Importance Of Timesheet In Project Management

What are Timesheets?

Timesheets are statistic details or features of the software to check up on the worker’s duties that they do within a certain frame limit of time and budget.

How to record the time of an employee's work?

All the business firms or agencies must report for the time their employees put into the tasks for project completion. This record starts from the very first work that initiates the project till the final work on that project. This record is important for client invoicing. This strategy will help the companies to reach their time limits and accomplish the goals of the project. Our Time billing and the invoicing feature create time and expense reports that have been applied to a particular project to bill its customers.

Methods of recording timesheets:

Some methods of executing timesheets are as follows;

Paper method:

This method includes cards or notes. It’s not trending these days, but it’s useful in simple and small businesses.

Automated document:

 In this system, graphical, tabular, and pictorial forms make more schematic and representational methods for employees.

Time tracking software:

This can be costly and companies use this when big budgets are available, but they are useful in multiple projects and offer extensive service abilities.

Advantages of timesheets:

1) Reduces time devastation:

Proper timesheets provide a better understanding of work for e.g. you can have a look at how to save time from long tasks with accuracy.

2) Precise billing:

You are able to pay bills to your clients with accuracy. For example: according to the hours you work with the use of timesheets. In the same way, your client can see your working hours and project progress for further satisfaction.

3) Computerized billing system:

By using suitable software, business firms are able to calculate the bills automatically.

4) Better project management:

Project management becomes easy and better through timesheets and by using time tracking software. For example, some of the tasks that become easier are as follows:

• You can hire new employees by accessing their qualities for your project and tracking employees' performances, i.e. who work more productively and competently.
• Besides, timesheet software allows evaluating the estimated values of project resources and managing workers’ time. Moreover, the distribution of job load equally to all the project members is easy through time tracking software.

5) Save extra expenditures for your business: 

Managers can have a close look at the worker’s labor time and their outcome so that they can figure out who is not working properly and costing them more. In this manner, timesheet reports identify unreliable employees and in return save money for your firm.

Application of timesheets

1) Rectifying payrolls: 

Employee timesheets aid in rectifying employee payrolls, and their allowances become easier to calculate through the software. The chances of mistakes are less with time management software.

2) Project management: 

Timesheets are very helpful in better understanding the project’s tasks and improvise the efficacy of work in all aspects of the project.

3) Law workplace timesheets: 

In law jobs, you pay clients mostly according to the hours they work for you. Timesheets serve best in updating the records of work and having accurate billing reports.

4) Timesheets for self-employed individuals: 

For individuals who are self-employed, time management is the most important key to their success. Undoubtedly, Time tracking software offers accurate assessment and management of their time in the best possible way.

5) Timesheets for the accountants: 

Auditors also work hourly and receive their payments accordingly. Hence, the time tracking software is crucial in monitoring their working hours. In addition, it makes their payment process easy by calculating the amount of time they work on a particular project.

Required features in time tracking software:

1) System obscurity:

Within the same firm, you may need different working systems. The software which you are using should be advanced and upgraded in all the project fields of your company.

2) Uncomplicated presentation of work:

Your software must portray different forms of the information e.g. daily / weekly/ monthly or yearly timesheets. 

3) The procedure of data entry:

Timesheet software in your firm must have the following login features;

• RFID tags
• Web portal
• Mobile phone
• Other systems as well
• Status update software system

4) Easy access by the customers:

Your timesheet software must show full assistance all the time either through emails, chats, or phone calls to the customers. Our timesheet app and timesheet mobile feature are helpful in this respect.

Conclusion

In this advanced world, time is essential for everyone and by using our time tracking software online you will be able to compete in the advanced business world.