Timesheet data are not essential for tracking how much time an employee has worked over a certain period. Most businesses use timesheets to keep tabs and record how much time an employee spends on tasks or projects or bring close a deal. Over the years, employers have used different methods such as paper, online tracking software, and spreadsheet software to record timesheets.
Thanks to advancements in technology, digital format timesheet have taken center stage and shoved paper timesheets into the background. You have probably been wondering and asking yourself why timesheet software are causing so much buzz in virtually every employer-employee setting.
To answer simply, employers and business owners alike are constantly on the lookout for a reliable and efficient means of accounting for the amount of time their staff spend on tasks. With the aid of time entry, an employer can monitor the time a worker starts and completes a project, and the information can be used in payroll processing as well as client billing.
Why should I use a timesheet software?
As you can imagine, timesheet software help businesses manage time and make the most of their staff work hours, maintain budgets, and of course, complete projects in time — meet a deadline. As we hinted earlier, the applications of timesheets are numerous. In addition to using them to meet deadlines and using time judiciously, timesheet software also comes in handy for management accounting.
What does that mean?
Business managers leverage this valuable tool (speaking of timesheet software) in management accounting by using it to track tasks — start and finish time. This helps managers identify areas of the business that consume more time or cause delays. With such information in hand, they can make provisions for more hands to man such tasks or look in the direction of automation.
What industries make use of timesheet software?
The use of timesheet software is not limited to any industry; it has found application in virtually every industry, including (but not limited to) accounting businesses, freelancing, law firms, and construction. To help you understand how a timesheet software work, here is a brief description.
The timesheet software records the amount of time expended on a task, job, project, or working for a client. Since we are in the digital age, the information is no longer recorded on paper but on a cloud software system where it’s continually updated for days, weeks, and months. The date is later used by management for staff performance evaluation and calculating staff pay. Think payroll and billing, budgeting, productivity appraisal.
- Timesheet software in freelancing
As the famous saying goes, time is money. Freelancers get paid by the hour; as such, they need a robust and efficient means of tracking time. Since most freelancers work remotely, they can turn in projects regardless of location. All you have to do is use a time tracking system like timesheet software to measure time spent on projects and share the record with your client (who will, in turn, make payments based on the information provided.)
- Timesheet software for accounts
In accounting, businesses depend on an efficient time monitoring system to accurately measure how much time workers spend on clients. That way, they can make an informed decision on their billing system — high billability equals more profits. The same thing applies to law firms and other industries. The idea of to use timesheet software to track performance and boost productivity.
While you are at, remember that timesheet software are not intended to box employees or change them into who they are not. Even though you need to account for every second an employee spends on a task, you must also have it in mind that workers need to interact with one another to be productive and creative.
So, it isn’t advised that you use timesheet software to spy on employees, deny them breaks, and cause them to work non-stop in the name of boosting productivity.