* Consider SaaS (Software-as-a-Service).

We’ve already covered the need for an automated time tracking system. A Software-as-a-Service or SaaS solution may be just what you need to increase profitability through time tracking. Consider the following:

It removes much of your IT cost.

It reduces the risk involved in acquiring new software.

It allows you to influence product and service quality via an ongoing relationship with the vendor.

It gives you the flexibility to change usage commitments as business circumstances change.

It allows you to predict more accurately your ongoing expenses as your IT budget is tightened and scrutinized.

The prevalence of hosted project- and time-tracking solutions is on the rise, and many companies will be willing to try the model out -- especially if they understand the clear benefits. After all, all they have to lose is one month's rent.

Curt is the CEO of a time tracking company in Texas