In addition to timing all of your tasks down to the second, our online task timer comes with productivity reporting tools. Let’s take a look at all the features available to you.
Your hourly rate defines what 1 hour of your time is worth. This could be
a freelancer’s hourly price, a consultant’s daily or project-based rate converted into hours, an internal cost rate for an employee or team member, or any custom hourly rate tied to the work you’re doing.
If you work with different hourly rates for different clients, projects, or roles, you can adjust the rate each time to reflect the correct rate.
Now it’s time to enter the hours you spent on client work. Once you’ve added the hours, you choose how that time was recorded. Now, this part makes a big difference.
You can select one of two options: either estimate your time yourself or use automatic time tracking.
If you estimated the time yourself, you’re relying on memory or rough calculations. We humans tend to underestimate how long things really take, forget short interruptions, or round numbers without noticing. Over time, those small gaps and inconsistencies add up and, as a result, you get misleading insights into your time.
With automatic time tracking (i.e., with
Memtime), your time is recorded as you work, no manual input needed. Thanks to this tracking, you get a precise, fully objective picture of your actual effort, including tasks that are easy to forget. Since the time data you get is accurate, you also get more accurate billing and better project insights.
To put it shortly,
the accuracy of your billable value depends on how your time was recorded. If you estimated your hours, the value will be as precise as that estimate. If you rely on automatic time tracking, which captures your time with near-perfect accuracy, the billable value you see is just as precise.
Once your hourly rate and billable time worked are in place, the calculator handles the math. Within seconds, you’ll see exactly what that work is worth in monetary terms.
Use the result to improve your billing and review profitability.
