How to Find the Best Time Tracking Software for Low-Budget Projects?
Published: 02/10/2022
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This article is intended for project managers who are facing the dilemma of being allocated a limited budget to achieve exceptional results. We will share recommendations on how to find the best time tracking software for low-budget projects and how it can enhance the process beyond your expectations.
A low budget is one of the demons that every project manager must confront at least once. It is already challenging enough to ensure all the delivery requirements are met promptly, considering all the moving parts involved. It becomes even more complex when your efforts are constrained by financial limitations. You are often left needing to make crucial decisions, such as determining what can be excluded from your primary strategy without impacting the flow and the results. To succeed in this, you first need to have a clear understanding of what the absolute necessities are, and this can sometimes be a tricky task.
For example, you may be reluctant to allocate the budget towards digital tools and process automation when you believe they aren’t sufficiently tasking to be carried out manually. Time tracking is one such tool. In this article, we’ll provide a brief overview of why you shouldn’t skimp on it and how to find a flexible and valuable solution without exceeding your budget.
As tempting as it may be, we strongly advise against completely forgoing time tracking software. You might argue that there are ways to monitor the time spent on tasks that incur no cost, and you would be right. Tracking time using Excel spreadsheets or even recording it on paper will indeed cost you nothing. Naturally, this seems like the best solution given budget constraints, but is it truly? There is a saying that a greedy man pays twice, and this is one of the scenarios to which it applies.
To keep it short and sweet, a designated solution does more than just track time. From invoice generation to the automated calculation of varying rates, it manages multiple processes for you. Moreover, it minimises the risk of human error that is likely to occur when handling data entry and invoicing manually. Depending on the nature of the mistake, these errors can end up costing you far more than the solution would have, both financially and in terms of client trust.
Given the vastness of the software market, it’s often challenging to identify the tool that is worthy of your investment. Furthermore, there is hardly anything more frustrating than spending an already tight budget on a solution that fails to meet all of your key requirements. To simplify the process and minimise the risk, we strongly recommend beginning by outlining your top priorities.
As we’ve briefly mentioned at the beginning, time tracking software is often a platform that houses numerous automation possibilities across different processes. Simply put, many business operations involve time as a variable, and therefore, a tool that records its expenditure directly links to such processes. However, different solutions offer varying functionalities; while one tool may be invaluable for your HR-related affairs, another may be more pertinent to the accounting aspects. In other words, before you begin your search for a solution, it is crucial to understand which areas of the project would benefit from it.
If you’re at the stage of having more or less forecasted most of the expenses, you should have a good idea of what processes will take place as the project proceeds. Additionally, you most likely have a rough estimate of how much time each will require. Choose the ones that will consume most of the team’s time yet are vital. How can you reduce the amount of manual work and to what extent? Remember, every process can be automated, but you should always prioritise those that are not just the most time-consuming but also the most important.
The golden rule of choosing software that provides the best value for money is not to limit its functionality to a specific set of processes. Think outside the box and beyond the scope of project management. Who are the other individuals involved in the project, and what roles will they play? Gain a solid understanding of their individual roles and objectives. We also recommend speaking to them directly to gather a better understanding of the processes they follow to achieve their goals.
Armed with that knowledge, conduct the same automation-compatibility audit on their processes. You are likely to find that most of them can also benefit from a time tracking tool, even if only in part. Essentially, for low-budget projects, you should prioritise selecting a time tracking software that can be utilised beyond project management. This approach will enhance ROI, improve resource allocation, and can ultimately lead to better results.
Naturally, if your budget is low, you are limited in your choices. Financial constraints, however, do not mean you need to settle for inferior solutions. In fact, time-tracking software is usually quite cost-effective and should not place a substantial strain on the project budget. But given that every penny counts, there are several steps you can take to minimise costs while still adopting a tool that meets all your needs.
