What to Look for in Agency Time Tracking Software (And What Most Agencies Miss)
Time-tracking tools are essential to maximising your agency's profitability. If you are having a super productive day, it can feel like it’s getting in the way, and if you’re having a tough day, time tracking can serve as a reminder of how little you’re getting done. Despite controversies surrounding the issue, an increasing number of agencies are using time-tracking software to significantly improve productivity, balance budgets, and automate and optimise work.
As most agencies’ workforce makes money by selling time. Your time is the most valuable asset you provide to the company you work for. In this blog, we will highlight why timesheets are important and how they can help your team increase productivity, measure project profitability, and work freely and independently.
The Features That Actually Matter for Agency Profitability
Invoicing: If your agency bills by the hour, you want to simplify your billing workflow as much as possible. You will want time-tracking software that either has built-in invoicing or integrates with your invoicing solution.
Budget: Budgets are integral to tracking your team's effectiveness. The goal of time tracking is to help identify which projects are profitable and which are not. This makes budget tracking one of the most important features for agencies.
Freelancer Tracking: Many agencies will employ freelancers on a part-time or as-needed basis. If your agency does this, you’ll want to make sure your time tracker supports multiple permission levels so they can’t see all your projects and clients. You will also want to make sure they can enter their time directly without it costing you a lot more to add them to your team.
Project management integrations: Another important way to reduce friction when adopting a time-tracking solution is to integrate with your project management software. With a solid integration, you can avoid copying in all your projects, people, and to-dos. There are also integrations that allow you to track your time directly in your project management software.
Price: If your Agency can just capture one or two more hours a month, you can fully cover the cost of your time-tracking software, but price should still be a strong consideration.
Agency employees need flexibility and freedom in their work. Making them follow strict time-tracking procedures may limit their creativity. That’s why you need a simple, non-invasive, and visually appealing software. With the Pegasus Edge System software, our platform not only packs all the features you want, including time and job management, but also offers integrated functions that improve efficiency, such as time entry. We also have production tools which include time and cost transactions, production invoices, order management and over 15 reporting tools just for the production team.
Pegasus Edge allows users to understand their business intuitively and quickly. An industry-leading tool that ultimately improves decision-making and allows financial professionals to transmit key intelligence to those who need it when they need it.
How can we help?
At Pegasus Systems, our focus is on helping Marcomms Agencies to improve their software systems and, as a result, their time and operation management. If you would like any insight, please Contact Us.