Time tracking software, also known as timesheet software, is a specialized type of accounting software used to maintain timesheets for each person within a company. Using software often makes it easier for employees and management to track their time at work. This helps maintain records such as compensation time tracking, vacation time tracking, and sick leave tracking more easily.
This type of software allows employees to enter their time into the program, where it can be approved or rejected by supervisors or project managers. It makes the process of tracking an employee's time faster and easier, as well as making it easier to schedule other projects.
Time tracking software comes in many forms. Stand alone software, for instance, can only be used to record timesheets and to generate reports. Smaller companies may find this to be the only program required to get the job done.
For larger companies, there is software available that integrates into an accounting system. This type of time tracking software works with data that is directly fed into company accounts. The advantage to this method is that the tracking software can be linked to payroll and streamline that part of the business. Software that is integrated into a billing system can also be used to generate invoices. It's typically used by contractors and professionals, such as lawyers, because it makes it easier to bill time to clients.
Some versions of time tracking software are integrated into project management systems. In this way, the software can be used to help graph the work and time being spent on each project or task. This type of system is used by companies that have large projects that can take many months to complete.
If time needs to be tracked, it is important for the software to move as quickly as the person using it. In addition, the best programs allow the user to integrate systems, ranging from billing to expense tracking to “to do” lists. Time tracking software should also allow for accurate time tracking with flexible reporting. Most systems allow the user to customize reports by determining which information is important to a particular job or project.
Accurate progress information can help the individual or company to identify areas of concern, as well what tasks take too long to complete at a given time. In the case of employee time tracking, it allows the user to see which employees are using their time most efficiently and which ones need improvement.