Before you start looking for a time-tracking solution, conduct a quick evaluation of the existing tech stack. Every company utilises a handful of digital tools, whether aimed at project management, accounting, or other operations. The best way to cut costs and expand the functionality of each solution is to have them all work together. We advise compiling a list of tools you already have at your disposal and ensuring that one of the key criteria for the time tracking app is its ability to integrate with them. Lower-cost solutions often require supporting tools to enhance their functionality, so already having them in your possession is a significant advantage.
Not only will this help you save money, but it will also smooth the flow of the project. Rather than switching between tabs to transfer data from one tool to another, you’ll have them work in tandem, exporting information with just a couple of clicks. This will save you time, deepen your insights, and help you build smoother workflows. If the solution that’s otherwise perfect for you doesn’t offer integrations with your other tools, we always recommend getting in touch with the vendor. Depending on their policy, they might be open to developing a custom API.
Even without a limited budget, no one wants to spend money on things they have no use for. This can often present an issue when selecting software. Time tracking tools are designed to provide more functionality than merely recording time, and, naturally, more features lead to a higher price. Most SaaS (Software-as-a-Service) solutions only offer package-based pricing, frequently leaving you paying for features that are irrelevant and won’t be utilised.
Fortunately, some companies recognise this issue and enable you to create your own service package. At Timesheet Portal, we serve companies of various sizes and needs. We aim to support startups and small businesses in growing and scaling while also striving to provide the best services to large corporations. This is why, rather than restricting everyone with pre-made pricing packages, we allow clients to build their own options and pay solely for the features they require. If they wish to upgrade or downgrade in the future, it can be done with just a few quick actions within the platform.
Naturally, when your employees are equipped with tools to be aware of each other’s performance, they can not only collaborate better but also hold one another accountable. This makes it easier to identify individuals who are underperforming in certain areas, creating an opportunity for additional training. Recognising the strengths and weaknesses of your employees can be key to enhancing individual performance, which will inevitably drive team results. Furthermore, it will provide valuable insights for future project planning, bringing us back to the earlier discussed improvements in workforce allocation.
It may be tempting to choose a solution that offers the most functionality for the best price. However, the downside of having extensive features is that they can become quite confusing. While you may be tech-savvy, it’s essential to consider that others on your team might not be. This will likely hinder the project's flow rather than enhance it, and some employees may either misuse the solution or refuse to use it altogether. Therefore, it’s best to focus on your immediate needs.
One aspect that often gets overshadowed by the excitement of improving the process is that while you aim to enhance its performance, you should also strive to simplify it. There is certainly a great deal of satisfaction in constructing a sophisticated operation that functions like a well-oiled machine; but is it worth sacrificing the final results for it? Even if your ingenious process solution with multiple steps makes perfect sense to you, there is a high probability that at least one person involved will find it confusing. That confusion will, sooner or later, jeopardise the said process. Again, this is another cost that, unless caught early, may significantly exceed the project budget.
To best accommodate a financially restricted project, choose time tracking solutions that are easy to use. They may initially seem to lack in-depth functionality, but in reality, you are likely to want such features and do not actually need them. Often, the basics will not only meet your requirements but exceed your expectations. The simplicity of the process will also facilitate better alignment among your teams, providing clear and smooth workflows with a reduced error rate.
While low project budgets present numerous challenges, they do not imply that you must continually cut the resources necessary for successful delivery. For instance, although you might consider time tracking an expense you can eliminate, in reality, you can always incorporate it into your strategy, regardless of how constrained your budget may be. Moreover, you should do so, as ultimately the advantages of implementing the right solution will far outweigh the costs. All you need to do is tailor your approach and cultivate the right mindset when searching for one.
Start by listing your priorities, then broaden your thought process to include other team members. Once your needs are defined, review the existing stack to identify ways to minimise costs. Lastly, avoid overpaying for solutions filled with unnecessary features - create your own package. We hope we have helped you outline a plan for finding the best time tracking software for low-budget projects.
Do you still have questions? Feel free to ask.