If you work in the professional services industry, you will agree that filling in timesheets, is hands down, the most exasperating activity of the day. Yet, if you are running the show, you know that there is just no way around it. For every business to be effective and profitable in the long run, managing time is a key resource which should be given top priority. Keeping real-time tabs on the actual hourly costs and estimating project costs are some of the biggest challenges faced by companies. Whether we like it or not, timesheets do play a crucial role in gauging the productivity and effectiveness of the company.
Can’t run with them, can’t run without them
Timesheets have become the preferred way of accurately managing the business processes for all kind of companies, whether it is professional services agencies, remote teams or startups. Here are some of the advantages of using timesheets:
- Increase productivity of employees – Timesheets help the management in quantifying the work time utilized by an employee. Being able to know and perceive what everyone is working on and the amount of time taken to do a particular job can help in taking better business decisions.
- Project management – The data from a timesheet can improve project management by developing a more achievable project plan and allocating the correct level of resources.
- Check accuracy of your Actual vs. Planned Time and Cost – Timesheets provide you the ability to differentiate between the actual time and costs with the planned ones. This further enables professional services firms with greater visibility and enhanced control of performance in billable markets where time is money. The data points from a timesheet present an accurate view of the hours being billed, thereby providing a way to calculate the actual cost of resourcing a project and the revenue that is being generated from it. Your invoices are also linked to your timesheets. This implies that your timesheets are linked to how much you want to charge customers.
While the world has moved away from real to virtual assistants, there is no need for something as basic as timesheets to be manually maintained. Automated sheets are far more comprehensive and accurate and easy for your employees to use as well. Here are three reasons for you to switch to automation now:
- Eliminate conflict and save time – One of the major advantages of automated timesheets is that they eliminate the conflicts between the employees, the HR department and the project management team thus providing a smooth flow in the organization.
- Improved transparency and efficiency – The use of an automated timesheet will create transparency and ownership among the employees, vendors etc. It provides a better understanding of what is going on in the various departments of the company and helps businesses in justifying their billable invoices to their clients.
- All in one solution – The right automated timesheet software will automate not just your timesheets but also the various invoices, cash flows, costs and revenue distribution, all in real time! It would also provide a built-in automated timesheet & invoicing module. The analytic capabilities provided by the software will help you plan your finances and resources better. Thus streamlining your resource allocation and bring acumen into all your billing cycles.