As business owners and HR executives know, human capital is one of the biggest cost determiners in service-oriented businesses. Companies need simple, repeatable processes for allocating resources, compensating employees, and billing clients—all without significant investments in clerical labor.

Time tracking software, of course, is the answer to these issues. Most companies know the value of their time tracking software for efficiency, but what many don’t know is how powerful it can be for boosting profitability. When used correctly, time tracking tools can support team management, project visibility, and efficiency across the board.