“It’s time-consuming”
“It is tedious and takes away from doing our main job.”
These are the most common thoughts running through the majority of team leaders’ and employees’ minds when they are asked to track time. And these feelings are valid. The traditional, paper-based or even Excel-based way of tracking time is cumbersome.
However, in today’s new way of working where there’s hybrid, remote, and in-office work, the significance of timesheets has increased. Let’s look at why companies, big or small, are asking for assistance with timesheet management and the benefits of adopting this practice.
Definition of Timesheet Management
Timesheet management is the way of tracking and analyzing employee hours and how much time they have spent on tasks. Timesheet management helps calculate payroll, invoice clients, and understand the difference between time planned for tasks vs. actual time taken.
The distinguishing factor in today’s timesheet management practices vs. the old-paper-based method is that now time is considered a resource. Also, with more employees working from their homes, it’s become harder to monitor what they are doing and how much time they are spending on critical tasks.
Timesheet Management vs. Attendance Management
A common misconception is that timesheet management is the same as tracking attendance. It is not. Attendance management is all about checking to see who’s in the office/working on a particular day. That’s all it does.
Timesheet management goes beyond just tracking clock-in and clock-out times. Timesheet management looks into all the tasks an employee is assigned and how much time they are spending on each job. This data is then utilized to make strategic decisions like future project planning, hiring needs, and billing.
5 Benefits of Using Timesheet Management
Want to know how a timesheet software can do for your business? Here are five instant advantages of investing in a timesheet app or tool.
1. Improved Scheduling and Workforce Planning
The time-tracking software will tell you how many hours each job task takes. Over time, you’ll be able to identify consistent patterns. These insights can help adjust and build work schedules to a more realistic timeframe. This also helps create accurate quotes for clients, which is another win!
The software also identifies how much time employees have available to take on new assignments. This will ensure that nobody is overloaded with work. Conversely, managers can spot underutilized employees and assign work to them.
By tracking time on a project, a manager can see if a resource is actually qualified for a new project, role, or job based on their performance. Also, by analyzing time usage, you can determine the skills of a resource and utilize them in functions for which they’re better suited.
2. Accurate Payroll Calculations
Manually calculating payroll is a headache and burden for 70% of organizations. And, as the employee landscape keeps changing, it’s getting even more challenging to administer payroll. But what’s not changing is the necessity to pay your employees, gig workers, and contractors: accurately and on time.
Investing in a timesheet management software automates and speeds up this process. With a tool, there is no need to collect manual time sheets and collate the data. The data is accurate and up-to-date, allowing for fair and timely compensation of workers.
3. Reduced Time Wastage
By being able to track how much time is being spent on each task, timesheets reduce time wastage and improve productivity. Tasks that are taking longer than expected can highlight issues such as a mismatch in skill sets or training needs. You also have the option to weed out time-consuming, administrative tasks and focus on productive/billable tasks.
4. Increased Employee Accountability and Productivity
When employees are provided visibility into their time and can see how long they are taking to get through tasks, they gain a sense of ownership over their work. Timesheet management tools give them this visibility so employees can directly see how their tasks tie into the bigger picture. Employees can get a fair gauge of their performance level by seeing how much time they are taking to complete assignments.
Also, with time-tracking software, employees can always see the “next” thing they need to work on. This will save the company time and increase productivity as employees won’t be “waiting” or sitting idle till the next project roles in.
5. Better Compliance
Accurate record-keeping is vital for any organization to comply with labor laws and regulations. In industries like aerospace and healthcare, hours worked by your employees are required for reporting and compliance reasons. It’s a huge task at the end of each month or quarter to compile and submit. If this is not done on time or there are many errors, the consequences can be grave.
With a timesheet software like eRS, submitting compliance reports will be completed within minutes. Log in to the cloud-based software, access the reports, and pull the information you need.
Timesheet Management is More Than Time-Tracking
For organizations looking to improve time management, resource allocation, and efficiency, real-time timesheet management software offers a wide range of advantages. By adopting this technology, businesses can benefit from enhanced accuracy and transparency, streamlined workflows, better resource allocation, and improved compliance with labor regulations.
Integrate eRS into your business operations and revolutionize the way you manage employee hours and projects.
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