Here\u2019s how time tracking helps business leaders. <\/p>\n\n\n\n Time tracking gives you visibility and actionable data that you can use to measure and improve business profitability. <\/p>\n\n\n\n For example, let\u2019s say a marketing agency actively tracks and monitors the team\u2019s work hours. Analyzing this time data can show inefficiencies, bottleneck tasks, and time spent on non-billable tasks. This insight helps you streamline processes, reduce non-billable hours, and enhance profitability<\/p>\n\n\n\n This awareness helps managers streamline processes and reduce non-billable hours, ultimately improving profitability. It also ensures accurate billing by tracking billable hours<\/a> precisely.<\/p>\n\n\n\n With a tool like Toggl Track, which tracks time spent on billable and non-billable work<\/a>, it\u2019s easy to monitor and improve profitability. <\/p>\n\n\n\n Platinum Companies<\/a>, a hospitality service provider, found this when they started using Toggl Track. They increased their billable hours\u2014and therefore revenue\u2014by 10% across the company.<\/p>\n\n\n\n You can track time in Toggl Track automatically, manually, or using the start-stop timer. Automatic tracking captures all activities without interruption, manual tracking allows for accurate time entries, and the start-stop timer provides an easy way to log work sessions from anywhere.<\/p>\n\n\n\n To make a time entry billable, you need to click on the \u201c$\u201d icon next to it, as shown in the screenshot below.<\/p>\n\n\n\n Time entries are automatically marked billable if the project they belong to is billable. <\/p>\n\n\n\n Toggl Track also allows you to set billable rates on a workspace, project, or team member level to further streamline your billing process. This flexibility ensures accurate billing across different projects and team structures.<\/p>\n\n\n\n To add a workspace billing rate:<\/p>\n\n\n\n To add a project billing rate:<\/p>\n\n\n\n To add a team member billing rate:<\/p>\n\n\n\n The Insights<\/a> feature shows accurate data on project earnings, billable hours, labor costs, and income vs expenses so you can track a project\u2019s costs. This data helps you make informed financial decisions and optimize project profitability.<\/p>\n\n\n\n Here are some more ways Toggl Track can help you improve profitability:<\/p>\n\n\n\n Comprehensive timekeeping gives managers valuable insights into team members’ workload, progress, and efficiency.<\/p>\n\n\n\n With this visibility, managers can allocate different tasks more effectively, identify potential workflow issues, or spot productivity gaps.<\/p>\n\n\n\n By managing workflows better and improving productivity, you can also improve job satisfaction\u2014just like Twinkl<\/a>, an educational publishing firm, which reported a 95% increase in job satisfaction thanks to tracking time with Toggl Track.<\/p>\n\n\n\n Time tracking shows how much tasks, projects, or other work-related activities take. This helps leaders allocate resources better to keep projects on track and within budget. <\/p>\n\n\n\n They can balance workloads to avoid burnout or underutilization and support employees in managing their time better and maintaining a work-life balance. <\/p>\n\n\n\n RougeMark Studios<\/a>, a California-based creative agency, was able to reconfigure budgets, contracts, and schedules and boost resource allocation after Toggl Track gave them deeper insight into their labor and the time taken to complete tasks.<\/p>\n\n\n\n The Weekly Report<\/a> in Toggl Track provides a quick overview of the team\u2019s tracked hours and the duration of each task. This helps managers allocate resources more effectively and identify productivity trends.<\/p>\n\n\n\n To further help allocate resources effectively, Toggl Plan has an Availability Overview feature<\/a>.<\/p>\n\n\n\n In this view, you see each team member\u2019s available hours and booking percentages. \u00a0<\/p>\n\n\n\n As you\u2019ve already seen, time tracking is all about visibility. When you\u2019re in the know regarding your team\u2019s time management, you are empowered to make well-informed decisions. <\/p>\n\n\n\n These decisions might mean growing your business, hiring more people, or planning team capacity differently. After joining Toggl Track, the fintech business SideTrade<\/a> could confidently make project scalability decisions, as they had insight into project hours.<\/p>\n\n\n\n Let\u2019s take hiring, for example. If you\u2019re an agency owner who reviews time tracking data regularly, you might notice some tasks take longer than estimated. This may cause delays and unwanted expenses. <\/p>\n\n\n\n To avoid this situation, you might decide to hire additional people to keep up with the project schedule. <\/p>\n\n\n\n You can use Toggl Track\u2019s Detailed Reports<\/a> to view task durations in-depth. <\/p>\n\n\n\n When businesses track their time consistently and accurately, they give stakeholders and clients clear visibility into their time on specific tasks and projects. This transparency builds trust, improves collaboration, and reduces the potential for disputes.