How KYRO's time tracking software helps accounting teams work better

More and more construction companies are adopting automated time tracking solutions. These systems allow for real-time capture of field data. This provides accounting with accurate, up-to-date information on where labor hours are being spent. The result is a dramatic improvement in payroll, billing, cost control, and other key accounting processes.

Effective time tracking provides the raw data needed for vital accounting functions like payroll, billing, job costing, and more. However, projects often span multiple locations with a highly mobile workforce. And the nature of construction work makes it difficult to track time accurately when relying on manual methods like paper timesheets.

In this article, we’ll explore the major benefits an automated time tracking software like KYRO delivers for construction accounting teams. We’ll look at how real-time data and integrations streamline data transfer between the field and office. And examine key features like analytics, reporting, and oversight to improve efficiency, accuracy, and decision making. Adopting the right time tracking approach can transform accounting in a construction firm. Let’s look at how.

The Problems with Manual Time Tracking

Traditional manual time tracking methods like paper timesheets are prone to errors and inaccuracies that create problems for accounting teams. Employees may accidentally enter incorrect data, forget to track their time, round hours incorrectly, or even fudge their timesheets. Without proper oversight, time tracking errors easily slip through the cracks.

Relying on paper timesheets also makes it difficult to track time against specific projects. The lack of visibility into real-time status makes it challenging to properly manage capacity and schedules. There's no simple way to check if employees are entering their timesheets on time or monitor timesheet accuracy. Administrative hassles to collect, audit, and handle paper timesheets drain accounting resources.

Benefits of Time Tracking Software like KYRO

Automated time tracking provides construction accounting teams with a range of benefits over manual methods. By integrating time tracking software with existing systems, data can be transferred seamlessly without the need for manual entry. This provides accounting teams with real-time access to accurate data.

The key benefits include:

  • More accurate, real-time data - With manual time tracking, data is often inaccurate or delayed. Automated software captures real-time data on hours worked, tasks, projects, and locations. This ensures accounting has precise data.
  • Saves time and money - There is no longer any need to collect and enter timesheets manually. This saves administrative time and overhead costs. Workers in the field can clock in and out directly through mobile apps.
  • Provides insights - Sophisticated reporting and analytics provide insights into where time is being spent. This allows accounting to identify inefficiencies and optimize workflows. KPIs can be tracked for labour costs, profitability, productivity and more.

Integrations for Seamless Data Transfer

For a construction accounting team, time tracking data needs to flow seamlessly into payroll, job costing, billing, and other systems. Manual data entry leads to errors and delays. Automated time tracking integrates with numerous software platforms in the construction technology stack:

  • Payroll - Send approved timesheets to payroll software. No more manual entry or risk of errors.
  • Accounting - Transfer labor hours to job costing. Apply rates for accurate job cost accounting and WIP tracking.
  • Project Management - Sync data with PM systems like Procore for a single source of truth across platforms.
  • Billing - Generate accurate invoices based on actuals. Bill clients for time and materials efficiently.
  • HR Systems - Maintain one employee database across platforms. Automate onboarding.

With open API and integrations, modern time tracking centralizes data and eliminates manual processes. View KYRO’s integrations for more information.

Real-Time Access to Data via KYRO’s AI Copilot

With automated time tracking solutions, data is immediately accessible in real-time through cloud-based software. As workers clock in and out of tasks, the time data is instantly available. Accounting teams and managers can log in at any time to view up-to-date data on hours worked and project progress.

Real-time access provides critical visibility so accountants and project managers can:

  • Get a pulse on payroll at any point instead of waiting for timesheets
  • Identify billing bottlenecks more quickly
  • Have on-demand data for client invoicing
  • Monitor budget vs. actuals in real-time
  • Stay updated on project progress and performance

Improved Accuracy for Billing and Payroll

Accurate time tracking leads to more precise time logs, which in turn results in more accurate invoices and payroll processing.

Automated time tracking systems eliminate many of the human-error issues by allowing workers to log time directly within the software. The time data flows seamlessly into billing and payroll systems without any manual data entry or manipulation. This reduces human error and provides precise actual hours worked and project time allocated. Payroll can also be processed flawlessly based on exact hours logged across projects and tasks. Workers get paid for their actual working time without any errors.

Furthermore, invoices accurately reflect the real time spent by workers on client projects. There is no need for guesswork or approximations when creating invoices.

The increased accuracy and transparency from automated time tracking builds trust between construction firms and their clients. Accurate billing eliminates disputes, while timely payroll processing leads to satisfied workers.

March 23, 2024

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