Why Does Your Business Need Online Timesheets?

Businesses of all sizes and industries constantly seek ways to improve efficiency and productivity.?

One essential aspect of this is tracking and managing employee time and attendance accurately. Traditional paper-based timesheets can be time-consuming and prone to errors, making it difficult to manage payroll, track employee workloads, and adhere to labor laws.?

In contrast, online timesheets offer a more streamlined and efficient way to manage employee time and attendance.?

In this blog, we will explore the benefits of online timesheets and provide a user manual to help businesses implement this powerful tool.

So, without any further ado, let’s get started.?

What is an Online Timesheet?

The online timesheet is a data sheet that employers use to track employees' time for a certain period of time. It is basically a record of time spent by employees on a particular task, client, or project.?

There have been different ways to record the timesheet, like paper, spreadsheet software, excel, and nowadays, online timesheet software is most widely used among companies for its convenience.

Why should Businesses use Timesheets?

For any business to rise and shine, effective?work must be performed for effective results. Thus, a business owner wants its employees to utilize their work duration in a productive manner. With a fleet of employees, it becomes quite difficult to understand each employee’s efficiency in finishing their task.?

Therefore, it turned out necessary to keep track of the employee’s dedication to complete the project. Here Timesheet comes into play. It will help to determine each employee’s work status. Accordingly, you can motivate the employee who is working slow.? This will help to meet deadlines and maintain the budget also.

How do different business sectors use Timesheets?

Various industries use?online timesheet software?in different ways. Let’s check out how:

• Law Firm

The law firm sector keeps a record of their client’s dealing hours and maintains a list of services they provide. Here, the timesheet assists in tracking the time spent on various cases, thus helping to ensure accuracy and efficiency in billing.

• Freelancers

Many freelancers charge per hour with clients. Thus, maintaining the time record is very necessary. To do this, freelancers use the Timesheet online calculator that helps to record the time precisely. This helps to keep transparency between you and the client and also helps in producing invoices accurately.

• Accountants

The accountant’s profit depends on how the workers of the company spend time completing the client’s project: the more billability, the more profit. Thus, to set a record of the time and bills, the Timesheet is required. But, the correct software should be chosen for the accountants that can help in employee tracking and maintaining the online timesheet.?

One recommended software is Workstatus, which includes an all-in-one feature.?

Workstatus is a cloud-based software that comes with tracking time, employee monitoring, and budget management. It also offers features such as employee management, budgeting & forecasting, reporting & analytics, and more.?

Moreover, its AI-powered dashboard makes it ideal for accountants who are short on time.?

With Workstatus’s timesheet feature, accountants can easily track their clients’ billable hours online and generate detailed reports with ease. This way they can keep track of how much money each client owes them without having to manually enter data every month.

Advantages of Timesheets

Here are the best shots that Timesheet plays for any business:

• Reduce Time Wastage

The use of Timesheets allows the manager to monitor employee performance and ensure that employees are making maximum utilization of their time. It also helps businesses identify inefficiency, which can be rectified using better processes or work allotment strategies.

• Accurate billing

Accurate billing is one of the key advantages of Timesheets. With an effective timesheet system, businesses can easily monitor and record their employees’ time for accurate invoicing and billing purposes. This helps them to bill clients accurately without any discrepancies or issues.

• Automates Billing

All the industries which provide services according to the hour’s use timesheets for billing. Furthermore, various software helps in automating invoicing and billing. With auto-billing, you can save ample time, energy, and resources that would otherwise be spent on manually preparing invoices resulting in more accurate billing.

• Project Management

Here are some points to know why a timesheet is one of the important tools for project management:

1. Tracking project helps the team leader keeps the new project ready to assign
2. By tracking the performance from the employee timesheets online, you can assign the projects according to their calibre.
3. It helps in measuring the overall efficiency of the project.
4. It also gives an overview of workers available and accordingly to distribute the task.?
5. Timesheets enable project managers to anticipate delays.
6. It also aids in estimating the expected cost to the real cost.

• Saves Company’s expenditure

Timesheets will give you the details on what project your employees are working with and with regular monitoring, you will understand who is not capable of performing the task. They track the total amount of time employees work with the output they produce. This way, you can spot the employees who are not dedicated and are costing your company.? Accordingly, you can take action on this.?

Must-have features in Timesheet software

• System Compatibility

When it comes to timesheet software, compatibility with existing systems is a must-have feature. If your organization already uses specific programs and platforms, look for timesheet software that integrates seamlessly with them. This ensures that data can be easily transferred between the two systems, and users don’t have to manually enter information into multiple sources.?

• Simple representation of information

Your timesheet software should have a user-friendly interface that includes different filters for your timesheets of daily, weekly, and monthly, and any other visualization that you need for a better understanding of your data to help you draw meaningful insights for better decision management.

• Timesheets approval and times-off request

Real-time should be available when employees submit their timesheets at the end of the day. Also, it should have access to accept or deny the times-off request for the employees based on their work schedules.

• Multiple device compatibilities

The timesheet tracking software should have the flexibility that allows the time logging from:

1. Web portal
2. Mobile phones
3. Any other system
4. RFID tags

• Easy integration with other apps

You should be able to save and export time records to other systems which will allow integrating timesheets with other apps.

• Technical Support

The Online Timesheet software should have hassle-free technical support all round the clock. Customers should be able to reach out at once and get the queries resolved.

—————————————————————————————————————-

Also Read: Hybrid Workplace | How it Works, Pros, Cons, Everything to Know!

—————————————————————————————————————-

Final Words

With the growth in technology, time has become a vital part of businesses, and simultaneously, a timesheet has been chosen by different industries to know each hour’s production. An online timesheet?software for employees like Workstatus will help you provide an auto-update of the employees' time schedules. This will help your business to drive to success. So, say bye-bye to paper timesheets and choose the software that will give accurate time notes, and your data will be safe and secured.

Read my original published article here.