We’ve all heard that ‘time is money.’ But when talking about businesses, time can mean the thin line between profit and loss, especially if you’re a small business.
An in-depth survey shows how 49% of US employees admitted to time theft. And without a proper timekeeping infrastructure, your organization won’t be able to track employees’ time. Additionally, it can also be the underlying issue behind a decrease in productivity. Extensive research shows how daily time tracking can lower the lack of efficiency in business by 80%!
It means you and your business need to up your time-saving game up. Maybe the software you’ve been using isn’t beneficial, or your small business organization prefers spreadsheets, or worse, paperwork. However, using timesheets means you save time all the while expediting your revenue. Below we talk about how using a timesheet is useful for your small business.
Measure Productivity in Your Business
Using a timesheet allows you to figure out what part of the job is taking longer to finish. Its time-tracking feature gives you an extensive report of when an employee starts and ends a task. Additionally, you can quantify which employee takes the longest on a specific job.
Subsequently, you can try different approaches to help increase productivity in your office. Moreover, this shows your employees that you notice their hard work. It will also show that you are working towards making it easier for them to connect with you better.
In turn, it means your employees will commit to their jobs, respect you as their leader, and do their level best to boost productivity.
Track Employee Time and Costs Per Project
Time-theft occurring in the office isn’t an infrequent occurrence. And if you want to take your business on the roadway to success, keeping a check on your profit and loss is essential.
A timesheet’s extensive data chart provides you with an insight into how much time an employee is spending on a task. It works best for small business organizations hiring on an hourly basis.
Billing Accurately and Fairly
Effective communication with employees is important to ensure your business runs smoothly. If they feel like they’re receiving unfair compensation on a project, timesheets can help justify it.
Timesheets helps you track employee work hours, the number of leaves, accruals, and adjust the payroll accordingly. Plus, with its time tracking features, your workers will be able to track their workflow.
Furthermore, the in-depth reports and high-efficiency trackers allow your clients to feel like they’re working under a fair leader.
Prove Project Progress
Sending emails to a client to give a project’s progress every five minutes can interrupt your work schedule. And we all know, it takes much longer than five minutes if you don’t have realtime project timekeeping.
However, with timesheets tracking features, your client can follow up on the project’s progress. They can even track the time spent on it and daily changes. Most timesheets have automated reports that can be emailed to clients so you don’t have to even think about client project progress reports.
Better Project Management
Another great advantage of timesheet tracking features is how they enhance project management. By monitoring your employees’ work, you can find out what job the employee does best.
Moreover, once you use timesheets to distribute workload, an employee’s availability will become clearer. It helps to ensure the workload is equal among the workers.
Another key feature of having an online timesheet system is to stay on track of project budgeting. Understanding employee and expense costs in real-time gives you an opportunity to reign in spending before it’s too late.
In conclusion
Saving time ultimately means saving money. Every small business has to be mindful of their limited resources. Doing the best with every tick of the clock is how successful companies grow. With a properly setup timesheet system, small businesses can better track employee productivity, understand project costs, accurately bill for client project time, prove project progress and overall have better project management.