Time tracking software is a specially designed tool used by managers to assess and record the number of working hours of all employees. This information is later used for billing and payroll. Typically, these software record the time spent on any assigned task and use it to automate payroll and client invoicing. Besides, the software also offers valuable insights on business operations, such as which tasks are taking maximum time to complete, allowing the business owners to plan project timelines.

If you are planning to invest in a time tracking software for your business, here are the significant features you must know about.

• Time tracking: This is the most basic feature offered by all time tracking software available nowadays. This core functionality helps to record the worked hours up to the minute in real-time. Everything is recorded on a timesheet that is later used to prepare the client’s invoice. This is a highly useful feature that also helps the project supervisors and managers to estimate deadlines and completion schedules.

• Online timesheet: Most of the reputed time tracking software offer a timesheet that collects all recorded billable hours. This timesheet also serves as an attendance record where all the employee holidays and time-offs are duly registered and used for invoicing and payroll.

• Online invoicing: This is another significant feature of a good time tracking software. It helps to track all the worked hours and generate invoices based on predefined parameters like billable time and rates. This feature helps you generate invoices with absolute transparency and avoid any kind of confusion.

• Reporting and analytics: This is a very important feature that lets you create comprehensive reports and summaries to evaluate all the data related to tasks. For instance, you can use these reports to find out the total time spent on a particular project. You can also run analytics on the budget to identify the areas where there is scope for cost-cutting. Reports are typically offered in the form of graphs and charts with a whole range of customization options.

• Alerts: Alerts can be sent to the employees when they fail to check in or out. These alerts can also be sent when the team is falling behind schedule or there are too many pending tasks for the employees. Alerts can be sent to different channels such as SMS, email, or app dashboard.

• Project management: Many software offer simple project management tools that facilitate business operations. For instance, these allow you to group similar tasks together and set deadlines for those tasks. You can even track the progress of the project on a daily, weekly, or monthly basis.

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