Accurate Timesheet Management System for Precise Time-tracking and Accurate Billing

An online timesheet management system helps keep accurate track of your employee’s productivity. It provides precise fool-proof data about the tasks undertaken by each employee. Having this information ensures that you have a clear picture of the various activities carried out by your workforce in a specific period. You can also understand the time spent in completing a task and measure the difference in the productivity rate of different employees by comparing the time spent to complete it.

A timesheet management system also provides accurate data that can be shared with your clients for billing them accordingly. It can provide precise data as the entries are fixed under the approval and cannot be changed by the employees. It also helps to easily retrieve past information and generate accurate reports irrespective of time. Since the process requires zero paperwork, it is also less expensive and requires minimal employee and management effort.

There are multiple benefits of implementing a robust timesheet management system. The most significant advantage of such a system is the accurate tracking of employee productivity. Additionally, it also helps understand the time required to complete projects, which will help provide better project completion estimates to future clients.

The major benefits of timesheet software are:

• Improve Accuracy

  
  

  The timesheet software requires employees to enter the time required to undertake specific tasks. The manager (or multiple managers) approves these entries, and the final data is recorded. As a result, you can get accurate information about your workforce’s productivity.




• Paperless Data Entry

  
  

  You can ensure precise data and avoid malpractice with paperless data entries. It also avoids the cost of maintaining the bulky ledgers on which such entries are usually recorded.




• Easy Reporting

  
  

  Since the records are maintained on the system, accessing and retrieving the records becomes very easy. Along with the bifurcation of billable and non-billable work, it helps in easier reporting.




• Increased Efficiency

  
  

  Timesheet maintenance and data retrieval become more efficient with a dedicated system to track and manage employee productivity. As a result, the staff starts performing well, and you can avoid instances of time theft in your business.

There are multiple benefits of implementing a robust timesheet management system. The most significant advantage of such a system is the accurate tracking of employee productivity. Additionally, it also helps understand the time required to complete projects, which will help provide better project completion estimates to future clients.

Some of the most significant features of employee timesheet software are:

• Simplified View

  
  

  The timesheet software should have a simple dashboard or an overview of employee productivity. It helps the manager keep track of their staff’s productive hours. On the other hand, it also helps the employee understand their productivity and make any changes if required.




• Timesheet Approvals

  
  

  Timesheet management systems should have the option for the manager to approve the timesheet entries by their employees. Additionally, one can also avoid time theft by having multi-level approvals.




• Remote Access

  
  

  Since many employees work at the client location, they may not always have access to their system. In such a scenario, having a dedicated mobile app proves immensely helpful in remotely accessing and filling the timesheets.




• Billing Support

  
  

  There should be an option to bifurcate billing and non-billing hours as it helps to bill the client accordingly with the backing of precise data. It helps make the process transparent and efficient.




• Custom Reporting

  
  

  Reporting is another prominent must-have feature for any timesheet system. It helps understand various metrics such as project progress, employee productivity, time theft occurrences, task-specific average time, etc.

A start-up requires time tracking software as it helps improve employees’ productivity by avoiding time theft and providing measurable productivity figures. Additionally, it helps understand the cost, time and effort required for specific project completion, which ensures better estimation of these parameters in future. A better estimate also results in better client satisfaction, which is crucial for a start-up.

The timesheet management system also helps the management realize the relative productivity rate of its employees. You can identify the low-performing employees and have a word with them to understand their issues and help resolve them. It enables you to improve your brand as an employer while leaving you with satisfied employees.

The employee timesheet system helps the company easily track its employees’ output with the help of timesheets. A timesheet is a sheet that details time each employee takes to complete specific tasks. The standard details in the timesheet include the task name, task-begin time, task-end time, employee name, client name, and other remarks or descriptions regarding the task.

The timesheets are required to be updated by the employees once they finish a task. Their manager will verify its authenticity and approve the entry to make a permanent record. This data helps the companies understand their employees’ output and develop a robust estimate for common projects they undertake regularly.

Processing employee payroll is a time-sensitive process that needs to be undertaken with utmost diligence. Any oversight from the HR and accounts team could result in enormous losses for the company. The initial step in processing payroll is to collate the employees’ work time in a salary cycle.

With a manual time-tracking system, companies are often left at the mercy of employees doing malpractices such as time theft, buddy punching, etc. However, with an automated system handling timesheet management, recording employees’ productive hours becomes more streamlined, accurate and foolproof. As a result, it ensures correct working hours data and makes it easier for the HR and accounts team to import this data into their payroll software.