<\/p>\n\n\n\n This helps build transparent relationships with clients, improving trust and collaboration and minimizing the chances of conflict. <\/p>\n\n\n\n Software agency Xmartlabs<\/a> found that detailing every billable hour with Toggl Track helped them strengthen client relationships through precise billing and transparent reporting.<\/p>\n\n\n\n Toggl Track has two types of time reports: Summary and Detailed reports, which you can share with clients for transparency. <\/p>\n\n\n\n Go to Reports in the main Toggl Track sidebar to access the Summary report.<\/p>\n\n\n\n You can filter your reports by team, client, project, task, billable status, tag, and description here. <\/p>\n\n\n\n The Pie Chart in this report shows total hours tracked and billable and non-billable time.<\/p>\n\n\n\n Also, the Detailed report gives an in-depth look at tracked employee time. You can access this report by going to the Reports tab and selecting Detailed from the top center of the screen.<\/p>\n\n\n\n To maintain transparency, you can export these reports in PDF, CSV, or Excel format and share them with clients. <\/p>\n\n\n\n For project managers, time tracking has the following advantages:<\/p>\n\n\n\n Active and accurate time tracking gives insights into team productivity, work allocation, and project progress. These insights enable better project delivery, resource management, and strategic planning. <\/p>\n\n\n\n These insights can help you monitor your team\u2019s time habits, employee productivity, time management, employee performance, and project profitability. <\/p>\n\n\n\n They can also spot if the team spends much time on non-billable work and address this issue before it becomes serious.<\/p>\n\n\n\n Toggl Track\u2019s Insights<\/a> functionality helps you maximize your time tracking data. Twinkl<\/a> found this information beneficial, as they could judge whether their projects were completed efficiently\u2014something they couldn\u2019t do with spreadsheet timesheets.<\/p>\n\n\n\n This report allows you to easily analyze project and employee performance and profitability and visualize data trends and comparisons.<\/p>\n\n\n\n The Project Dashboard feature<\/a> also helps you monitor project progress and analyze project performance. <\/p>\n\n\n\n Here, a time tracking chart forecasts when you\u2019ll finish projects based on your estimates. Or, you can switch to the billing amount chart showing progress against the fixed fee amount set for the project.<\/p>\n\n\n\n When you track time accurately, you know how much each task takes. You create a record of task and project durations that can help you when you\u2019re making time estimates for similar work. <\/p>\n\n\n\n Some project managers create \u201cguestimates\u201d by guessing how much time and money a task should take, but we strongly advise against this approach.<\/p>\n\n\n\n You may risk planning fallacy<\/a>, which is the tendency to underestimate the time needed to finish a task. <\/p>\n\n\n\n You can estimate project timelines in many ways, using different estimation techniques<\/a> depending on your needs. <\/p>\n\n\n\n Add to this using time tracking software<\/a> with historical time data, and you\u2019re on your way to sharpening your estimates.<\/p>\n\n\n\n With Toggl Track, you can easily gather historical data and look at past data to estimate future projects. This helped the public relations agency Revelations PR, Advertising & Social Media<\/a> generate accurate estimates for prospective clients based on their previous projects and clients.<\/p>\n\n\n\n You need to:<\/p>\n\n\n\n You can also track your project\u2019s progress after you\u2019ve estimated it with Toggl Track\u2019s Project Dashboard.<\/p>\n\n\n\n When you have the right data at your fingertips, solving client disputes is easier. You can even avoid such conflicts by providing time data reports as proof of work. <\/p>\n\n\n\n You can choose between Summary, Detailed, or Weekly reports to share with clients in PDF, CSV, or XLSX format. <\/p>\n\n\n\n You can use the Data Export page under Settings to export more detailed workspace data, such as projects, tasks, tags, subscription invoices, etc.<\/p>\n\n\n\n Project managers can use time tracking data to analyze employee performance accurately. <\/p>\n\n\n\n How?