Time Management

How Much Money Can Time Tracking Save You?

Last year we went to over 1,000 businesses using Toggl to get more insights into how time tracking helps their business. We already knew Toggl saves businesses a lot of time, but we wanted to have an better idea of how it affected their financials.

The motivation behind this survey was a study done by AffinityLive showing that inefficacies are costing the US economy over 7.4 billion dollars daily.

The thing is – our whole economy depends on us being able to estimate how much time we spend on work tasks. However, humans aren’t exactly good at estimating, as we tend to overestimate our good sides and tragically underestimate our bad sides. Thus, when it comes to filling in timesheets, we lie to ourselves and others, costing our employers vast amounts of money.

If you knew this before you probably wouldn’t be spending your work hours reading this, but since you are – keep reading,because the figures are quite interesting.

The average estimate of money saved using Toggl was $12,441 per team per year with consultancies being the most prolific, reporting up to $16,203 saved.

“Software development teams reported the biggest savings – 18,338$ per year on average.”

This is why we created Pro Plus – the new flexible time management package. Built to cater to your specific business needs, the plan lets you pick one extra Business class feature on top of the tried and tested Toggl Pro feature set. This lets you significantly boost your efficiency with the features you need, without having to sign up for a full Business class suite.

What could you do with the money saved?

You can start another business with this kind of money, according to small biz expert, Rieva Lesonsky. Or you can travel the world, it’s up to you.

The bottom line is, we’re wasting our most precious resources – time and money, just because we’re too stubborn to admit – we’re not as smart as we think we are.

And it’s a thing of trust – not whether we want to trust our teammates and business partners but whether we want to trust human brains, that apparently can’t tell a white dress from a blue dress when there’s an internet prowl about it.

“Most humans can’t estimate their time accurately, this is why enjoyable events seem short and the boring ones seem to last forever.”

So basically, instead of admitting to ourselves we’re not exactly great at managing our time, we keep doing this over and over, costing our families, our employers and – our economy. But there’s a simple solution to this, as the AffinityLive research further indicates: “Moving from weekly (or worse) timesheet updates to daily (or better) would recover $52,000 per professional, per year in billable time.”

This is why tracking in real time is important, and 46% of our survey participants agree. Teams that track time in real time report to saving 5x more than teams adding time manually – the way traditional timesheets are done.

“The reality is – you want to spend your time working, not filling out timesheets, and that’s the reason we created Toggl Track Premium– to make it easy for everyone to keep themselves productive while being accountable to their clients and employers.”

Guessing tells you what your brain wants you to believe, measuring gives you the facts. So don’t trust your brain with time estimates, let us handle that for you. Don’t forget – you can only fix what you can measure.

You can find more of the results right here: [slideshare id=55252463&doc=howmuchmoneydoestimetrackingsavecompanies-2-151118135615-lva1-app6891]

With Toggl Track Premium, you never have to worry about wasting time again, check out our new flexible time management package and start improving your workflow today.

Toggl Track’s Premium plan will cost you $18 per user monthly and save your team up to $20,000 annually.

March 30, 2016