Time is a company’s most important resource; therefore, it is essential that this is utilized to its fullest potential. Each day we are gifted with a total of 24 hours and once the clock strikes midnight your day expires. Unlike money, you cannot earn more time, it is a limited resource. This is why it is important to focus on your goals and be efficient in the workplace. You won’t be able to turn back time, but you will wish that you had accomplished more in the past.
It’s better to be organized, efficient, and resourceful at work, therefore many companies choose to use timesheets as a method of managing their time. No matter what industry you are in, work management is an essential factor in running a successful business. If you want to introduce the concept of timesheets into your workplace, but you know little about them, keep reading! This is the article for you.
What are Timesheets?
First things first, employee timesheets are a software-based tool used by businesses to help track the time worked by employees. This tool helps tally up the hours your employees have spent working on specific projects for different clients and records their billable hours.
Project management and technology has advanced significantly since the old punch card days. However, this doesn’t mean that companies have stopped using timesheets to their advantage. Instead, they have more efficient ways of tracking and processing this data, which overall allows the business to be more organized with their use of time.
Timesheets aren’t only used to see how many hours your staff has spent on separate projects. They are a great way to see who is available to pick up more work, who is regularly working overtime, what tasks are still outstanding, and who is working on what.
Timesheets and Productivity
Timesheets are a great way to ensure productivity because this software gives insight into which members of your staff have too much on their plate. For example, if a certain project is in dire need of attention, the employee timesheet can show you who has available hours that can be put to good use.
This is a great way to avoid overworking your staff. Giving an employee too much work to complete can cause poor results, not just in terms of their quality of work but in terms of their mental and physical wellbeing. Timesheets are also useful for determining how many sick days and vacations have been taken.
Using time management software allows you to make informed decisions about your company. For example, the data aggregated by this software can show you which projects and clients are the most profitable.
Timesheets and Accuracy
It also helps you manage your expenses with each client and lets you know for certain that each employee is being paid what they deserve. Having this system will increase team accountability and transparency.
Rather than manually inserting how many hours you have worked, having an online timesheet can increase the accuracy of your billing hours. Make sure you implement an effective process to track the time they have spent working.
Payroll processing is more accurate thanks to the ability of timesheet software, as it tracks each employee’s billable hours. Inaccurate data is what leads to incorrect invoices; however, this automated software cuts down any unnecessary costs.
Using an online software to manage time lets your employees log on even from their home. This will avoid anyone billing off-the-clock work. This is especially helpful as we are currently experiencing a global pandemic that has caused an increase in the number of remote workers.
With a timesheet, your project managers will be able to determine the real cost of completing each project. They will find it easier to designate any outstanding work or hours to their team members, making the work environment a less stressful place.
You will also gain insight into which team members are better suited to different areas of work. Some employees will take longer to complete the same tasks. Having an exact record of this will allow you to boost their personal productivity. Thanks to timesheets, you will be able to see who needs more training in specific areas of the business. As well as who should qualify for taking on a new project or client.
Overall, timesheets are a great way to improve the productivity and efficiency of your business. Time is money, therefore, managing your time correctly is of the essence.