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Monday, December 6, 2021

Must-Know Information About Timesheet You Should Consider

The use of timesheets has become very popular everywhere. It has become a part of the day-to-day works of the employers as well as employees. This article will talk about timesheets, that will let the working people get an idea about timesheets, timesheet software, etc.

What is a timesheet?

A data table that is used by employers to track the number of hours a particular employee has worked in a particular time period is known as a timesheet. A firm can use a timesheet calculator to record and get an estimate of the time spent on clients, projects, and tasks. Timesheets can be recorded in many ways, be they on paper or through software.

In the timesheet, the time entry is made. As it is already known that any organization or firm should keep a track of the time their employees spend on each task or their working hours. The data of timesheet work by an employee entering its start and ending time of a particular task/project/day-to-day working hours. This timesheet or time entry record is further used for letting out payrolls or for client billing.

Businesses need to keep a proper track for achieving success, maintaining the budget, and meeting deadlines and this is where timesheets come to the rescue.

Who was the man behind the invention of the timesheet?

The pendulum clock is the first clock that was developed by Christiaan Huygens in 1656. But, it is Williard Bundy who gets the credits for the modern timesheet concept. In the 1880s, Bundy invented the first “automatic mechanical time clock” and got it patented later. The architects, lawyers, and engineers, back in those times did not prefer getting charged on an hourly basis but today it is just the opposite.

How are timesheets filled?

The template of the timesheet depends from company to company. Generally, it is the employee who has to fill in the timesheet with the details such as the time spent by them on work, or a particular client or a project. But, the purpose is not limited just to that. An employer can also use a timesheet to track the arrival and departure times of its employee and even the break time is taken by them. These data can be filled every day and finally compiled every month but again it depends on the type of timesheet one is using.

What are the different categories of timesheets?

A timesheet is categorized into the following types based on the information they contain or on time period based.

    • Project Timesheets
    • Supervisors daily timesheet
    • Daily hourly employees timesheet
    • Biweekly timesheet
    • Weekly timesheet
    • Semi-Monthly timesheet
    • Monthly timesheet

What are the applications of timesheets?

1. Payroll Processing

With the help of a timesheet, employers can process payroll by tracking leaves, adjustments, accruals, and the working hours of their employees. For the approval of payroll, employers are provided with a workflow that is trackable through timesheet software. Employers encounter many errors when calculating the time for the payroll, this is when the software for time tracking comes to the rescue.

2. Management Accounting

When it comes to management accounting, a timesheet is considered to be a valuable tool. The managers need this tool to track the start and the end time for different tasks. Timesheet becomes very helpful for the managers when they want to evaluate the task that takes up more time and also which area takes how much time for completion.

3. Timesheets for Law Office

Most lawyers, especially in the US, charge their clients on an hourly basis. So, a timesheet is very mandatory for them as it allows them to store and track data for the service provided to clients and the hours taken by each.

4. Freelancer Timesheets

For the people who freelance, time is money. Tracking time becomes one of the topmost priorities for freelancers as they mostly charge on an hourly basis. It becomes very difficult to keep the track of the time when the location of the client is different than that of a freelancer. This is when timesheets make things easier as time spent on a particular client can be recorded and further shared with them. It is very important for the clients to know where they are spending the money and for freelancers, it tells if they are paid enough for their work.

5. Accountants Timesheets

An accountant’s profit is directly proportionate to the time they spend on their client efficiently. High billability and High utilization mean a higher profit. So, the time tracking and timesheets software will track both time and bill. Hence, before choosing software, the most efficient and reliable timesheet should be used.

What are the Advantages of using timesheets?

As discussed earlier, there are many benefits of a timesheet but some of the most popular advantages are:

1. Time is used efficiently and not wasted

Through timesheets, an employer knows the area in which their employees are not working efficiently and even the employees get to know which area are they wasting their time in unnecessarily. This further helps to decide how can time be optimized to the maximum.

2. The bill created is accurate

Billing can be done accurately with the help of timesheets. The clients don’t have to keep checking to make sure that their money is not going to waste. They can simply go through the timesheet and get an idea about how effectively and efficiently is working for them.

3. Billing can be automated

Every organization where services to clients are rendered on billable hours definitely uses timesheets software. By automating invoicing and billing, there can be a cost reduction as well as the revenues can increase.

4. Improved Project Management

Timesheet is a very important tool when it comes to managing a project because:

    • An employee can be qualified for a new role, task, job, or project based on its efficiency and performance.
    • Project managers can know which employee is best at one particular area by analyzing the time they spent on it in past and further utilize to allocate them to the most appropriate project
    • They can provide additional training to the employees in the field they take more time and this can be analyzed by going through the timesheet
    • The overall efficiency of a project can be measured through timesheets.
    • Availability of a particular employee and worker can be analyzed through timesheets and further the ones who do are not allocated in any project be given a priority when something new comes up.
    • Anticipated delays and project progress can be monitored.

