What if you wake up one day and then you realised that you no longer have enough money to spend this month? It’ll be a disaster. Some of you may think that people who end up in this situation have lost their common sense; however, the core of the money problem can be traced to an inadequate management of time and money.
See also: find out how our customer improved project budgeting with TimeCamp!
Get Your Budget Under Control with Time Tracking!
Something like this can be fixed so you will not result in the same situation in the future. One of the best ways to guarantee that you will be keeping your personal and business budget under control would be to use a systematic time tracking method.
Managing your Finance with Time Tracking
Monitoring is always the initial step towards a better management of your budget. You need to analyse where your money is going. By using the time tracking software, you can analyse what part of the business is taking an enormous amount of your money and not making any profit.
Regarding personal finance, using such program will provide data and information about your monthly spending plan.
It can produce information about how much profit you make in a month and also give you an estimated cost of your monthly obligations and expenses.
With time tracking software, you can get access to cost calculation interface. It will only calculate the cost of work which includes the cost per hour, cost value, the overtime cost and the leave time. It presents an arranged platform where you can view different data and find out the expenses and profit for a distinct project. This way you will be able to allow an adequate amount of resources the next time that a similar project occurs. Regarding personal budget management, you can use it on billing utilities and track how much you are spending on a daily basis in using your electric, water, the internet and phone service. You can also give an expense reporting software a try, e.g. Expensify, Expense Point or Certify.
Review the Data
You can also use the time tracking software and analyse which service or expenses are mandatory and which needs better management. For instance, if you look at your personal budget there is a cost which is beyond your control such as the monthly rent, mortgage, insurance and others; these are the necessary expenses.
Regarding the other expenses, simply analyse if you are comfortable in spending that much money.
For the business budget, by tracking the time you can analyse if it is reasonable to keep your staff or hire a third party provider.
The ability to plan and estimate the cost for the coming months would be one of the greatest benefits of a time tracking software. By producing data for a particular month in a particular task, you will be able to estimate the cost for the next month and find out which area requires budget management.
If you were able to follow the guidelines for the coming months religiously, you would be able to have a better control on your finance. The details provided by a regular time tracking directly equates to smaller expenses and bigger profit.