Use of Timesheet for businesses:
Know how your employee time is spent
You need to know how exactly your employees are spending their time. According
to a recent statistics most employees spend less than 50% of the time in productive
work. The reasons for low productivity can be employee burnout, multitasking, stress or
poor work management. It is crucial for manager to track their employees time which
will give an overview of productivity and efficiency.
Get complete picture of client projects
If you work on client's projects, you want to get the status of work at any time.
A timesheet report can help you provide this.
For professional services companies, month-end or year-end reports can show if
your company is spending enough time on your high-revenue customers.
It also provides a glance into employee performance and productivity.
Staying compliant with regulations
For complying with labor and government regulations, an accurate time tracking system
can show whether your organization is compliant. Non-compliance may lead to penalties.
If your company works in a government project, the DCAA compliance is necessary to
Allocation of resources
At the end of the week or month, if the budgeted hours for a project exceed or
work progress is slow, the supervisor can take action by:
- Optimizing more labor for the project
- Providing training to the underperforming employees
- Delegating tasks to more efficient employees
Billing and Invoicing
Timesheets give a detailed breakdown of the time spent by an employee for each project and task,
making the client billing and invoicing easier for different projects.
Tracking TimeOffs and Accruals
Most companies implements various leaves like Paid Time Off, Sick Leave etc. These
leaves accrue over time based on the company policy. These can be recorded and
calculated along with work hours during payroll processing.