Why Contractors Must Have Accurate Timekeeping Methods
Accurate timekeeping is one of the most important parts of any construction project. On many projects, payroll accounts are by far the largest single expenditure. Inaccurate timekeeping records can lead to cost overruns, disputes with customers, and even fines. The problem becomes even more complex when contractors are managing multiple crews working on different projects, performing different tasks. Eventually, the time and energy put into record keeping can become all consuming. Fortunately, there are ways to ease the timekeeping burden for contractors, while also ensuring a greater degree of accuracy.
Paper time sheets are outdated, inaccurate, and difficult to work with. Each timesheet has to be filled out, collected, verified by a supervisor, processed, and recorded. Every step along the way offers another opportunity for errors to occur. Over the course of a project, those errors can add up to a small fortune. Even if the records are accurate, they still require constant monitoring to check productivity and ensure workers aren’t approaching unscheduled overtime hours. The hours a manager or employer spends on timekeeping could be better spent elsewhere.
Electronic timekeeping software, like Kosmas, offers an affordable, easy-to-use alternative to paper time sheets for contractors and their crews. The software can be used across multiple jobsites, allowing managers and supervisors to monitor productivity and costs without having to visit each jobsite. Owners can view current timekeeping data from any internet connected computer or mobile device using the contractor software. With Kosmas Time, employee time punches can even include GPS location.
Save Time & Money
Perhaps the most important benefit of a construction timekeeping software is the time and energy it will save a company. Every minute spent poring over paper time sheets is a minute that isn’t spent completing projects and starting new ones. And the inherent inaccuracies can lead to even greater costs in the future. Continuing to use a paper-based system wastes the two most important resources a company has: time and money.
Making the switch to a software-based system is an investment that reaps immediate and long-term rewards. Bids and estimates will have greater accuracy, mangers will be able to spend their time doing more important things, and owners will have greater control over costs. For more information about how Kosmas Contractor Software can help you better manage your business today, click here.