The overall benefit is that, company will be able to keep pace with the fast developing and highly demanding culture with the advent of new technology and in an era of cut throat competition it is necessary, a responsible and accountable work culture because of the self-disciplined employees in the organization, creation of a brand value, high rate of satisfaction amongst employees as they will be giving their best to the company, high sales turnover due to the on time delivering of the projects, loyal customers ultimately leading to business growth and development taking place due to the employee time tracking software. Read This to know more.
Budgeting refers to making an estimation of future cash flows with the help of data from the past. In order to do proper future estimation an organization requires reliable information. For the arriving of cost of any project the manpower cost is to be calculated appropriately. It can be calculated appropriately only when the information on the number of man hours a project consumes is recorded accurately. Employee time tracking software provides reliable data to the users to assist in quality decision making.
It helps in avoidance of under pricing and over pricing of the projects, the former leads to huge losses to company as it may have to spend from its own pocket to meet the expenses of the project as it made a wrong estimate with unreliable data and the later has the potential to drive away the customers as they may chose to go for another company which offers to do the same work at a lower price. The cost a company pays due to misinformation is huge. Read This to know more.
The managers and the team leaders can’t be confident regarding the work that is being done by the employees as the authenticity of the information that is recorded itself is doubtful. The managers and the team leaders can’t know if the time recorded by the employees was actually sent in the office working or was it a duplicate entry. This is the overall impact of Time Tracking Software.