A timesheet keeps track of how much time an employee spends on their work. Timesheets are a payroll tool used by management, human resources, and accounting to monitor employee time and pay them based on actual hours worked. Timecards or time clocks are the most popular associations.
There are various templates available online today, like the biweekly timesheet template. Businesses have found timesheets to be extremely useful in tracking their time and keeping projects on schedule. Timesheets can also be used to monitor expenses, schedule capability, and forecast team availability.
Timesheet and Accounting
Timesheets are essential for the payroll and billing of clients. Employers use timesheets to keep track of information relating to the accounting of their workers’ work time to be paid correctly.
Managers must weigh several factors when creating a timesheet, including their employees’ timesheets, pay period, hourly rate, normal hours, overtime hours, and mileage log.
You may request weekly, biweekly, monthly, or bi-monthly timesheets. It also helps in timesheet enforcement, and the requirements vary depending on the industry and regulatory bodies. Timesheets are used by companies that bill their customers daily to keep track of the billable hours for each customer.
Why Do You Need Timesheet Software?
Timesheet software is used to keep track of team members’ working hours and make the payroll process more effective. Technology can monitor schedules, resources, and other variables associated with a task’s execution in addition to collecting the time a team spends on it.
Timesheet management is an essential part of completing a project successfully. To cut costs and remain on schedule, managers must accurately track time in their projects. The more effective your timesheet program is at this, the better for your project it will be.
4 Ways to Manage Your Employees’ Timesheets
Effectively Track Absences
One of the most important things you can do to improve your employee timesheet management is to keep track of absences. To accomplish this, you can update records regularly to capture any absences from the previous day’s clocking records.
All clocking records must be compared to the master plan.
Manually completing this task is a time-consuming and repetitive process. This is why many companies use absence monitoring tools to make the process easier. Absences can be coded in a variety of ways with a good program. This way, you will exclude accepted absences and leaves from your files, making it easier to spot workers who have missed work for good reason.
Keep Track of the Past
Any good timesheet management system would provide historical record-keeping as part of its functionality. The exact length of time that payroll records must be kept varies by state.
The payroll records, such as a biweekly timesheet template, can be used for several purposes, including FMLA requests, unemployment compensation claims, and employee rental applications. It can be difficult to manage and maintain a conventional time card historical record system.
Consider upgrading your records if you’re still using this form to prevent fading and other issues. Most companies choose electronic timesheet solutions to save space and increase productivity. These programs use the cloud to store a variety of timesheet data.
Make Vacation Time Easier
When measuring vacation hours based on the company policy, it is essential to accurately track and report the hours worked by workers to ensure effectiveness.
Most companies do this by granting holiday time depending on the number of hours worked. Another common system is to give employees a fixed amount of vacation time per year depending on their duration of service.
These approaches necessitate paying close attention to precise dates such as hire dates, probationary terms, and more. As an organization’s employee base grows, manually tracking this information can become a challenging task.
Consider Self-Service Options
Implementing self-service systems is one of the most efficient ways to handle employee timesheets efficiently. Employees may perform a variety of tasks related to their payroll securely and productively by using self-service options.
Employees may review their past clocking records using a protected server, which is the most popular reason companies use self-service options. It’s a good idea to remind staff to review their clocking every day as a general rule. They will then find any missing punches and alert their boss right away if there are any anomalies.
Employee payroll typically accounts for 30 to 50% of a company’s costs. Thousands of dollars are lost per year due to obsolete time monitoring. Businesses that upgraded their time monitoring software saved over $1,600 per employee, according to one report.
Upgrading the login and attendance functionalities through automation and software is smart, reliable, and productive to prevent and eradicate time and attendance entry manipulation. This removes the need for manual entry, as the smart and intelligent system makes it challenging to manipulate time records and attendance logs by deception.