Living paycheck to paycheck isn’t living the dream. Have you swiped your debit card at the grocery store and said a prayer at the same time? This happens when you don’t have a personal budget and you’re not watching your money come and go. As Benjamin Franklin said, “Mind your pennies and the dollars will watch themselves.” This same truth applies to small business owners, especially those with remote, hourly employees. In our fifth installment of Avoid These 8 Major Pitfalls to Succeed in Your Business, we want to discuss how important it is to track employee hours by job to make sure that you aren’t losing money on jobs.
When you track employee hours by job it’s like putting your company on a budget. When you bid on a new client you factor in all of the services and variables to determine the number of hours it will take each month to serve that prospect. Then you back into a quote. But what do you do next? (Hopefully, you get the contract!) You don’t want to get to the end of the month and realize then you lost money on your accounts. You need an easy way to capture and track employee hours by each job, in real-time. Our clock in, clock out employee management system is the answer.
Chronotek has many tools and reports available to track employee hours by your jobs. If you are a visual person who likes colorful charts and graphs, our Budget Manager tool is for you. It shows you with crystal clarity where you are with each job, and predicts where you’ll be at the end of the month. It even connects with schedules so you can take corrective action if needed. Easily get back on track before it’s too late. No more spreadsheets – simply use the Weekly Labor Cost Report that compares your budgeted hours and dollars per job to your actual times. See by job any overtime worked. Nothing throws a budget off track more than unrecognized overtime labor costs that are 50% more than planned.
Finally, our Job Schedule v. Actual report is great to use when you have job schedules. Create each shift to equal how long the work should take and the report will show variances on a daily and weekly total basis broken out by each account. The no-show alerts are a nifty bonus to make sure you don’t lose the job.
There’s no reason to get to the end of the month and wonder if you’ve lost money on an account. Actually, with our online time clock system, there is no reason to lose money on a job at all. You will know in real-time, on a daily basis, where you stand with each job. We want the system to help you even more as we work on new features for 2018 that alert you when employees work over a time you specify. Making employees accountable will help you move your business forward as you mind your pennies.
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