We built 4Timer to solve our own time-tracking challenges. We realized there are a lot of others who might be interested.
It’s Critical for Professional Services Firms
It’s a hassle, believe me, we know. But when the most significant inputs to your company’s services are people, it’s also imperative. If you don’t know how much time it took someone to complete a task, or how much capacity your team has next week, it’s almost impossible to plan ahead or gain insight into the business.
Sure, you’ve got productivity software in place, and also billing software. But these are likely siloed. You are probably wasting a lot of effort overcoming integration challenges, moving data from one system to another. We set out to fix these problems.
It’s the Future
The European Union’s highest court recently ruled that all employers must track their employees’ working hours (previously, they had only been required to track overtime hours).
In addition to state regulation, there are a number of changes happening in our economy which are driving this phenomenon. There are 10 million people working in professional services in the U.S. right now. It’s one of the fastest-growing sectors in the economy. Even more dramatic is the increasing share of people employed as independent contractors, which is currently 35 percent of the working adult population.
Security & Privacy
The time data you create is yours. How you share and leverage that information is up to you. And we run as an Amazon service, so it’s a snap to deploy and it’s secure.
The Old Models are Broken
Timesheets are inaccurate. According to the Harvard Business Review, firms in the professional services sector lose about 38% of potential billable revenue due to errors in time tracking. That’s the equivalent of $52,500 per employee, per year. Because our timer is easy to use, it encourages good time-tracking habits. And that will only improve over time as we roll out a long list of smart updates. Our goal is to make ensure that each person spends no more than 5 minutes per day tracking their hours.