Time Tracking Methods vs. The Bottom Line Do you remember how many billable hours your company had yesterday? Last week? Last month? Whether your employees are tracking for time and billing or for project management, accurate time tracking is very important. Inaccurate time tracking costs even more time and money, which ultimately affects your bottom line. You may directly lose billing income, or even lose opportunities due to stretched resources on administrative tasks for projects that are already completed. You need to be able to record your time as you work with as little interruption as possible. A time tracking software solution can do just that. Paper based time tracking methods are still being used by quite a lot of companies. However, employees have to spend their valuable time filling out paper time off requests and visiting the respective manager's office or payroll department for submission. Paper based approval can prove time consuming for managers who would need to verify time off balances as well as check for time off overlaps within the team each time a time off request is submitted for their approval. Excel based time sheets can be less time consuming than paper based ones and may run a lesser risk of manual entry errors too. However, when employees file for time off requests, they may not have access to their time off balances (as approved by the payroll department), as well as their team's time off schedules so they could better plan their time off. Managers may have problems sifting through their team's Excel sheets to discover any overlaps in time off dates, building custom Excel reports to see relevant time off data, and keeping track of new and pending requests. Time tracking software solutions are much more effective than paper based time tracking and Excel sheets. They are not only easy to use, but are less time consuming and more effective by producing relevant data on demand. They also greatly minimize the risk of manual errors and inaccurate data by enforcing policies and constraints. Maximizing your employee time tracking, while using as few resources as possible, will greatly impact the number of billable hours you find each week, and improve your bottom line.