Companies can benefit significantly from web-based timesheet software programs.
In this day and age, where companies aim to reach more customers daily, There are also home-based employees who work and report from their houses.
The mobility of employees in today’s workforce may be beneficial in the marketing and operations campaigns, but it certainly challenges timekeeping and payroll processes.
It may also affect the productivity of the companies as some employees won’t work to the full extent if they are not under supervision.
Many companies these days rely on traditional timekeeping devices such as a basic time clock or a simple timesheet.
The problem with these time-keeping devices is the human component.
By simply putting in a wrong entry an employee can cheat his company, intentionally or not, making his or her pay higher than it should be.
These mistakes were unknown at first, letting businesses absorb costly human errors. With the invention of web-based timesheet systems, these errors can be reduced to a vast extent and hence save a large amount of money.
With web-based timesheet software, employees can log in their hours from anywhere in the world where they can get connected to the internet.
Whether the employee is located at the main office, working from home, or even working in some far-off area of the world, a web-based timesheets program will help employers track the attendance of employees directly and more simply.
Mistakes are greatly reduced with a web-based timesheet that has the ability to control the information that is entered and the ability to cross-check the information for accuracy.
Balances and checks in the web-based time and attendance software will ensure that the employees are paid fairly and accurately.
Web-based timesheet systems often have other applications that can make life easier for everyone involved; employees, employers, and even the system administrators.
With web-based time and attendance software, both employer and employee will have an easier task of fixing their schedules and allocating resources for important projects.
How Timesheet Management Software helps Organizations Really Drive Profitability?
One key benefit of implementing timesheet software in a professional service organization is the potential to increase profitability.
How you increase profitability varies depending on the organization, however, multiple options exist from improving productivity, reducing project costs or more accurate revenue recognition.
Timesheet management software improves productivity increasing profitability
Although it sounds like a simple analogy – get your employees to work on more productive tasks and your organization will be more profitable.
For many organizations, this simply isn’t put into practice. For many organizations, they do not have the tool sets in place to understand profitability and when they implement timesheet software, they are quite shocked at just how much time is spent on administrative or non-productive tasks.
Timesheet management software focuses on improving productivity by providing employees with a simple method to update activities and tasks.
This information is fed back to executives in real-time allowing them to improve the productivity of employees and projects through better-informed decision-making on topics such as training requirements, staff activity deployment, the project goes/hold/kill decisions, and future resourcing requirements.
Reduce Project Costs with efficient Timesheet Software
For organizations running large volumes of projects a surefire way to improve profitability is to ensure that you are carrying out profitable projects.
In order to understand whether a project is profitable it is essential to understand project progress and to gain an accurate date view of project cost and revenue.
Timesheet management software puts you in complete control of your project management process.
When recording time users can be requested to track time at a task level and update % complete.
This enables the project manager to carry out a thorough review of each project to understand progress to date, the cost to date vs. planned, and current profitability.
Project Managers can also predict future profitability by comparing the Actual % complete and effort against planned to analyze the extent of any overruns or time gains.
This information is essential for executives to understand the profitability of projects and to make the all-important kill/go/hold decisions on your current project portfolio.
Use timesheet management software to improve revenue recognition
Timesheet management software ensures your employees are focused on timesheet compliance and that your managers have real-time information on missing or incomplete timesheets.
Improving compliance leads to on-time input, which reduces time entry errors meaning your time sheet approval process is shortened, resulting in on-time billing and improved revenue recognition.
If you would like to explore other ways professional service automation can help your services business, why not look at our recent free whitepaper, Optimizing the Performance of your Professional Services Organization?
Timesheet management is the core functionality of Project Management
Timesheet management benefit Project Managers as it brings visibility into the team’s day-to-day tasks & activities, and their actual hours to finish these tasks.
Timely approval of their timesheet hours further helps in doing timely invoicing and directly contributes to the organization’s revenue recognition.
When you are able to manage the timesheets in a more functional way, the projects are able to run much more smoothly and effectively.