Improper time tracking can also lead to underbilling. Without accountability, overbilling is a problem that can cause small businesses financial harm. This increase costs you an extra $500 you had not budgeted for. However, at the end of the project, the individual bills you for 25 hours. The individual provides you his or her rate of $100 per hour and an estimated completion time of 20 hours. For example, let’s say you hire someone to build a website for you. If you purchase a service, overbilling should be a concern. As employees work less and less from the office and have decreased supervision, it’s reasonable for small business owners to worry about reduced productivity.Ī decrease in productivity creates problems with both overbilling and underbilling. One study of 2,000 salaried employees found they only accomplished three hours of work per day. In one study by Leadership IQ, 69% of respondents indicated that on most days, “time flies by and I don’t track where I spend every minute or hour.” On the other hand, 31% said they regularly track their time manually, or with software so they know “exactly where time goes throughout the day.”Įmployee productivity has been, and will continue to be, a problem for business owners. With the rise of technology, employees have become more distracted during the workday. Before explaining why a time card app is more beneficial than paper timesheets, it helps first to understand why time tracking is essential.
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