Time Tracking Tools

Understanding the breakdown of an invoice is key to manage allocation of costs. By getting clarity on where costs are being incurred you can make decisions on whether to continue or cease certain tasks. Hence an early decision and agreement on time tracking tools is a key starting point for the project.

This has to be offset by the extra effort to record and compile data. It is important to decide the resolution and accuracy that is required at the start of a project. If you are using a supplier to provide outsource software development then discuss and agree both the invoice and level of supporting materials as early as possible.

• Resolution – do you need a bill and time sheet that can show the breakdown of work to a minute, an hour or to a day?
• Breakdown – Does the item need to be trackable to a team,  job role or a precise individual person or project phase?
• Processing Speed – do you need the invoice and all supporting data every week, month and within how many days of the end of tracking period
• Traceability – If a query arises how will you trace and match an entry in a timesheet? Consider how the invoice should match to your purchase order/contract and internal project codes. Ensure consistency of project codes, descriptions of project phases and modules are used both internally and with any external suppliers to speed up reconciling data at a later stage.