Maximizing Business Potential with Timesheets

Time is an essential part of what makes your business run. And accurate capture can make all the difference. This also applies to a small error. Centuries-old manual systems pave the way for errors that cost you your profits.

The year is 2024, and inaccurate paper time recording cards, time-consuming stamping processes and confusing Excel tables are, fortunately, finally a thing of the past. It's the age of timesheets. And companies - regardless of their size - now use timesheets.

And why?

Because timesheets are the best way to track employee time, allocate resources, track their usage effectively, calculate payroll fairly, and save money.

What is a time recording sheet?

A timesheet is a table of data used to record each employee's working hours. It allows employers to monitor their employees' time and helps employees understand how much time they have spent on a particular project - thereby promoting ownership. Not just how many hours they spend, but also how efficiently they complete the task.

And that's not all. Companies also use time tracking sheets to record time spent on customers and projects. They help HR managers calculate payroll, bonuses and other entitlements. The goal? They are designed to help companies manage all of their back office and front office activities.

Simply put, a timesheet is a way to record the time worked by an employee and avoid the risk of incorrectly reporting working hours. Think of it as a register where employees have to record their entry and exit times - with a difference.

Why use time tracking software?

Not everything can be recorded on paper. This is where technology comes into play. It eliminates the mundane element, reduces the time required many times over and increases the accuracy of the results. Time tracking software is the key to a successful business. Not only does it track employees' working hours, but it also offers various filters to access the desired data - which is almost impossible with traditional methods. Many companies let their customers use their products or services on an hourly basis. Timesheet software keeps track of this and ensures nothing is forgotten.

Timesheet is the easiest way to track working time on any device, from anywhere in the world. For companies, this means better use of resource strategies to improve customer service and increase project profitability. Not only does it help calculate payroll at the end of the month, but it also provides insight into employee efficiency, employee productivity and employee engagement.

What are the advantages of a timesheet?

Time tracking can be monotonous. Therefore, timesheets are used to automate the process. But is it worth investing in software just to simplify time tracking? We know that by saving time and automating time tracking tasks, companies can save money. And over the years, timesheets have evolved beyond these basic tasks. So what else can a timesheet do for you?

Monitoring pre-sales activities

Pre-sales processes are important to achieve better offers and higher customer satisfaction. But do you know how much time you spend on it? By tracking this time, companies can understand which customers took the most time, the volume of business recorded, and make strategic decisions that impact revenue.

Eliminates manual billing errors

According to a report from Aberdeen Group, manual data entry into various systems can have an error rate of up to 15% due to typos. Timesheet automation can reduce this rate to 0% as invoices are populated directly with timesheet data.

Eliminates the possibility of under-invoicing

A major source of lost revenue, under-invoicing can rob your business of billable management time. Take, for example, the time spent on emails, meetings, and other communications. Although these hours may be considered non-billable, they could be valued differently depending on your policies.

Increases the accuracy of time tracking

Employees cannot always remember what they did on a particular day and time. A timesheet, on the other hand, does. Documenting tasks and start and end times daily can help promote a sense of ownership and reduce the burden of having to remember every little task they have worked on. They also receive timely reminders to record their hours. Supervisors can also review these projects at any time without constantly nudging employees. They can even use a single software to manage their days off, set up schedules, organize shift swap requests, keep track of availability, and more.

Provides a centralized database with transparency

Detect errors and reduce potential fraud through centralized reporting with timesheets. Employers can easily see which time entries were created or deleted by one employee on behalf of another. Since everything is digital and online, the system tracks every unusual transaction and helps you avoid fraud.

Promotes green HRM through paperless documentation

With Timesheets you can no longer lose important information. Get all the data you need, whenever you need it, with one click. Since everything is stored in the cloud, there is no longer any paper documentation - this promotes environmentally conscious HRM that protects the environment.

Process complex payrolls with ease

Processing monthly payroll can be very stressful and complex. We understood it. Timesheets takes the work off your hands and gives you all the insight, data and information you need to handle each employee's payroll without sleepless nights - all integrated with individual timesheet data entered by employees and reviewed by their managers become.

Tracks billable hours for freelancers

For freelancers, time is money, so Timesheet is key to their daily work. Also for designers, writers, accountants and lawyers. When they know where their time is spent, they can make better business and financial decisions. Certain time tracking software also allows you to automatically invoice your clients based on your timesheets, making the process easier and more transparent.

What does a timesheet contain?

A typical timesheet for your employees includes the categories that are important for tracking their work hours and tasks. These can include:

• Name of the employee
• Pay period (monthly/semi-annual/weekly/contractual)
• Dates and working days (weekdays/weekends)
• Working hours (overtime/regular hours)
• Start and end times (for each task/project)
• Total number of hours worked within a week or pay period
• Name of the project
• Name of the task within the project
• Name of the person approving the timesheet
• Allocated break time
• Allocated travel time (if required to be entered)

Questions to ask yourself before choosing timesheet software

• In a company, only some of the employees want to use time recording. Is this possible? If yes how?
• Who can manage time tracking? Please name the roles and their permissions.
• Can a project be created in IceHrm without a client?
• How many projects can be added under one client?
• Can a task be both billable and non-billable? If yes how?
• Can we add the same approver at multiple levels under the same project?
• Are timesheets saved automatically?
• Can employees see all timesheet statuses and time entries submitted for a project within a time period?

Timesheets aren't just records; they're keys to efficiency and accuracy. IceHrm empowers businesses to streamline time management and maximize productivity.