5. Helps companies to save on money

Business owners or managers get to know the area their subordinates are working in currently. The efficiency of an employee is calculated by the senior management by evaluating the time taken by a worker to complete a task. Through timesheets, the employees who perform poorly are identified, which makes it easier to understand on whom should they spend money.

What are the features a timesheet software must have?

Any firm or employer should make sure that the timesheet software they select has all the features mentioned below.

1. Compatible With Maximum Systems

A company has many employees and they can use multiple operating systems. So before selecting a timesheet software, one should make sure that is compatible with Linux, Windows, Mac OS, IOS, etc.

2. Representation Of Information In A Simplified Way

The software should have various filters for the firm’s information based on the departmental timesheet, monthly timesheet, weekly timesheet, daily timesheet, and other suitable visualization that the organization might need.

3. Approves Time-Off Requests And Timesheets

A real-time update of the status should be available to the managers when a detailed timesheet is submitted by its employee. A feature of the employee requesting a time off and the senior approving or denying it should be available as well.

4. Various Methods Must Be Available To Enter Data

The software that one would choose should be flexible when it comes to allowing time logging from mobile phones, RFID Tags, web portals, or any other system.

5. Technical Support Should Be Provided

The software becomes very efficient when a 24/7 helpline is available despite the client’s location. So, choose software that assists you through various means that include email, chat, or phone.

6. Well Integrated With Other Applications

A company uses various business applications and there might be a need to export the time records to a different system. So, the timesheet software chosen should be compatible with other apps as well.

How is productivity and timesheet software interrelated?

It is believed that productivity can be increased when a firm uses timesheet software to track time. Here is a list of how business productivity can be increased:

    • Time theft is minimized
    • Transparency and team accountability is increased
    • Helps to follow a schedule and stay organized
    • Encourages prioritization
    • The focus on the top priorities is increased
    • Discourages multitasking

It is clear that timesheet software encourages better time management and productivity by making everything effective, easier, and convenient.

What are some of the best timesheet software available?

1. Time Camp

This software is completely free and available for ios, mac, windows, android, Linux, and many more. It is fully automated and time can be tracked for both non-billable and billable hours. The detailed and comprehensive reports can be converted to google spreadsheets, pdf, excel files, or CSV. GSP tracking, extensive integration list, cost and project time tracking, automatic reminders, etc are some other features of this software.

2. Harvest

It is available for time tracking applications, mac, windows, android, or ios. One of the best features available is that it tracks expenses and time. Information such as budget spent, time spent, project progress and team performance information can all be easily accessed.

3. Zoho Projects

It is available only for ios and android and some web apps. All timesheets and projects are available in place, making it a hub for project management. Team collaboration for teams to connect and create a unified workflow.

4. Homebase

This software is a go-to for the firm that has employees working remotely as well as physically. It is available for ios, android, and web apps. It tracks breaks, overtime, and working hours making it easier to calculate the payroll. A combination of project management and human resources functionalities are available in this software.

5. ClickTime

This software for time tracking is cloud-based. It helps to report, manage and track the employee’s time. It improves performance and reduces the cost. The professionals and businesses that need a timesheet app that is all-encompassing should use Clicktime. It is an available mobile tracking application in android and ios as well as web tracking apps.

6. Tick

The timesheets available in tick are very simple and light-weighted. It is available for chrome extension, apple watch, ios, android, etc. It does not have a lot of features but has an automation facility, transparent reports, and project tracking feature.

7. Scoro

It is best for the management of a business and real-time updates. It has all the necessary features that a project management tool would need. But it is a little expensive when compares to others, but there is no harm in trying it as it has a 14-day free trial available.

8. Replicon

This extensive system enables project managers to track their employees. Anyone who is looking for a comprehensive tool that is full-featured should go with a replicon. It even enables to manage employees’ attendance and global time, gross pay, time off, wage-and-hour compliance, tracking billable rates for the employee that are paid on an hourly basis, revenue recognition, and client billing. It even can be tailored according to one’s need. It is available for mobile tracking and web applications.

9. Hubstaff

It has a feature of online timesheets and reporting as well as GPS tracking, which makes it best for a few companies. It helps in managing the workflow, the team and also improves efficiency. Payments, invoices, and team calenders can also be kept a hand on in this software. The good is that it is available for web tracking apps, mobile apps as well as desktop apps.

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Josie Patra
Josie Patra is a veteran writer with 21 years of experience. She comes with multiple degrees in literature, computer applications, multimedia design, and management. She delves into a plethora of niches and offers expert guidance on finances, stock market, budgeting, marketing strategies, and such other domains. Josie has also authored books on management, productivity, and digital marketing strategies.

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