<\/p>\n\n\n\n They compare how much each task takes with the outcomes achieved to identify high-performers. They can also use time tracking data to spot team members needing additional support or training. <\/p>\n\n\n\n With higher visibility over how your team spends time, you gain more control over budgets. That\u2019s because when you track time and project progress closely, you can spot inefficiencies and budget overruns as they occur. <\/p>\n\n\n\n This timely insight means you can adjust resources and redirect efforts to prevent delays and money waste. <\/p>\n\n\n\n The Billing Amounts feature helps you track project budgets on a visual chart. <\/p>\n\n\n\n Team members benefit from time tracking in the following ways:<\/p>\n\n\n\n When team members track their time, they become more aware of their work habits and productivity levels. <\/p>\n\n\n\n A better overview means they can change unproductive working habits by spotting distractions and inefficient tasks. This way they can deliver work faster and achieve better work-life balance. <\/p>\n\n\n\n Time tracking is especially beneficial for remote workers who may need to provide evidence of their work. This evidence supports performance reviews, client billing, and project delivery by offering transparent records of completed work. <\/p>\n\n\n\n Toggl Track makes it easy to provide evidence of work through timesheets and reports. <\/p>\n\n\n\n Team leads, and managers can review timesheets in Toggl Track to see how much time each team member has tracked. <\/p>\n\n\n\n When teams track their work hours, they are more focused and take more ownership of their tasks and deadlines. <\/p>\n\n\n\n Why?<\/p>\n\n\n\n Knowing they must report time spent on projects can increase team members’ accountability and improve productivity by fostering a sense of responsibility and time management. <\/p>\n\n\n\n It\u2019s not about putting pressure on or monitoring them but rather about giving them better visibility into their work habits so they know where to improve. <\/p>\n\n\n\n Toggl Track lets users manage time entries in the List and Calendar views to help with visibility and accountability. <\/p>\n\n\n\n Admins and team members can choose to view time entries across organizations on a Calendar or in a List view. <\/p>\n\n\n\n To see time entries in the Calendar view, select \u201cWeekly calendar\u201d or \u201cDaily calendar\u201d on the Timer page, as shown below. <\/p>\n\n\n\n From this view, you can import external events from Google Calendar to ensure everything is in one place. <\/p>\n\n\n\n You can conveniently drag and drop time entries to edit or readjust them in the Calendar view.<\/p>\n\n\n\n Toggl Track\u2019s List view shows time entries across organizations in the web app. From this view, you can edit time entries, set them as billable, duplicate them, bulk edit, and more. <\/p>\n\n\n Team members who track their time consistently have a better idea of how they spend their time. <\/p>\n\n\n\n If they spend too much time on work and not enough on their personal life, they have enough visibility to spot this imbalance. <\/p>\n\n\n\n As a result, they can change their schedule to improve their work-life balance and avoid burnout. <\/p>\n\n\n\n When team members track their time, they have a better idea of how long each task takes. <\/p>\n\n\n\n This insight helps them set realistic goals and organize their workflows to meet their objectives. <\/p>\n\n\n\n Employers can use Toggl Track\u2019s Reminder feature<\/a> to ensure their team members don\u2019t forget to track time. <\/p>\n\n\n\n To set up a time tracking reminder in Toggl Track:<\/p>\n\n\n\n Let\u2019s explore who gains the most from implementing time tracking:<\/p>\n\n\n\n Lawyers<\/strong>: Lawyers rely on precise time tracking to bill clients accurately and keep their legal practices profitable. <\/p>\n\n\n\n Time tracking benefits lawyers by providing billing transparency, reducing disputes over fees, and ensuring billing practice compliance.<\/p>\n\n\n\n In addition, it also helps them optimize their case workload<\/strong><\/p>\n\n\n\n What\u2019s the difference between time tracking and employee monitoring?<\/strong><\/p>\n\n\n\n Time tracking involves recording how much time employees spend on tasks and projects.<\/p>\n\n\n\n Employee monitoring is a time tracking practice that involves app and URL tracking and taking employee screenshots or even camera pictures. <\/p>\n\n\n\n The main differences between time tracking and employee monitoring are the following:<\/p>\n\n\n\n Employee monitoring aims to control and micromanage employees, improving their performance and avoiding time theft. <\/p>\n\n\n\n Employee monitoring also gathers data like keystrokes, websites visited, or location information. <\/p>\n\n\n\n Toggl Track doesn\u2019t have employee monitoring features as Toggl doesn\u2019t believe in employee surveillance and micromanagement. <\/p>\n\n\n\n Employees don\u2019t like being micromanaged, and activity monitoring can make them uncomfortable and damage trust. <\/p>\n\n\n\n Here\u2019s a quick view of how time tracking differs from employee monitoring:<\/p>\n\n\n\n Time tracking can work wonders for most teams and businesses when done right. <\/p>\n\n\n\n To maximize the above benefits, you may want to use a time tracking tool like Toggl Track that can help you track time effortlessly and accurately and make the most of your time tracking data. <\/p>\n\n\n\n Sign up for a free Toggl Track account<\/a><\/p>\n\n\n\n Related articles:<\/strong><\/p>\n\n\n\n![\"Time](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image10-2-1024x659.png\")
<\/figure>\n\n\n\n1. Better financial oversight<\/strong><\/h3>\n\n\n\n
![\"Marking](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image24-1-1024x472.png\")
