There are many definitions of software used in time management in an institution: time and attendance, time clock, expense and time software, web timesheet, time tracking applications, timesheet software … the list is endless. At times, the difference is just one of the conventions for a particular country, but in others it implies a distinct and significant difference in functionality or industry focus of the software.
In essence, timesheet software is used to record and analyze the time spent by individuals on tasks. By and large, tasks are linked with clients and projects, and then delegated to the staff for execution. Costs and/or revenue can usually be defined, and may vary depending on the individual, project or client. A variety of timesheet reports then provide insights into how time is being spent in the organization, which can be used for analysis and billing clients or management decision-making.
Timesheet software can be a stand-alone application, where you export data or use reports as required. Or, at the other end of the spectrum, timesheet software can be integrated into a full business management application (PSA OR an ERP system).
Why employ timesheet software?
Your organization or business can use timesheet applications to improve your time management skills. Remember, time is money!
Know where to spend your time
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Understanding where to spend your time is the first step to being able to pro-actively manage your time. People often have a perception of how their time is spent that is very different to real life situation…… and timesheets allow you to reveal this. For example, a company can be shocked to discover that their annual cost of meetings in their organization is over $100,000. This insight will naturally lead to discussions about the role of the meetings and ultimately change the company’s working practices. This results to better returns in the company.
Moderate managerial hassles
Importantly, contemporary timesheet software is user-friendly and convenient. After all, you don’t want to place an undue administrative onus on your staff – and gratefully, gone are the days of sending spreadsheets through emails around the organization throughout the year. Contemporary employees can enter time wherever they are: on the road, at the client site or in the office via mobile phone. And it’s simpler than ever to manage job codes, consolidate information, and run reports.
Track time accurately
The software such as ClockSpot, allows you to track time more accurately than spreadsheets or manual methods. And small differences can add up to a significant gap in a month or a year. This gap in time recorded versus time worked represents foregone profits or hidden costs that directly impacts on your loss and profit. For example, when quoting for a new project, you can use reports from your timesheet software to ensure the estimate is both competitive and realistic.
What to look for in timesheet software
Choosing the right timesheet applications involves matching the needs of your organization or business with what is available in the market. Important factors to consider include:
- The essential features of your organization, which are simply nice to have.
- How staff will enter time. Are they always in one place or do they need to log in from many different locations using different devices?
- How many people will be using the timesheet? Will the number increase over time?
- What is the nature of the organization or business? Do you bill staff time to clients, or just want to keep track of how time is spent on activities essentially?
- Is the timesheet system to be integrated with other applications?