What Types of Businesses Should Use Timesheet Tracking?
Most people know that timesheets are useful for processing payroll. But a timesheet tracking program can provide more information-rich details that can streamline business practices, hold employees accountable for productivity, and serve as an effective tool for project managers. Here are six types of businesses that can benefit from a detailed timesheet tracking strategy.
Six Types of Businesses that Benefit from Timesheet Tracking
Large Companies: Standardizing business practices becomes increasingly important as companies grow. A centralized timesheet tracking system ensures company policies are followed across departments and creates a standard approval workflow for submitting time. The result is more consistency, less confusion, and increased efficiency.
Project-based industries like construction, software development, or professional services should use timesheet tracking to keep tabs on time spent on specific projects. It’s especially helpful when employees work on multiple projects and managers can’t assess how much time they spend on each one. Having this information at the ready helps keep current project budgets up-to-date, and also aids in writing more accurate project bids for future clients.
Businesses with Remote Workers
More employees are working off-site. These may be field employees, contractors, or employees working from home. A web-based timesheet tracking system makes it easy for remote workers to log and submit their time while adding an extra layer of accountability. When managers can’t be with their employees face-to-face to ensure work is getting done, they can review tracked time to hold them accountable for hours worked.
Companies Who Track Billable Hours
Companies that track and invoice billable hours, like legal or consulting firms, are served well by timesheet tracking programs. Ideally, choose a program that integrates seamlessly with your billing program or allows you to create an invoice straight from the timesheet tracking platform.
A company doesn’t need to be large to benefit from a professional timesheet tracking program. Self-employed freelancers can use a time tracking platform to simplify their tracking and billing process for multiple clients. Some programs even include a stopwatch to automatically track time on specific projects. Save time on billing and invoicing by using a timesheet tracking program!
Timesheet tracking can be useful for far more than payroll purposes. Used intentionally, timesheet tracking can provide detailed data on the labor intensity of historical projects as well as the productivity levels of individual employees. The information gleaned from detailed time tracking can be used to provide more accurate estimates, keep clients apprised of project progress, conduct employee reviews, and set performance goals. It’s an essential component of any company that seeks to make data-informed business decisions.
Timesheet Tracking from MindSalt
MindSalt Time and Expense is the timesheet tracking system trusted by companies large and small across the globe. With a web-based platform, customized timesheets, and the ability to create complex approval workflows, MindSalt can be used in any industry to track time, facilitate invoicing, and help managers keep better track of projects. It even integrates with popular billing and payroll systems to make your most cumbersome business processes a breeze. See for yourself – sign up for a free trial today!