Mastering Time: The Essentials of Timesheet Management in Time Management Systems

Timesheet management is an essential part of human resources and business management. Time management is also crucial for project management. No matter what type of work you do, if you have teams or employees, you need a timesheet for time tracking and expense reporting.

Using an employee timesheet is just one part of time management. Before we get into time management that can help you do it more efficiently, let's define a few terms to get a better understanding of timesheet management.

What is a timesheet?

A timesheet is a physical or electronic document used by an employer to record an employee's time over a specific period of time. Typically, it is a data table that tracks the time an employee spent on tasks, projects, or clients. Timesheets were originally paper documents, but are now used almost exclusively in spreadsheets or digital tools.

Timesheets serve several purposes. They allow a company to accurately quantify the time its employees spend on their tasks. They also serve as a basis for payroll accounting for employee remuneration. But companies also benefit from timesheets because they help them meet deadlines, stay on budget, and manage time more efficiently.

What is Timesheet Management?

Timesheets record the hours employees spent on their tasks. But time recording sheets alone are only partially suitable for supporting a company. In order to achieve this, time recording forms must be integrated into a Time Management System

Time recording refers to the monitoring of employees' time recording forms and the analysis of these forms for time recording purposes. This is achieved through digitized and automated time tracking software that increases efficiency by connecting teams and managers.

Why is Timesheet management important?

Managing timesheets is important for employees and employers alike. Employees receive an accurate and regular paycheck. When they use a digital time tracking tool, they also gain efficiency because they don't have to waste valuable time manually filling out their time tracking forms.

The advantages for employers are manifold. For one, time tracking can help reduce time wastage by allowing employers to identify where employees are not working productively. They can then make more targeted decisions about which tasks to assign and how to ensure that the assigned tasks are optimized.

Employees appreciate the simplicity of time tracking, and the same goes for human resources (HR). HR receives the information they need to quickly and easily calculate employee salaries and manage PTO.

If a company bills by the hour, timesheet management ensures that billing is accurate. If you don't record hours worked, it's impossible to bill them to clients, especially if you use freelancers. With time tracking, you can not only track hours worked, but also be accountable to your customers about where their money has gone.

The meaning is also complex with regard to project management. For example, you can track performance and see who is working most efficiently, which can be helpful in assigning work to the most productive members of your team. You can also see who is working on what, who is available, and how far team members are completing their tasks.

Time tracking management also helps in managing estimated costs in projects. Using the team performance information above, managers can make more accurate cost estimates when creating a budget for a new project.

Steps to manage timesheets

There is a process for managing timesheets. These timesheet management steps apply to paper-based timesheets, electronic timesheets, and timesheet software. No matter what type of timesheet you use, timesheet management allows you to get the most out of your timesheets. Start with the following steps.

1. Assign work to your team members

First, look at your schedule and your team's available hours. If you have profiles on each team member, you can quickly identify the best person for the job and, if they are free, assign them tasks for the week. Be sure to calculate assigned hours to avoid overtime.

2. Track time spent on tasks

Once all employees have their tasks, you should start tracking time for their activities. This allows managers to monitor employees' work and ensure they are proceeding according to plan. Depending on the type of timesheet you use, this may happen automatically or may need to be entered manually into the timesheet.

3. Review submitted timesheets

Timesheets need to be secure, which is why timesheet management software is preferred. It has tools to lock a timesheet once submitted so that only an authorized approver can open it. This person reviews the timesheet and ensures that it has been completed correctly.

4. Approve timesheets for payroll

If the timesheet is correct, it is forwarded to payroll. When you use timesheet management software, the individual timesheet you approve is locked to ensure security while it is routed to payroll to prevent tampering. Payroll will then process the timesheet.

5. Save timesheets for future reference

All timesheets should be archived for several reasons. First, management will want to have proof of their employees' compensation in case a dispute arises. Second, as previously mentioned, old timesheets are valuable as historical data when determining costs for future projects.

What is Time Management Software?

We've mentioned times management software a few times but haven't defined it yet. Time Management Software is a digital tool that controls the time tracking process while monitoring and analyzing to find ways to work more efficiently.

Unlike paper time sheets or even electronic spreadsheets, time tracking software gives employees more time to focus on their work and less paperwork. At the same time, it offers employers an insight into the productivity of their employees and helps them to better manage it.

These are just the broad outlines. Timesheet management software improves payroll processing by tracking payroll approval workflow. It also ensures the accuracy of data to avoid errors in payroll while keeping the payroll process running smoothly.

It can be a work management tool by helping managers record the start and end dates for the tasks they assign to their teams. This allows managers to see which tasks are taking more time than the others. They can use this information to identify and resolve bottlenecks and other issues that are delaying work.

As already mentioned, the time recording software is also used to record employees' time. Once you've created a schedule for your employees, you can use time tracking software to track the time it takes them to complete their tasks. This helps managers track progress and allocate resources as needed to stay on track.

If your time is spread out and you have employees in other locations, time tracking software is essential as it ensures accountability. When managers are not in the same office as their employees, they can still monitor their team's work using timesheets. This ensures that all employees are busy and adhere to the project plan.

IceHrm’s Time Management System helps you with secure timesheets that streamline the payroll process and allow managers to track the time their teams spend on tasks. Setting up timesheets is easy. You can add tasks directly from different projects, copy the previous week's timesheet or fill them automatically. The timesheets are securely locked when submitted for approval by the administrator. They can approve it and also track time to ensure the work is completed as planned.