Why are timesheets important for a team?
Managing employees’ time and time tracking can quickly be done using timesheets. Timesheets are not only limited to tracking staff hours. One of the primary purposes of timesheets is to allow businesses to see what their staff is working on. It also provides team leaders and managers the visibility needed to determine the efficiency of employees and teams.
Timesheets provide an easy way to track working hours and provide team leads the perfect overview of their team’s work logs. Allowing them to better understand how to maximize product value, when to increase the speed of product delivery and how to improve customer onboarding.
With versatile time-tracking tools, team leaders benefit from improved team management in tracking and processing large amounts of data in real-time, including time spent on tasks. One of the best-proposed ways to achieve truthful decisions is based on accurate data and critical agile metrics. That being said, using a timesheet leads to better decision-making.
Different types of timesheet solutions
Not all timesheets are the same. There are many different types and usages. Here’s an overview:
Timesheets for payroll
Thanks to timesheets for payroll, managing and processing payroll is easier and quicker but less prone to error, making it cheaper and allowing tracking of leaves, holiday allowance, and accruals.
Task management is practical; a business needs to know which actions are more time-consuming and identify areas where workflows can be improved. These timesheets help managers record the start and end times of tasks.
Timesheets for hourly services
Timesheets are excellent for accurate billing, from which invoices can be created. If your business bills by the hour, then timesheets make it essential to maintain up-to-date records of the hours worked and details of the services offered to clients.
Accountants are another example of an industry with hourly billing. That’s why timesheets and time-tracking software can help accounting businesses track their bills and work time.
Benefits of timesheets for your team
Here’s a quick overview of five advantages of using timesheets:
Reduce time wastage: timesheets help understand wasted-man hours and help make decisions about optimizing tasks.
Easy payroll and HR: timesheets in their primary forms provide all the information required to run an array of HR tasks.
Accurate billing: sectors like freelancing, accountancy, and the law would find it impossible to bill clients without a way to record the number of hours worked.
Automate billing: Some software timesheet solutions allow organizations to calculate invoices automatically.
Improve project management: Timesheet software is an essential tool for project management for many reasons, including advantages like performance tracking, managing estimated costs, and managing employee time.
In conclusion, timesheets will be a real enrichment for your team. Through them, individuals can better find time-wasters and unfold their full potential. Whether your team practices SAFe, Scrum, Kanban, or a mix of both, time tracking apps and timesheets offer a wealth of benefits that enable better decision-making, improve team management, and maximize product value.