Time is one of the most valuable resources in any business, yet many executives don’t have a clear picture of how they’re actually spending it. Enter Toggl, a popular time-tracking software that allows users to monitor how much time they spend on specific tasks, projects, or clients. It helps individuals and teams manage productivity by providing detailed time reports and insights into where their time is going. Toggl is known for its simple and user-friendly interface across various platforms like desktop and mobile devices, making it an essential tool for efficient time management.

At Two Arrows, we emphasize strategic financial insight, and that includes understanding not just the dollars in your business, but also the time value of your work. Whether your pricing is value-based or hourly, tracking your time is an essential financial habit that aligns with the Three Cs framework—Consistency, Comfort, and Confidence—bridging into the next level of Confidence, Clarity, and Control.

This post is part of our Financial Tech Stack Series, designed to help business owners build a streamlined, efficient system for managing their finances. If you’re new to the series, start with our Introduction to the Financial Tech Stack. We’ve also covered topics such as QuickBooks Online—a foundational accounting tool, Found—a banking solution designed for self-employed professionals, Stripe—a robust payment processing platform, and now Toggl—a powerful time-tracking tool. Our next post will cover Gusto—an intuitive payroll platform that simplifies payroll processing for business owners.

Disclosure: Some links in this post are referral links, which means I may earn a small commission if you sign up through them—at no extra cost to you. I only recommend tools I trust and use in my own business.

Why Time Tracking Matters for Every Business Owner

Many business owners focus on their revenue per client, but an equally important KPI is cost per hour—how much time is being spent on client work, internal tasks, or strategic growth initiatives? Toggl provides the clarity needed to understand the true cost of services, helping you:

  • Refine pricing models by ensuring your rates reflect the actual time and effort invested.
  • Identify inefficiencies that may be costing your business profitability.
  • Improve delegation strategies by tracking time spent on tasks that could be outsourced or automated.

Key Features of Toggl and Why It’s Essential for Your Tech Stack

Toggl offers several features that make time tracking effortless and insightful:

  • Record, organize, and track your time – Whether for personal use or client billing, Toggl allows you to categorize tasks by project, client, or activity.
  • Auto-tracking capabilities – Toggl can passively record activity, allowing users to later choose which entries to include in reports for projects or personal audits.
  • Eliminates guesswork – By tracking your time accurately, you gain clear insights into where your time is actually going, helping improve efficiency and decision-making.
  • Cross-platform functionality – Toggl syncs seamlessly across desktop, mobile, and web applications, ensuring access wherever you work.

The Executive’s Role: Where Should Your Time Go?

Being that time is the only resource that you won’t get back, being in the habit of tracking where you’re spending your time refines your day-to-day productivity when monitored and managed. As the executive in your business, your most valuable work should be focused on strategy, decision-making, and initiatives that drive long-term success. If you find that most of your time is spent on administrative or operational tasks that could be handled by a team member or an external specialist, a time audit using Toggl can help you shift into a CEO mindset.

Some key questions to ask during a time audit:

  • What percentage of my time is spent on revenue-generating activities?
  • How much time is devoted to tasks that could be automated or delegated?
  • Am I prioritizing strategic growth, or am I stuck in execution mode?

Linking Time Tracking to Financial Strategy

Time tracking isn’t just about logging hours—it’s about making informed financial decisions. When you understand the cost of your time, you can optimize:

  • Pricing strategy – Are you undercharging for high-value services?
  • Team efficiency – Would an outsourced professional be a more cost-effective solution?
  • Business scalability – Can you free up your time to focus on higher-level growth?

How Time Tracking and Delegation Work Together

Tracking your time with Toggl is the first step in identifying tasks that should be delegated. Time tracking allows you to analyze where your efforts are best spent and where delegation would create the most impact. If you find that bookkeeping, administrative tasks, or operational work is consuming too much of your time, delegation is the next logical step.

To learn how to effectively delegate, set expectations, and create an efficient workflow, read our post, Achieve Balance and Efficiency with Strategic Delegation. This guide walks you through the Art of Delegation Worksheet, which helps business owners like you decide what tasks to keep, mentor, delegate, or simplify. By pairing time tracking with strategic delegation, you’ll create a well-balanced, efficient business structure that empowers you to focus on high-value activities.

Next Steps: Optimize Your Time & Business Growth

Looking Ahead: Optimizing Payroll Efficiency
As part of our Financial Tech Stack Series, our next post will explore Payroll Platforms—a crucial tool for managing employee payments, tax compliance, and financial reporting. Just as time tracking with Toggl helps you streamline productivity, choosing the right payroll platform ensures seamless compensation management, freeing up your time for strategic business growth. We’ll be featuring Gusto, a leading payroll solution that simplifies payroll processing for businesses of all sizes. Stay tuned!

By incorporating Toggl into your financial tech stack, you’re not just tracking time—you’re taking control of your business efficiency, profitability, and growth. Ready to bring confidence, clarity, and control to your schedule? Start your time audit today and see the impact on your bottom line.

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I’m Gala McCray, founder of Two Arrows. I’m passionate about helping business owners achieve financial clarity and confidence. At Two Arrows, we blend expertise with care to empower you to make informed decisions and grow your success.

Ready to elevate your finances? Let’s turn your financial stress into peace of mind.

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