Let's face it, humans are a very competitive species, we compete in sports, business and in everyday life. Our ability to thrive in such an environment suggests that we adapt well to changes. For a business, this means keeping tabs many different things to ensure that it is competitive in the marketplace.
Cash In, Cash Out
One of the most important factors is cash inflows and outflows. If done correctly a business can will grow at a comfortable pace. If done incorrectly, well let Benjamin Franklin tell the story...
We all heard Benjamin Franklin's saying "Time is Money".
“Remember that Time is Money. He that can earn Ten Shillings a Day by his Labour, and goes abroad, or sits idle one half of that Day, tho’ he spends but Sixpence during his Diversion or Idleness, ought not to reckon That the only Expence; he has really spent or rather thrown away Five Shillings besides.”
Or simply put...
"If you skip half-a-days work, then you throw away half a day's wage"
So what does this mean?
This simple quote should resonate with all business owners. The moral of the story is to control costs by becoming more efficient and productive. For example; a savvy business owner knows the importance of monitoring employee efficiency and labor allocations. Monitoring how labor is actually being used can offer room for improvement or prevent potential budget issues.
This is generally referred to as "Job Costing" and it can be performed using a pen and paper, ms excel or a specialized accounting package.
OnTheClock offers Job Costing.
OnTheClock offers flexible job costing as part of its standard service. You can set up as many customers, projects and tasks as needed. When employees track their time, they specify what they are working on. OnTheClock offers flexible labor hour reporting so business owners can better understand how their employee time is being used. This labor data can also be exported to popular accounting packages for payroll and invoices.
OnTheClock has been providing the business community with accurate time management software since 2004.