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As part of Solutions Review’s Expert Insights Series\u2014a collection of contributed articles written by industry experts in enterprise software categories\u2014Dean Mathews, the founder and CEO of OnTheClock<\/a>, explains how companies can choose the best time-tracking solution for their needs.<\/strong><\/em><\/p>\n Previously, companies could easily calculate how many hours employees worked based on their contractual obligations and reported over time. However, more workers are choosing to engage with businesses freelance or contract. The <\/span>global workforce<\/span><\/a> has 3.5 billion workers, of which 1.1 billion are freelancers. To keep up with the changing workforce, business processes need to evolve. Time tracking software allows businesses to track how many hours are spent on each task and by each freelancer. This also makes it easier for freelancers to be paid accurately and on time.<\/span><\/p>\n Image Source: FinancesOnline<\/a><\/p><\/div>\n As more workers opt to work remotely, businesses have a much wider talent pool. Companies can hire freelancers worldwide to reduce costs or fill roles in an increasingly demanding hiring environment. However, as workforces spread globally, building processes that keep each freelancer accountable to their team can become difficult.\u00a0<\/span><\/p>\n Modern businesses work with a wide variety of clients. Employees are often responsible for multiple projects or customers simultaneously, each with different demands and time requirements. Companies must find a way to apportion costs and bill clients accurately for the required work. Effective time tracking can help companies ensure they’re not under or overcharging their customers.\u00a0<\/span><\/p>\n As more companies embrace hybrid and remote work models, businesses can struggle to ensure consistent accountability and <\/span>productivity<\/span><\/a>. Businesses that fail to track productive employee hours can fall victim to time theft, which costs businesses $11 billion annually. Globally, businesses lose $7.4 billion daily due to unrecorded work activities. Time tracking can help companies know how many hours their employees spend on client work and provide them with the assistance they need to be more productive and efficient.<\/span><\/p>\n![\"\"](\"https:\/\/solutionsreview.com\/talent-management\/files\/2023\/02\/SR-Expert-Insights-80x80-1.png\")
Time-tracking has always been a critical business process, but it has become even more necessary in the current business environment. With more employees working from home or in hybrid models and more businesses hiring freelancers and contractors, companies can sometimes be overwhelmed with the administrative load of tracking time for each employee type. Time-tracking software can help companies to ease the administrative burden associated with these processes and improve operational efficiency.\u00a0<\/span><\/p>\nWhy Your Business Should Use Time-Tracking Software<\/strong><\/h2>\n
\nMore Employees Are Choosing to Do Freelance and Contract Work<\/strong><\/h4>\n
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<\/a>Companies Have Increasingly Global Workforces<\/strong><\/h4>\n
Accurate Time Tracking Allows Businesses to Bill Clients More Accurately<\/strong><\/h4>\n
Effective Time Tracking Improves Accountability and Productivity\u00a0<\/strong><\/h4>\n
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