Why Accurate Time Tracking Matters for Remote Teams
Accurate time tracking is crucial for remote teams to ensure compliance with labor laws and optimize productivity. Under the Fair Labor Standards Act (FLSA), employers must pay non-exempt employees for all hours worked, including unscheduled hours. Failure to track time accurately can result in significant lost revenue, with American businesses losing an estimated $7.4 billion daily due to unaccounted work hours. Moreover, professional firms with robust tracking capture 95% of billable hours, compared to only 72% without proper systems, which can recover an average of $127,500 annually for a 50-person firm.
Harvest addresses these challenges by offering one-click timers and manual time entries that ensure all hours, including those "suffered or permitted," are logged accurately. This feature helps remote teams comply with FLSA obligations while maximizing revenue capture.