In this rapidly moving corporate world, ‘time is the biggest asset’. Time is relatively vital for both employers as well as an employee.
All businesses require efficient time management because of their profitability and continued growth. Time management is one of the core indicators of the organization’s culture, and it can reflect their attitude towards work.
Every organization knows the importance of effective time management. It helps them to deal with clients, resource management, and the distribution of workload.
Efforts are worthless if they are not made with effective time management and are not measured in terms of data.
What is a Timesheet?
A timesheet is a method for recording the amount of time spent on a specific job or a project. Mostly it is a sheet of paper with data arranged in tabular form. With the advancements in technology, timesheets are now available in digital format or a way of Spreadsheets. An alternative to a spreadsheet, DrEmployee timecard, and other providers are also available over the internet.
There are many types of timesheets:
- Working timesheet
It is used to track the amount of time spent to be an employee on a particular task or project.
- Working schedule
It is used to record employee’s working hours up to weeks, months, years.
- Weekly Employee
The weekly sheet is used to record the amount of work done by an employee in a week.
Why is it a need?
Every employer needs to know that their employees are working consistently and efficiently on their relative tasks. And are contributing to the organization in the best possible manner.
Timesheets serves a purpose to make the employer aware of the work their employees are doing. And how they are focusing on increasing the productivity of the business.
As with the expansion of business, it is challenging to keep a record of every single one. It makes employers aware of what their employees are doing. It makes them understand how well their Management system is operating.
By filling, timesheets employer can observe the discipline.
Easily record the Work Efficiency of employees
It provides a simple solution that can increase the growth of the company. The timesheets can help the employer Minimize waste, Improvise management systems, and increase the productivity level of the company.
Timesheets are essential for the operational success of the company.
It can help companies in many ways:
- Resource Allocation
It helps to allocate resources in respect of budget. Assists in arranging resources based on budgets available for tasks. Develops an understanding of how tasks should be completed following budget and resources.
- Time Management
It identifies the deadlines on which work should be completed. Plans a strategy that can lead to better time management. It helps to execute work on time.
- Evaluate Performance
Timesheets evaluates the performance of the employee. This can describe attitude, discipline, and passion for their work. The effort an employee puts to complete their own work.
Purpose of Timesheets
Timesheets are very important and play a crucial role in the productivity of the companies.
Filling of timesheets brings accountability in the organization and creates a productive working environment, boosting the confidence of employees.
It helps to make critical decisions. It helps to divide the workforce based on projects. It provides data that allows management to assign tasks according to their respective performances and capabilities. And it brings transparency in customer’s dealing and invoicing. Makes employer aware of the way customers are dealt with.
Timesheets are equally as important for employees because it helps them to stay focused. It helps them to utilize their best capabilities according to their work.
They are essential to managing workflows for management. It provides data that can be used by the administration to allocate employees for specific tasks.
It helps the employer to make specific changes in the business. It provides a better understanding of the company. And helps the employer to make crucial decisions for the betterment of the industry.
It helps to measure the productivity of a business. It helps to reduce time wastage. The measures the productivity level of every employee in a natural way and benefits management to take individual critical decisions.
It helps to review every employee’s performance and removes Bias’s attitude of the employer towards his employees. Everyone is treated according to the magnitude of the effort they put into their work. Ensures to create a bias-free working Environment.
It increases the efficiency of the organization. The employer has knowledge of its management system. What amount of time is taken by each department to complete their work? How much time is spent on a single project and how effectively projects can be completed on time, and it determines the steps by which the efficiency of work can be increased.
Saving Money through Better HR
By having concrete information about employees and the work they are doing can help in saving money. It helps you to understand your circumstances on the basis on which decisions can be made. Which helps the organization to make critical decisions, which initially helps to save money and make the organization profitable.
Evaluation of Projects
Timesheet Evaluates projects and provides simple data when the project will be completed, can track its costs. It can evaluate whether the company is losing money or gaining from this project. Evaluation can help the company to make better decisions for their profitability.
- Why do we fill timesheets?
Timesheets are essential for several reasons. They allow the organization to allocate its resources, manage their employees, and evaluate their time management system.
- Do employees have to fill out timesheets?
Yes! They have to fill out timesheets as per the requirement of the company management system.
Otherwise, Law does not require to track the number of hours are they working.
- Is it a Good Idea?
Yes! Timesheet is a good idea for companies having an Effective Management system, helps to keep track of employees. And play a vital role in Decision making of the company.
- How Do Timesheets Work?
Employees are bound to enter the hours worked in their timesheets and submit it at the end of each timesheet period. They come the time against available projects, tasks, activities they are working on.
- Is There An App For Timesheets?
Yes! There are app’s available for depending upon the digital management system of organizations.
Some organizations have developed apps like ‘Scoro’, which can be used to track time, manage timesheets. Or Findmyshift to schedule employees, time-off management, and staff rota.