What is a Timesheet?
At Tempora, we are advise those who wish to find their team a software to track time. Often these individuals have very little experience with timesheets. Whilst we primarily provide time tracking and reporting to agencies and fee based businesses, there are functionalities to suit other business sectors.
Introduction & Timesheets Software
There are many ways to refer to a timesheet product, such as system, software or application. However, the basic functionalities will be the same, providing a means for users to log worked time. Originally, timesheets ensured that staff were ‘clocking in’ and ‘clocking out’ correctly. Afterwards, this information would then determine the amount of salary due to an individual. Recently time recording systems have become increasingly popular. this is because they can serve a multitude of uses such as:
- Ensuring fee-based work is correctly invoiced
- Identifying where budgeted work becomes incorrect
- Evaluating staff utilisation
- Showing which clients are profitable
- Used as evidence in fee negotiations
- Ensure staff are taking adequate breaks and annual leave to ensure good health
You can find our related blogs on these various uses in the following links:
How do timesheets software work?
Whilst some business may have a paper based or a shared spreadsheet in place, many are now opting for an electronic, cloud-based or mobile app solutions. The benefits are that all updates and data backups are handled automatically. Additionally, employee’s each have their own unique login code. These unique logins will allow each team member to track their time on projects, jobs or activities. You can see an example timesheet below:
The image above shows an example of a weekly time recording, with quarter hour time units. You can see various time allocated across different types of work. Timesheets should be mapped according to requirements, for example some of our clients track time correct to the minute, others are happy with rounded time. Depending on prior exposure to timesheets, we recommend different time lengths to differing clients.
Time recording can also be quite granular, for some, simply recording against a client or a job would suffice. For growing business, the need to break this down further into activities and work types arises. Some large enterprises will track time at an even more granular level, such as Client, Product, Project, Phase and Activity. This data can all automatically feed into reports or business intelligence software (BI Tools) to gain crucial insights into a business. The timesheet data will then feed into different aspects of a business, a few examples of which are:
- Accounting – To ensure correct staff payment and client invoicing.
- Sales / Accounts – To track sales effort and pitch time.
- Sales / Accounts – To ensure accurate job costing information.
- Managers / Directors – To accurately track total time against a job.
- Project leaders – Proactively assign staff to activities better fit of their skillset or cost rate.
System Reporting & Integration
Once the data is complete the next steps are to determine the desired outcome. For example, reporting on specific trends Some other use cases are:
- Time to complete a job
- Utilisation of hours
- How much to charge
- Analyse patterns in staff absence
- Monitor team efficiency
- Analyse profitability
- Determine whether hourly rates require adjustment within a business
- Staff salary payments
- Business Intelligence software
- Resource planning tools
- Mobile apps
In Tempora, the timesheet data powers reporting and exporting which produces reports such as the following:
Client cost summary
Client profit margins:
For more on our product, why not read our product overview?
At Tempora, we are constantly looking to improve our product. We feel very strongly that the future of timesheets software is in AI and removal of admin. For example, tools to assist users to complete timesheets in a more efficient manner or automatic notifications to keep business decision makers in the loop. We have developed our dashboard to provide admin users with critical business information in a matter of seconds. Our automated reports engine can also deliver information on a schedule. For example, many of our clients have automated timesheet enforcement with our PROMPT tool. In, admin users will automate weekly budget updates in time for internal finance meetings.
If you wish to learn more about Tempora or the benefits of using a cloud system, you can find more resources around our website or contact us to your preference.