<\/figure>\n\n\n\n\n
![\"Setting](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image4-5-1024x166.png\")
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![\"Adding](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image20.jpg\")
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![\"Setting](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image22-2-1024x425.png\")
<\/figure>\n\n\n\n![\"Project](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image27-2-1024x563.png\")
<\/figure>\n\n\n\n\n
![\"Project](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2022\/09\/blog-project-profits-112x59.jpg\")
\n Project Profitability: How To Measure & Improve Margins<\/span>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n \n\n\n2. Improved productivity<\/strong><\/h3>\n\n\n\n
3. Better resource allocation<\/strong><\/h3>\n\n\n\n
![\"\"](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image12-2-1024x373.png\")
<\/figure>\n\n\n\n![\"Availability](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image11-2-1024x640.png\")
<\/figure>\n\n\n\n4. Improved decision making<\/strong><\/h3>\n\n\n\n
![\"\"](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image32-2-1024x498.png\")
<\/figure>\n\n\n\n5. Client transparency<\/strong><\/h3>\n\n\n\n
![\"Summary](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image15-2-1024x418.png\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image1-5-1024x709.png\")
<\/figure>\n\n\n\n![\"Detailed](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image18-2-1024x310.png\")
<\/figure>\n\n\n\nTime tracking benefits for project managers<\/strong><\/h2>\n\n\n\n
![\"Time](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image16-2-1024x604.png\")
<\/figure>\n\n\n\n1. Enhanced project monitoring<\/strong><\/h3>\n\n\n\n
![\"Project](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image25-2-1024x411.png\")
<\/figure>\n\n\n\n![\"Project](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image2-5-1024x348.png\")
<\/figure>\n\n\n\n2. Improved accuracy in project planning<\/strong><\/h3>\n\n\n\n
\n
![\"\"](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image17-1.png\")
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![\"\"](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image3-5.png\")
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<\/figure>\n\n\n ![\"Project](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2022\/07\/Blog-Header-Calculate-Realistic-Time-Estimates-for-a-Project_Blog-Header-1640x982-1-e1730396361803-112x68.png\")
\n Project Time Estimation: Expert Tips & Methodologies<\/span>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n \n\n\n3. Easier conflict resolution<\/strong><\/h3>\n\n\n\n
![\"\"](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image28-1-1024x348.png\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image31-1-1024x471.png\")
<\/figure>\n\n\n\n4. Better performance assessment<\/strong><\/h3>\n\n\n\n
5. Better budget control<\/strong><\/h3>\n\n\n\n
![\"\"](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image5-3-1024x405.png\")
<\/figure>\n\n\n\nTime tracking benefits for team members<\/strong><\/h2>\n\n\n\n
![\"Time](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image13-1-1024x604.png\")
<\/figure>\n\n\n\n1. Better personal productivity<\/strong><\/h3>\n\n\n\n
2. Evidence of work<\/strong><\/h3>\n\n\n\n
![\"Timesheet](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image21-2-1024x477.png\")
<\/figure>\n\n\n\n3. Improved accountability<\/strong><\/h3>\n\n\n\n
![\"Views](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image30-1-1024x435.png\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image23-1-1024x228.png\")
<\/figure>\n\n\n\n![\"\"](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image9-1024x538.gif\")
<\/figure>\n\n\n\n![\"10](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2021\/01\/shared-calendar-apps-112x67.jpg\")
\n 10 Best Shared Calendar Apps to Manage Schedules in 2023<\/span>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n \n\n\n4. Improved work-life balance<\/strong><\/h3>\n\n\n\n
5. Better goal setting<\/strong><\/h3>\n\n\n\n
\n
![\"Creating](\"https:\/\/toggl.com\/blog\/wp-content\/uploads\/2024\/09\/image6-5-1024x410.png\")
<\/figure>\n\n\n\nWho benefits from time tracking?<\/strong><\/h2>\n\n\n\n
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Aspect<\/th> Time tracking<\/th> Employee monitoring<\/th><\/tr><\/thead> Method<\/strong><\/td> Employees track time manually or automatically using software<\/td> Time tracking apps track computer activity and location and take screenshots<\/td><\/tr> Focus<\/strong><\/td> Records time spent on tasks and projects<\/td> Monitors overall employee activity and behavior<\/td><\/tr> Benefits<\/strong><\/td> Improves productivity, project planning, and billing<\/td> Helps meet performance and\/or compliance standards<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Start tracking time effortlessly with Toggl Track<\/strong><\/h2>\n\n\n\n