The Role of Time Tracking in Compliance and Regulatory Reporting
In today’s time, businesses consider Compliance and Regular Reporting a major part of their firm. Every company adheres to its rules and regulations that make sure that everything is being taken care of. One of the most crucial rules for the company is to follow up on Compliance Management and Regulatory Reporting with the help of Time Tracking. But keeping track of time while working on a project/task is not a piece of cake for every person. There is a proper technique for Time Tracking and by the end of this blog, you will know all about it. First, let us understand what Time Tracking is!
The Concept of Time Tracking
Time Tracking refers to keeping a record of time that has been utilized by a user on completing a particular project or a task. Almost every company uses the feature of Time Tracking to check the productivity of the employees. Besides companies, a sole person who might be working as a freelancer also uses this concept sometimes to complete their work on time and not delay their deadline. In earlier times, people used to take the help of a stopwatch to calculate the time but as technology has evolved, there are tools introduced that help in accurate Time Tracking. These tools are often known as Task Management tools which are used for tracking time, completing tasks, and generating reports all in one place. Talking about the finest tools, 1ViewTask is one such tool using which you can achieve all your goals of Compliance Management and generating Work Reports. Let us understand more about this now.
Compliances and Regular Reporting
Compliance Management refers to the regulation of all the work types of a company in a single place. With the help of this concept, companies can check the working of all the sectors easily. Be it the field of finance, or any business, Compliances are always there. As a project manager, all you need is the right technique to manage these. Moving on to Report Generation, this concept has also been there for many years now. Every firm has its way of generating regular work reports. But all of this comes down to time management because if you know the way of tracking time, your management procedure will get better. And using a tool like 1ViewTask will make this easier for you. In the next section, you will learn how.
The Role of Time Tracking
As you now understand the meaning of Time Tracking, it is the practice of recording the time spent on completing various tasks, projects, or activities. Time Tracking is often related to productivity and employee management, but it has a vital role to play in compliance and Regulatory Reporting. For that matter, you must use a tool like 1ViewTask. It is an advanced tool specially designed for companies who wish to track accurate time and manage their compliances. In this tool, you get to use a time tracker whilst you are working on a task. You can pause the timer if you have taken a break in between. This tracker will show you the accurate time you took and is the best way to keep track of time. Here are some of the ways time tracking can aid in compliance and regulatory reporting using 1ViewTask:
- Accurate Record Generation – One of the most important aspects is that an accurate record can be generated. Time Tracking makes sure that companies have a detailed record of every single minute spent working. This makes tracking expenses easier too and comes a handful for the company as they can use it in granting promotions to their employees based on the report. With 1ViewTask, you can click on your Dashboard and a full-fledged time-based report will open in front of you. As a user, you can click on the compliance type that you want the report for, and you can also download an Excel sheet that will display all the records. This way, you can see through the time that you took on completing all the tasks for the respective day, week, or month.
- Project Management – Time Tracking can play a major role in Project Management too. Project managers can track the time spent on completing a specific project and companies can make sure that they are meeting the expected deadlines and other requirements. This piece of information can be used to portray compliance. 1ViewTask is a tool that is launched for easy project management. And if you are a user, you will get to use some of its finest features. Using its time tracker, you can check the time taken by every single employee to complete the assigned task. The bifurcation can be made by applying the compliance filter and then a final report can be generated.
- Productivity Calculation – Calculating the overall productivity of the employee becomes easier with Time Tracking. If you use a tool for the calculation, it will generate the output for you showing how much time you took overall to complete your daily, weekly, monthly, or yearly tasks. Using 1ViewTask will make this easier and will make sure that your total productivity is increased by at least 30%. You can generate your productivity report in different kinds of views and download the same right away.
Conclusion
It can be concluded that time tracking has a hand in compliance and regulatory reporting. Some people don’t feel like working every single day and feel stressed out even more when they are not able to complete their work before the deadline. The only solution to sorting this problem is keeping track of time which is possible if you are using a tool like 1ViewTask. With the help of this tool, you can create tasks and work on them simultaneously based on their urgency. You will also receive daily reminders for the pending tasks that will help you catch up on the same. Catching up on everything and managing compliances in a single place will become way too easier for you. Also, generating daily reports is a one-click task. The tool is completely free for 1 user with enterprise-level features for a lifetime so sign up now and see what the tool has to offer you.
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