Have you heard of what we call a timesheet? Do you have any idea what it is? A timesheet is a way to track the amount of time that employees spend on a particular activity, job, or project. As a small-medium business (SMB) owner, you care to know if all your employees are working effectively and productively in a way that your company can derive benefit.
There is a basis on which companies can do their timesheet and this largely depends on the kind of work that the company specialises in. Other organisations do prefer to do timesheets daily, weekly basis or monthly basis.
Doing timesheets can be seen as a tedious activity, but it is something worth doing if SMB owners harbour any thoughts of getting the best out of their employees. This blog aims to share the benefits of timesheets.
MANAGING TIME
You always do not need a watch to manage time. A timesheet is one of the tools small-medium business (SMB) owners could utilise to manage the timeframe on which certain tasks can be completed. It comes in handy when companies want to finish tasks in the nick of time.
COST MANAGEMENT
How will you know much money you need to spend on a project in the absence of a timesheet? As a small-medium business owner, you will only know about that if a timesheet is made. By so doing, you will not have to stress about whether you will lose or earn more money. The timesheet will help SMB owners avoid stressing about that.
CLIENT BILLING
You cannot be a consulting or service-based company and you do not use timesheets. SMB owners who run consulting firms should have timesheets as one of their key tools. This will help in terms of billing their clients as it will provide information on the number of hours, days, and months their employees have spent on client-related activities which will need to be charged. Timesheets are as important as invoices and other methods that small-medium businesses do utilise.
STAFF WORKLOAD
Managers can make use of timesheets before throwing loads of work to the people who report to them. It can also serve as an indicator to the small-medium business (SMB) owners to decide whether they need additional employees to join the team to assist the already-existing team with the workload. They can also reduce employees’ exhaustion as SMB owners will be made acutely aware of the workload by timesheets.
ENHANCE EFFICIENCY
With timesheets, management can easily do a quick assessment of the performance of various departments. Knowing how departments perform, and how much time they take to complete tasks may help make improvements and boost the efficiency of the company. Less time is spent on doing one task when there is a good timesheet that organisations use.
HELPING HR
Timesheets provide the HR team with concrete information about the number of days employees were working and track the amount of time employees spent on certain activities.
HR can make wise decisions by calculating the number of days for employees to pay using a timesheet. Without being told by the staff, HR people can evidently see in the timesheets leaves were taken. The existence of timesheets made the work of HR easier than it was.
Do you use timesheets in your business? If you do, we want to help you with how to do and use them. Hulisa is at your disposal if you need any assistance. Feel free to book a free consultation right away.
