Five Reasons why timesheets are important for small companies

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Mentioning ‘timesheets’ to your employees can bring lots of moaning responses. From the extra work, employees have to carry out to inevitable human errors; timesheets can take employee morale down if not implemented properly.

As long as you know the potential drawbacks, timesheets can become essential to your business. As a result, they have developed throughout history, from pay sheets tracking employee payments to timecards ‘punch in’ and ‘punch out’ of work and automated systems offering more sophisticated time tracking methods.

So when and if you decide to implement timesheets, the best practice is to do so across your entire business, starting with management. You will only reap the benefits if everyone is on board!

Bear in mind that an accurate recording is essential to any successful business, making timesheets indispensable in this case. These will contribute to a company complying with its budgets, meeting its deadlines, and being successful when using time effectively.

So what are the benefits of timesheets?

Below are five significant advantages of using timesheets:

1. Reduce time surplus: timesheets can help employers understand where employees are wasting working hours. Getting an insight into which responsibilities take longer than expected can help optimize duties.

2. Easy payroll and HR: automated timesheets turn payroll into smooth and programmed monthly payments. In addition, entitlement and other HR tasks become accessible, making room for a range of work to be accomplished.

3. Lower cost due to accurate billing: whether you are tracking hours for another business or monitoring hours of intervention from another company, timesheets secure precise time tracking, leading to clear billing. Overall, this ensures fair and correct payments with more room for financial savings.

4. Automate billing: Some timesheets software allows automatic invoicing, reducing working hours to perform this task, and helping in keeping track of all invoices. 

5. Track staff behavior and adapt roles: this allows you to understand staff fluidity, which departments have employees staying longer or checking out earlier, helping allocate resources better and saving again on financials.

In conclusion, timesheets are beneficial for small businesses in achieving more precision and accuracy across departments, leading to improved management and financial savings across your company.  

[Taranjeet Singh]

@Andreas Springer _Actonic_ Thanks for sharing the knowledge on the benefits of timesheets for small companies! I believe that timesheets are important and beneficial for all size of companies alike, for accurate time tracking, cost tracking, and billing purposes.