Timesheet – Everything you need to know!

Timesheet Definition

A timesheet is a tool that helps you to record and keep track of your worked time. Previously employees would record their work hours on paper or on a spreadsheet. But with changing times mostly all the businesses have started using various kinds of software for tracking time.

Timesheet software ensures accurate billing for projects, helps you stay on budget with your projects, makes payroll calculation process smooth, and automates your attendance process.

Time Tracking
Time Tracking

Using Timesheet at various levels:

Using timesheet at various levels

 

Why should businesses use Timesheet?

  • Timesheets help to measure employee performance and productivity.
  • Timesheet gives a glance of all the work done by employees for a week or month. At the end of the week or month, if the budgeted hours for a project are exceeding or work progress is slow, the supervisor can take action by optimizing more labor to the project or provide training to the underperforming employees, or delegate tasks to more efficient employees.
  • Timesheets give a detailed breakdown of the time spent by an employee for each project and task, making the billing process easier for different projects.
  • Timesheet report analysis will help businesses in making decisions about budget estimation and allocation of resources.

Who can use Timesheets?

  • Freelancers: can use timesheets to track working hours for individual projects and charge their clients accordingly.
  • Small Businesses: can use timesheets to track time for each project they are working on. Timesheets will help them determine work hours spent on a project, project status, and employee productivity. Tracking time using timesheets is also helpful for remote work.
  • Government Departments: Consultants or organizations working under Government contracts need to comply with DCAA regulations. Using timesheets will prevent fraudulent billing and ensure the filling up of timesheets as per Government recommendations and guidelines.
  • Construction Industry: Timesheet management will help the construction industry manage their projects efficiently and properly allocate resources. It will also help track the time of their laborers daily.
  • Educational Institutions: An efficient timesheet software in the education sector will help to manage the staff attendance, schedule, and plan work, manage payroll, and can also streamline the workflow on a daily basis.
  • Lawyers: can track time for each client with timesheets and bill them accordingly.

Advantages of using a Timesheet:

Using a timesheet helps employees to stay competitive, productive, and creates transparency. Following are the advantages of using a Timesheet:

  • Project management:

Timesheet management helps to maintain all the details of the Projects, which helps in:

  1. Proper creation of tasks for each project.
  2. Allocation of employees for each task or role based on their performance.
  3. It helps to identify problem areas, and accordingly, the supervisors can take the desired action.
  4. Proper analysis in project management helps to monitor a project’s progress and makes the project deliverable on time.
  5. Daily time tracking by employees will help in the estimation of time taken to complete a project.
  • Bill accurately:

Timesheets help to justify all your invoices and billable hours. Timesheets give a proper record of time spent on each task. These details in the timesheet help the clients see where the actual time is spent and track progress. Timesheets will help your clients ensure that the projects are being handled efficiently and billed accurately.

  • Improvising with powerful insights:

Timesheet reports give an insight into all the ongoing work. It helps to identify the problem areas in the execution of the project or task. This analysis will help you in making a decision on the workflow or allocation of resources.

  • Improve productivity:

Many times employees spent most of their time on social media. Making the employees track time with a timesheet software will encourage them to work more seriously, which will help improve productivity and reduce procrastination. Tracking time using timesheets will also give the management a glance at the work done by remote working employees.

  • Delegation and Automation:

With continuous tracking of time with Timesheets, the management will be able to estimate how much time a particular task takes to complete. With this estimation, the delegation of tasks becomes easy. Some manual work can be automated, and employees will be designated with tasks that need more focus. This automation and planning reduces wastage of time, improves employee efficiency, and helps employees focus more on essential tasks.

OfficeClip easy to use Timesheet features:

  1. Simple and easy-to-use interface: OfficeClip Timesheet has a straightforward and easy-to-use interface. Employees can simply log in their time and add work details or use the Check-in Check-out system to record their work timings. Once time is recorded, the employees can submit their timesheets to their respective managers at the end of the week for approvals.
  2. Flexibility: OfficeClip Timesheet has flexible time recording cycles like weekly, bi-weekly, semi-monthly, or monthly.
  3. DCAA compliance: Organizations working for Government contracts must have timesheets that are DCAA compliant for auditing purposes. OfficeClip provides a timesheet with the DCAA compliance feature, which will help the auditor closely monitor all the edits done to the timesheets. It also ensures the filling up of timesheets as per the DCAA rules and regulations.
  4. Reporting: OfficeClip Reporting feature will help measure and analyze employee performance, and it also can create custom reports as per requirements.
  5. Affordable: OfficeClip timesheet is available at an affordable price with different editions.
  6. Export: Users can export timesheets in CSV format and also to the ADP payroll system. Addins like Quickbooks and Sage50 Accounting software are also available.
  7. Other features: Along with time tracking, users can also track their Expenses, track employees Time off, and create Invoices within OfficeClip applications.