How Much Money Can Time Tracking Save You?

Last year we went to over 1,000 businesses using Toggl to get more insights into how time tracking helps their business. We already knew Toggl saves businesses a lot of time, but we wanted to have an better idea of how it affected their financials.

The motivation behind this survey was a study done by AffinityLive showing that inefficacies are costing the US economy over 7.4 billion dollars daily.

The thing is – our whole economy depends on us being able to estimate how much time we spend on work tasks. However, humans aren’t exactly good at estimating, as we tend to overestimate our good sides and tragically underestimate our bad sides. Thus, when it comes to filling in timesheets, we lie to ourselves and others, costing our employers vast amounts of money.

If you knew this before you probably wouldn’t be spending your work hours reading this, but since you are – keep reading,because the figures are quite interesting.

The average estimate of money saved using Toggl was $12,441 per team per year with consultancies being the most prolific, reporting up to $16,203 saved.

“Software development teams reported the biggest savings – 18,338$ per year on average.”

This is why we created Pro Plus – the new flexible time management package. Built to cater to your specific business needs, the plan lets you pick one extra Business class feature on top of the tried and tested Toggl Pro feature set. This lets you significantly boost your efficiency with the features you need, without having to sign up for a full Business class suite.

What could you do with the money saved?

You can start another business with this kind of money, according to small biz expert, Rieva Lesonsky. Or you can travel the world, it’s up to you.

The bottom line is, we’re wasting our most precious resources – time and money, just because we’re too stubborn to admit – we’re not as smart as we think we are.

And it’s a thing of trust – not whether we want to trust our teammates and business partners but whether we want to trust human brains, that apparently can’t tell a white dress from a blue dress when there’s an internet prowl about it.

“Most humans can’t estimate their time accurately, this is why enjoyable events seem short and the boring ones seem to last forever.”

So basically, instead of admitting to ourselves we’re not exactly great at managing our time, we keep doing this over and over, costing our families, our employers and – our economy. But there’s a simple solution to this, as the AffinityLive research further indicates: “Moving from weekly (or worse) timesheet updates to daily (or better) would recover $52,000 per professional, per year in billable time.”

This is why tracking in real time is important, and 46% of our survey participants agree. Teams that track time in real time report to saving 5x more than teams adding time manually – the way traditional timesheets are done.

“The reality is – you want to spend your time working, not filling out timesheets, and that’s the reason we created Toggl Pro Plus – to make it easy for everyone to keep themselves productive while being accountable to their clients and employers.”

Guessing tells you what your brain wants you to believe, measuring gives you the facts. So don’t trust your brain with time estimates, let us handle that for you. Don’t forget – you can only fix what you can measure.

You can find more of the results right here: [slideshare id=55252463&doc=howmuchmoneydoestimetrackingsavecompanies-2-151118135615-lva1-app6891]

With Toggl Pro Plus you never have to worry about wasting time again, check out our new flexible time management package and start improving your workflow today.

Toggl Pro Plus will cost you $18 per user monthly and save your team up to $20,000 annually.

By On March 30, 2016

  1. […] In most any agency, timesheets have long been a pain point between decision-makers and their employees. To management, they are vital for forecasting, budgeting, hiring, measuring efficiency, and saving money. […]

  2. […] in your operations could be costing you thousands. Toggl went to over 1,000 businesses last year to see how much businesses could save by utilising time […]

  3. […] in your operations could be costing you thousands. Toggl went to over 1,000 businesses last year to see how much businesses could save by utilising time […]

  4. […] Take a look at the laundry list of apps Toggl can be integrated with: Salesforce, Gmail, Basecamp, Slack, Evernote…the list goes on. This level of integration is astounding, and quite simply not something that the other timekeeping apps can match (23). And its results are real, Toggl saves an average of $12,441 per team per year (24). […]

  5. It’s very useful article, we are impressed about that. And Thanks for sharing this post to all, What you mentioned in the article that was an excellent one. This site very helpful to all

  6. Looking over what the app has to over I think it would help increase productivity. The fact that you can calculate billable hours for clients and employees is a great feature in itself. It’s also helpful that there are 3 levels to choose from with price points of $9, $18 or $49 a month which gives you the flexibility to choose what works best for your particular business.

  7. […] Over $18,000 is lost on average every year by web and software development teams when they don’t use time tracking — that alone should convince anyone with their company’s interest in mind that time tracking is important. However, there are more perks of time tracking than money savings: all people involved in the process of software development will benefit from it. Given that implementing time tracking practices can be easily streamlined by following just 6 simple rules, there is no excuse for not using them in everyday work. Let me, then, introduce you to the basics of IT time tracking — the Project Manager’s guide to the whys and the hows of implementing this process. […]

  8. Choosing reasonably priced time tracking can save me about 1000 bucks per year. Toggl is too expensive for our company.

  9. Don’t forget – you can only fix what you can measure.

    What a great statement. I was the Queen of time sheets and to do lists and still over extending myself! With Toggl, I can follow how long things ACTUALLY take me. INCLUDING INTERRUPTIONS. I’ve added an “Interruption” Project to my Toggl – so that when I am interrupted, I can let my interrupter know “Let me update my time real quick… ‘Meeting with Thom’ Project ‘Interruption’… now, what can I help you with?”

    Letting them know I’ve just set a stop watch on them and their interruption has halved the amount of time I am interrupted.

    I save a daily report into a shared drive in the office, my supervisors are able to review what I’ve been keeping myself so busy on. I’ve only been using Toggl for a little over a week, and I’m seeing significant changes in myself, my supervisors, the interruptions. It really has been a GREAT implementation to my daily routine.