Project Management Burn Rate

When it comes to tracking time and expenses spent on a project, you may want to pull your hair out, but it’s something that will help you immensely in the future and make your team or organization a well­oiled machine that is ready to attack any projects it may have, no matter how colossal they may seem.

Project managers need to tally the hours spent on a project for a few reasons, one being that you need to log billable hours so you can get paid once the project is complete. It can also help you estimate how long it’ll take to finish a similar project, and you’ll start to learn how long certain tasks take, making your estimates even more accurate.

But wait a minute, we live in a world where so many things are automated and done for us­ why would you need to track time yourself? The project management software you use should do this for you, allowing you to focus on other tasks that require human attention.

Time tracking is supposed to provide information on how many billable hours were dedicated to a project, and it shouldn’t have to include time spent tracking actual time spent on the project.

When time is tracked automatically, you can quickly get an overview of how your team is performing at that moment, and can see where time can best be spent, or where you can devote a little less time.

Automation leads to the efficiency of pretty much anything. I don’t think time tracking is any different, and it’ll save everyone the headache of having to do it manually.

Rather than filling out another dumb timesheet, find a time tracking system that does it all for you automatically, so you can stick to doing what you job title says you do, rather than spending precious time figuring out how you spent your precious time.

Expense tracking is no different, my friends. Let’s say you’ve been working on a project for a couple weeks, and you totally forgot about some expenses you incurred last friday because you were busy grabbing a sick kid from school and a whole bunch of other random stuff that life threw at you. You’re the only one in charge of this, and now you have to spend a bunch of time looking for receipts.

If your project management software was any good, it would’ve logged those expenses right when they were incurred, not when you remember those expenses were made.

When you’re out of the office and an expense is made, the software you use should import those expenses from your bank account without you lifting a finger. Get rid of that jumbled and unorganized pile of receipts and join the cloud like the rest of us.

As a project manager, or as a member of a team involved in a project, you should want to complete the project as efficiently and as professionally as you can. Your client relies on you to do what they ask, and the software you use should do what you need from it as well.

Having to take time to find receipts or think about how many hours you spent doing something are tasks that should not be included in your list of daily activities and will slow down your whole team. Let everyone focus on their specialty, and let the software do what it does best.

By automatically tracking time and expenses, you can discover any discrepancies there may be, or may find that your team is spending too much or not enough time on a certain task. Having an overview on the progress towards completing a project will help you in the future, as you can compare similar projects and see if a current assignment is lagging behind the schedule it should be on compared to previous projects.

Comparing expenses between current and past projects is very helpful as well, and gives you a general idea on how much will be/should be spent on the current assignment.

Automation is inevitable in many facets of current life. It’s a debated topic these days, but one thing’s for certain: automation of tasks such as tracking time and expenses are welcomed by everyone.

It makes your team more efficient by allowing them to focus on tasks that are more important than tracking billable hours. Tracking expenses in real time helps you see if you are operating along with your budget or you’re spending too much money.

Project managers need to have real time, updated information on all aspects of a project. Anything less will lead to projects that aren’t as good as they could have been, they were not finished before the deadline, or too much money was spent on a given project.

Here’s an added bonus: when your project management system is automatic, your team members will spend less time on social media or watching cat GIFs. When software is tracking what they do at all times, they’ll be less likely to spend three quarters of an hour on Facebook throughout the day, and thus will actually get more work done.

Your competitors are already using automated software to track their time and expenses, and so should you. Get rid of those timesheets, toss those receipts, and hop on the cloud; you’ll like it once you see your billables have gone up and you’re completing more projects each year.

You’ve spent some time reading this article, and none of it is billable. Find a project management software you like, and start doing some billable work!

Looking for a project management solution that tracks time, expenses, and tasks?  Check out KissIQ.com, it’s the free and easy to make sure nothing on your projects slip through the cracks.

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