Timesheets don’t have a positive perception among employed professionals.
Some think timesheets are a way to spy on them while others have problems with proving they worked by filling out an Excel sheet.
However, the reality is quite the contrary. Timesheets are actually superb tools that can be of great benefit to any organization and its employees.
Let’s learn about timesheets in a bit more detail:
What Timesheets Are Not
To put it simply, timesheets are records of employees’ working hours. Timesheet tracking is the practice of analysing the timesheets filled out by employees.
Timesheet tracking is not an evil way for employers to keep their employees “in check”. It’s simply a record that offers information that enables management decision makers to make realistic commitments and better decisions.
Here are a few of the many benefits of using timesheets:
Accurately Predict The Cost, Timelines, And Resource Requirements Of Projects
With historical timesheets, you can use the information to make more accurate predictions. For instance, if you are talking to a new potential client, and have done a similar project with your team in the past, you can see the number of man-hours that went into the project. With this information, you can predict the estimated number of hours that will go into the new project, and in turn, the cost of the project.
Similarly, past timesheet data can also tell you if you will need to ramp up hiring in the future. If, for a project, you have seen that historically, your employees have had to log overtime to meet deadlines, you can prepare better for a new project by accurately predicting your resource requirements.
Ability To Identify Budding Problems
Let’s face it, all projects run into unforeseen problems. If the crisis management is not timed right, it doesn’t take a long time for things to spiral out of control. Such problems often lead to a delay in the delivery of the project, and many times, that’s the best case scenario.
With data from historical timesheets, you can identify problems that are forming and flourishing. Let’s consider a situation mentioned in the previous point. If you suddenly notice that your employees are logging in overtime in order to keep the project on schedule, you can work on hiring more resources and ease some of the pressure.
Accurate Billing And Payroll Processing
Creating invoices and processing payrolls is not a glamorous task. Moreover, manually doing these tasks leaves a significant room for human error. Even minor errors can turn out to be expensive mistakes.
Timesheets automate a lot of steps involved in invoicing and payroll processing, and give you access to accurate data that enables you to make accurate calculations.
You can also use timesheet management software to automate the entire process and eliminate the risk of human error altogether.
Employees Can Ensure They Aren’t Assigned Too Much Work
Just like managers, your employees can also analyse their own timesheets to accurately calculate the amount of time it takes them to complete a specific task.
With this information, they can negotiate the amount of work that is assigned to them. At the same time, their managers can also make informed decisions and commitments. Basically, the data from timesheets can optimise the decision making across all levels of the organisation.
Moreover, this reasoning can also be used by the management to communicate to the employees that timesheet management is a beneficial
In the end, it is important to remember that timesheet management alone will not benefit your organization. You must be able to analyze the information contained within your timesheets in order to make better decisions and enjoy the benefits of timesheet management.