The rate at which technology is advancing is alarming, and with time being an important component of business, time tracking is essential to its success. Billing clients, better project management, and improved payroll processing are all possible with good timesheet software. Proper time management is a driving force to the success of a business trackable with quality software.
Employers track the time an employee use in working for a particular amount of time using a data table known as a timesheet. Timesheets record the time used on customers, projects, and works. When recording timesheets, there are many methods you can use, which include the use of time tracking software, paper, and spreadsheet software. Digital formats have replaced paper-based timesheets.
Accurate accounting for the time employees’ use on work and projects is a must for companies and organizations. A timesheet contains a time entry for a task or project where the employees will input the time they are starting work and ending the work. When billing customers and processing payroll, the companies or organizations use the data.
Effective use of time can aid a company in meeting deadlines, maintaining budgets, and achieving success. Therefore, accurate keeping records of time is important to the company's overall success. Timesheets are what companies use to keep records of time.
Payroll Processing: Employers need to keep track of the time the employees were working to make the necessary adjustments for payroll processing. Tracking the working time before approving payroll is easy using time tracking software systems. The most cause of errors in payroll processing is the entry of inaccurate data, but with time tracking software systems, it is eliminated, and you can smooth payroll processing.
Management Accounting: Managers can record when tasks begin and end with the aid of timesheets, thus making it a vital tool in management accounting. Identifying the areas delaying work from being complete and the tasks taking up more time is easy with timesheets.
Timesheets also have applications in specific professions, such as:
Law Office Timesheets: Timesheets are important in law as it is vital for law firms to have details of the services provided to the clients and the time used. It is easier for law firms to track bills based on time spent rendering service to clients using timesheets.
Timesheets for Freelancers: Time is one the most important assets to freelancers as it is a high priority since clients are charged based on the hour. When working remotely, it may not be easy to know the time used in doing a project, thus, making payment difficult. However, with a time tracking system measuring accurate time is possible, and when presented to the client, it will sound believable. The clients will be assured that they are paying the accurate amount for the service rendered.
Timesheets for Accountant: The time used for clients will determine how much the accounting businesses will make. Businesses make high profits when they are highly utilized and have high billable. Tracking bills and time are made easier with time tracking software which will be helpful for accounting businesses.
Time wastage on labor reduces when keeping track of time with timesheets as there will be weeding out of tasks taking more time than required.
Timesheets aid in deciding how to optimize tasks fully
Accurate billing is possible with the aid of timesheets, as the clients will have evidence of the time spent on their tasks. The clients will not need to constantly check the project status since payment is based on time.
Timesheets aid bill automation, thereby reducing costs and increasing revenue.
Tracking time with timesheets aid in improving project management as the efficiency of the project is measurable. Also, it will be easier to distribute tasks among team members since you can determine the time spent on a task with timesheets.
It is easy to determine what the employees are working on with timesheets which will help to compare results with the amount of time put into work. Therefore, the business will not have to pay lazy employees more than they deserve and inadvertently save money for the company.
There are many time tracking software; below are some of them:
QuickBooks Time Tracking
Compatibility with multiple operating systems
Simplified representation of information
Provide real-time status updates and the ability to approve or deny requests for time off
Allow time logging from web portals
Have a round-the-clock support system
Able to integrate with other apps