Regardless of your company’s size, time tracking is essential for effective business running and productivity. By monitoring each employee’s use of time throughout the day and on projects, you’ll be able to increase the accuracy of your project estimates, see profitability soar, and improve team leadership.
One of the ways you can do all of this is by using timesheets.
Here’s why you should use timesheets
While timesheets may seem “outdated” or tedious, the benefits continue to prove their worth.
Easier payroll processing
Payroll processing is easier to do with the help of timesheets. Retainer contracts are billed accurately according to the time agreed on per project, and wages are billed correctly including any agreed upon overtime payments.
Improved accuracy and productivity
With the use of timesheets, staff are able to accurately report on the time spent on each project or per day. This significantly reduces any false reports on time spent working.
By using timesheets, employees are able to take stock of their own time management effectiveness. This inspires creativity in how they manage their time and efficiency on projects. Staff are also able to see those areas they are performing well in and those which need improvement.
Powerful insights
By using timesheets, you will be better able to pinpoint those project roadblocks which hinder your staff in project execution and delivery. This will help your team create better workflows, improve communication and accurate task delegation.
Improved company HR
According to HubStaff, timesheets assist with company HR by comparing how much time workers spend on projects vs their task efficiency. This will help you identify those employees who are deserving of a promotion or salary increase as well as who is costing your company time and resources.
HubStaff adds that timesheets give valuable insight on whether or not your company has the resources to hire new staff versus reshuffling existing employees. This helps you to save on resources while seeing an improvement in company productivity and efficiency.
What are the cons of using timesheets?
As with most things, tracking employee time with the help of timesheets does mean giving your staff the added inconvenience of capturing their daily hours spent at the office or on a project. Added to this is the con of company morale which may dip if timesheets are not used by all team members including management.
By creating a standard for every employee to record their daily time at work and on projects, you’ll help keep your company morale up and maintain good team vibes. This will ensure management expectations are the same as the rest of the team.
Finally, timesheet tracking is not error free. It is possible for incorrect times to be captured regardless of it being accidental or intentional. Such mistakes can reflect on the company’s payroll. Thus, it will be critical to ensure checks are in place to catch out these data mistakes.
How TallyPro can help you
TallyPro is a designated desktop and mobile time tracking software created to help make your business a success. By using TallyPro you’ll ensure all staff members, including management, are able to do the following:
- Track time with timesheets
- Assign specific jobs to the relevant employees
- Invoice projects correctly and efficiently
- Pull reports on both jobs and time used
With all these features and more, TallyPro is dedicated to helping you take your company to the next level. Start your free trial today!
