Who benefits from Timesheet management software?
Time sheets are extremely important in a service based industry. As a professional services organization, the workforce is an highly valuable resource. Accurate record keeping ensures that employee costs are precisely tracked. Business such as Law firms, accounting offices, marketing consultants, PR agencies, creative services firms, engineering offices, architects and IT services all benefit with accurate time keeping. From a project management perspective timesheet management gives a clear and concise indication of actual vs. estimated costs. This is very useful for providing insight to employee productivity, project planning and resource optimization.
Problems with Timesheet disparity
It’s very likely business units of an organization use diverse time management and time keeping systems. A system can be as easy as keeping track of time on Excel sspreadheets, and as simple as using personal calendar to manage appointments and time record keeping. Combine this with separate project management and billing systems, the organization could include multiple time entries of the same work or missing entries. This 'system' can be both cumbersome to maintain and results in inaccurate billing and reduced Client satisfaction.
What are the benefits of time-tracking software?
Having a universal timesheet management system across the organization results in seamless integration of time recording across projects, billing and invoicing. Other benefits include:
- Decrease revenue leakage through automating data collection.
- Lower administration and project-costing payroll costs
- Provide project management metrics to compare estimated costs with actual costs.
- Improve management reporting and decision making
- Report on billable and non-billable hours of employees, activities and projects.
- Highlight unproductive or problematic activities and areas of concern
- Interfaces with billing and invoicing, making the process efficient and more accurate.
External Links on online Time Sheet Management
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