Improve Your Bottom Line with Construction Timesheet Software
July 01, 2021
Time is one of our most valuable resources. And it’s the one resource for which there is definitely a finite supply. So, you want to make sure everyone is making the most of every minute that goes into completing your project. It’s a lot to track for any project, but especially so for those that are more substantial. That’s what makes construction timesheets such an essential measure of project efficiency.
Because time tracking is about so much more than clocking in and clocking out, savvy construction companies have come to realize that it has a direct impact on the bottom line. This is one of the reasons construction timesheet software is becoming more popular.
Construction Timesheet software Encourages accuracy
A few extra minutes logged here and another few minutes there. It may not sound like all that much at the time but multiply several minutes a day by a conservative number of people trying to recall how long they performed a task, then multiply that by the number of pay periods throughout a project. Those hours — and dollars — can add up fast over the course of a project, especially a long-term one spanning many months or several years. When you think of it that way, it’s easy to see how the extra time that wasn’t actually worked can skew the data that went into creating the original estimate — and ultimately put a ding in your projected bottom line. Without proper tracking, this common time tracking practice will no doubt repeat itself.
Construction timesheet software helps ensure accuracy of not only the time spent working on tasks attributed to specific cost centers, but also the paychecks of those doing the work. This is where exploring different software options comes into play. Certain functionalities may make more sense for you than others, and could come down to job role, site location, or task, for instance. These newer time-monitoring technologies could include GPS tracking, geographical barriers, badges or online logins because these features invite precision that traditional timesheet tracking isn’t able to match.
Construction Timesheet software Gauges productivity
Assessing productivity is more than just measuring the output. It’s also about ensuring the most efficient use of the time it takes to perform a task — in other words, accountability. You might find that certain tasks actually take less time than previously thought. Conversely, you could discover that some phases take longer than anticipated, which can incur unexpected bottom-line-impacting overtime in order to keep the project on schedule. Construction timesheet software gives you ongoing, real-time insight into how labor hours are aligning with the estimate both in terms of labor costs and scheduling. Ultimately you pay for time worked, not time guessed.
Construction Timesheet software Enables better forecasting for future bids
Bidding is much easier when you’re armed with a more realistic forecast of what portions of the project will cost from a labor standpoint — it helps you better plan for appropriate staffing and scheduling.
You get these costs from the projects you’ve already managed. When this historical data is recorded and stored in construction timesheet software, it serves as an accurate gauge of how many craftspeople are required to perform a certain task, along with the time it will take to complete it. It’s that data you can confidently pull from the software (which may also integrate with estimating and/or accounting programs) when creating bids for projects that share the same elements. You not only know how much labor to budget for and hire for in future similar projects, you also have a much better idea for the potential profitability.
Construction Timesheet software Removes inefficiencies of manual time-tracking
Sure, construction timesheet software simplifies and streamlines time tracking for site crews. But some solutions also integrate with accounting programs. This capability alone can save precious administrative time. In fact, this might be one area that’s overlooked from a time-saving, and therefore money-saving, perspective — not only because it’s considered “part of the job” but because there’s so much focus on the hours logged by site crews. However, those administrative hours add up just as much as they do out in the field. This integration virtually eliminates time spent on collecting timecard data, doing data entry and correcting mistakes. It frees up accounting staff to do more productive work that has a more direct impact on project progress.
Interested in gaining insights and control over how time is being used in your projects? InEight Progress is a mobile software solution designed to tell the ongoing story of your project, detailing real-time productivity through daily reports. It also exports construction timesheet-tracking data directly to your accounting system for timely, accurate payroll. Contact us to schedule a demo session where we show you how it works and what it can do for your bottom line.