When working in the construction industry, it is imperative to track every single dollar spent. Budgeting is a crucial part of any construction project, and if you aren’t tracking where you’re spending your money, you can quickly get off track and end up over budget
Luckily, thanks to modern technology, you can easily track exactly how each of your employees is spending their time and which resources they are using throughout their day. In this article, we will cover the ways that online time clock software can help you stay on budget.
Accurate Time Reporting
Accurately reporting the amount of time spent on a specific task or job allows you to forecast your budgetary needs accurately. With a time clock app construction workers can quickly punch in and out while in the field and select the specific job they’re working on. Not only does job costing allow you to ensure you remain within your budget, but it also helps with accurate invoicing. Clients will be much more likely to choose your business for future projects if they are being billed accurately for the work being done.
Often, construction workers are moving between multiple sites per day. They may even need to make runs to stores to get the necessary supplies for the job. In such instances, it’s essential to know where your employees are throughout the day, and this is where GPS tracking comes in handy. You can quickly see exactly where your employees are working throughout the day. If they are paid different rates for different jobs, that can easily be tracked for accurate payroll processing.
Automatic Overtime Calculations
If an employee has to stay on longer than their scheduled shift, they may run into overtime. It is essential to accurately track overtime for many reasons, but perhaps the most important is to remain compliant with labor laws. If you don’t pay your employees for their overtime worked, you can end up having to pay hefty fines, which could impact your business is the ability to complete projects on time. And if you don’t complete projects by the anticipated deadline, you will most certainly go over budget.
Time clock apps have the ability to track overtime both at the federal and state level. These calculations are done automatically so you can rest assured that they are correct and that your employees are being paid correctly for all their time worked.
Time Off Tracking
Last but most importantly, not the least is the ability to track time off. Construction projects require employees with different skill sets, and everyone has an important role to play. Employees need to be able to request time off efficiently. Not only is this beneficial for the employee, but as an employer, this allows you to quickly find a replacement with similar skill sets to ensure that you meet your project deadline.
Although we have already slightly touched on the topic of job costing, it is so essential in the construction industry that it deserves more attention. Job costing is tracking the number of hours spent on a particular job, tasks, projects, or even clients. There are so many different aspects of a construction project, so understanding exactly How much money or time is being spent on a particular part of a project is crucial. Understanding the costs of a construction project allows for better budgeting pause for current and future projects, which can lead to higher profits.
Having a time clock app for your construction business is no longer a luxury; it is a necessity. If you want to remain competitive and keep your profit margins high, then invest in a time tracking solution that can precisely record employee’s hours, can track their locations, accurately records overtime, and allows for easy time off tracking.