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The Benefits of Online Time Tracking

by | May 6, 2023 | Business Feature, services, Technology | 0 comments

Why early adoption of online time tracking is key for freelancers & small business owners.

Online time tracking tools like, Dinvy Ascent, are designed to empower your business. Early adoption from freelancers, entrepreneurs, and small businesses offers many more benefits than hindrances. With automation improvement and moving away from manual processes, online time tracking reduces tedious spreadsheet updating and manual tracking.

Making a Case for Improving your Automation Now

Early adoption in software reaps long term benefits for any company. The cost of migration, business process change, user buy-in, and historical analysis weighs heavily on companies that adopt tools later in their business journey.

Embracing technology, like a CRM or online time tracking and invoicing sets a company up for success long term. When companies are in the stage of being a solopreneur or a small business of 1-10 employees, the business process can be very tribal in nature. Meaning everyone wears many hats and communication is constant because of how close each team member is to the client. The business process is transparent because it must be.

While early businesses may be tribal and the focus is to go above and beyond to serve the clients and win deals, the manual requirement is tedious. White boards for meeting follow-ups are great and spreadsheets are ‘easy’ but they all require time to update and a meticulous nature to ensure nothing is forgotten; most of us aren’t pivot table savants either. Ultimately, when you’re ready to review and update your process or pricing in 6-12 months, this spreadsheet data doesn’t provide an easily reportable analysis of your historical activities.

Adoption of online time tracking and invoicing tracking takes the human error out of the equation and offers automation improvement. Let your data and technology empower you immediately to not leave a dollar on the table and automate time tracking metrics like budget, budget remaining, profit, and margin.

Caption: A study by McKinsey found that businesses that embrace automation can increase their profitability by up to 50%. (Source: McKinsey)

Leveraging the Power of Your Automated Data

If knowledge is power, then utilizing technology that automates reports, dashboards, and invoices enables your business. When you rely on spreadsheets, you work for your data. You create tables, manually update, join relationships, edit & delete columns, create new table tabs…the list goes on.

When you move to online time tracking, the data works for you! Need a monthly scheduled report out to your client that has all of your external time entries notes, create the report and turn on the automation and never miss a monthly status report. Think that this next project on a difficult account is finally going to turn a profit? Visualize and make informed decisions with your Account Dashboard!

The outcome with automation improvements enables your business to be proactive, instead of reactive by using data that is readily identifiable and transformed into an easy to understand format. Accurate data that is consumable empowers your team members to make informed, and accurate decisions when it comes to workload balance, project health, and more. 

Access to Cost Savings & Powerful Features

Mature and startup businesses alike emphasize making money, not spending it. So introducing technology, even if it benefits the company, sometimes comes down to dollars and cents.

Are you paying for features you don’t need? Is the free trial software really free? Is the software giving me the features we actually need before forcing me to upgrade to unlimited accounts, users, and projects?

Thankfully, some software gives you the benefits of online time tracking and improved automation without adding another SaaS subscription to your bottom line. Ascent, the entry-level software of Dinvy’s platform, provides your team with premium features at a freemium price that can’t be beat.

This model allows a startup or small business to truly grow their business while growing into the tool itself. Being feature rich and affordable is Dinvy’s model.

Dinvy Ascent offers:

  • Unlimited Accounts, Projects, and Users
  • Automated Profit, Margin, and Budget tracking
  • Project Timers and Day and Week time entry
  • Project and User Bill and Cost Rates
  • Combined Fixed Bid and Time & Material Invoicing
  • Open APIs and Webhooks
  • Custom Reporting
  • Object Audit Tracking
  • 6 permission sets for Users
  • Shared Roadmap to their customers

Additional features are already in the works! Coming in Q3 of 2023, Dinvy will release extensions of their platform; Alpine and Summit to allow their clients to upgrade features when they’re needed. Custom Objects, Custom Fields, Rerate, Advanced Quotes, Approvals, and more will be available.

Increase Speed to Cash

One of the last, and one of the most important benefits, of online time tracking software is the ability to accurately invoice your time and fees. GAAP vs. Cash based accounting is a debate for another time, but the need to get paid for your time and effort is paramount.

Automation improvement is at your finger tips when fees and time entries automatically become available when you create an invoice. Select your desired date range and never miss billables. Don’t want to invoice for every time entry or a fee? An added bonus of online tools is the ability to individually select line items which are always available for invoicing in the future.

Invoicing from spreadsheets invites potential human error. Tracking time or budgets on spreadsheets demands too much of your time and upkeep. Take advantage of automation efficiencies and start using an online time tracking tool today.

Timothy Schmitt: Founder

Email: [email protected]

Visit: Dinvy Ascent | LinkedIn

Additional Resources:

            Benefits of Automated Time Tracking

            Dinvy’s Active Roadmap & Releases


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