5 reasons to invest in a timesheet software

Time. It’s the most crucial resource for any business. Managing it with a timesheet software can boost efficiency and help allocate resources within the workforce. With such software, managers needn’t micromanage their staff and divert their efforts to other important tasks at hand. 

There are numerous work-related activities that employees process day and night, and a sheet of paper is never an accurate measure of actual working time. 

Moreover, piles of timesheet papers do not reduce business cost. In reality, it’s quite the opposite. Manual entry is an added burden for the HR team and results in errors and non-compliance. 

Timesheet software is not an option

It’s a necessity. 

• The purpose of timesheets is to track how much time a particular employee has spent working in a given period. 
• With it, you can easily know how much time is dedicated to projects, tasks, or clients. 
• It eases complicated tasks such by automating complicated tasks like billing and payroll. 

Here are 5 major reasons why you must invest in a timesheet software

1. A treat for both employees and managers

Timesheet software provides an accurate record of the time employees devote to projects. They can access their own timesheets which will help them stay focused. 

Managers can alert them of the time being wasted — a push to get them back to work and meet targets.

Managers also benefit greatly from the software as they now know the total time spent on any given task. They can make the necessary alterations to ensure that deadlines are met and to reach optimum efficiency

They get to know who contributes what to the organisation in quantifiable terms. This ensures that all employees contribute appropriately and resources aren’t utilised unfairly.

2. Customer billing and employee payroll

You have to charge your clients/customers on the basis of the time spent on the project. Timesheet software ensures that you never charge your clients inappropriately. 

Timestamping project modules at every stage until completion adds to the transparency between the two parties.

Timesheet software also aids in accurate payroll management. You’ll have precise records of the number of hours your employees have spent working. This eliminates complex calculations, chances of errors, and unnecessary confusion at the time of salary calculation.

It also paves the way for overtime payment and time-based incentives for employees.

3. Reduce costs 

Timesheet software is known to significantly cut down cost for businesses.

For starters, you won’t have to pay your employees to process paper timesheets because the process is automated.

Dedicated personnel won’t have to manually record working hours for employees on paper. This, in turn, nullifies the chance of errors which again saves the cost arising from fines and penalties.

Finally, when you track working hours in real-time, you get to know which projects consume more time and thereby increase the overall cost. You can then make the necessary changes to get the same work done in less time.

4. Estimates and Budgets

How does a timesheet software lay the groundwork for estimates? 

Tracking time and cost constraints for a project with a timesheet software enable you to establish estimates for potential tasks and projects in the future.

You can also work towards identifying problem areas that consume more time in your current projects and plan accordingly. This leads to setting-up of budgets, goals, deadlines, and estimates.

5. Accurate and verifiable

Paper timesheets are not only prone to errors but also difficult to manage. Whatever you enter in paper timesheets cannot be verified. 

However, this isn’t the case with timesheet software as the system admins are aware of user activities. This adds legitimacy to the entries made in the timesheet software and lessens the burden on HR personnel.

Time is money. By managing time efficiently, you can meet deadlines, get desired results, cut down costs, and offer excellent customer satisfaction. Leverage the power of a timesheet software if you haven’t already.