually.

To conclude I am a firm believer that any small business needs a product like Timestead. This because once included in the business model of a business it enables any business to take control and maximize profits with a simple and effective method.

If you can relate with our challenges, why not try our time / job sheet management software Timestead for free for 30 days? You will not be disappointed.