If you do not accurately track and bill your time, you could be missing out on a lot of income. One of the biggest reasons for lost wages amongst freelancers and those who must log their hours to be paid is lack of adequate time tracking. Why would someone not track for billable hours? Well, one of the most common reasons is simply that they forget.
When you work at home, there are many distractions to deal with and they occur on a daily basis. You may be trying to balance work, home, and other responsibilities and when it comes time to log your hours on a project, you “guesstimate” how much time you actually spent working on it. Work time is billable time but if you’re not clearly separating time spent on a particular project with all the other things you are doing in your day, you may be missing out on billable hours and short-changing yourself.
Another problem is that when you’re new at working for yourself, you may not realize just how much time you really do put into your job. It could be a lot more than you think, which means that you could be losing a lot of income simply because you are not tracking your time properly.