Timesheets are a tedious and repetitive tool but they will help you get the most out of your workforce, here’s why you need them:
1. Project Costs Monitoring
The time spent by your people working on a project has a price. This expense is simply equal to the hourly rate, and some other common employer contribution. Project costs are normally made up of supplies, external manufacturers and internal labour. This last group, the internal labour expense, is the most difficult to keep track of since workers perform a number of duties during their day, ranging from taking a training course to focusing on administrative tasks.
If your projects have an internal or external goal, it is necessary to calculate the labour costs associated with them. You may want to know when the project stop being profitable while you are working with customers. If it is an internal project, you would definitely be as interested as possible to find out the true cost of your operations. It can be difficult to know the cost of a project without a time tracking solution, and to therefore know exactly where your money is going.
2. Estimating Future Costs
The more you understand your time, the more accurate and precise you can be in calculating costs and therefore increase revenue. In reality, you will be able to easily find out how much time you will need for potential projects by comparing the actual time taken to complete similar tasks or projects.
Of course, other variables, such as the level of experience of the workers, as well as the level of technology they have access to, would have to be taken into account. Time monitoring will provide you the executive the data you need and will serve to forecast potential costs as a reliable reference.
3. Calculating Productivity
Unproductive time does not focus on value, such as annual leave, personal leave, training, administrative tasks, etc. Clearly 0% productivity is ridiculous, however, being armed with the data so that you can be ready to take action is imperative. A company with 50% productivity may want to understand the reasons behind this number in order to increase time spent on high-value activities. Streamlining your processes will allow you to push your organisation forward.
4. Monitoring Workloads
This is not about introducing a monitoring policy, but about better knowing how much work the workers have to do. Burned out and disassociated employees is extremely bad for business. Do you have individuals working more than 90 hours a week? If so, you may want to suggest ways to ease their workload, such as shifting duties to more available workers, or hiring additional staff. Systematic overtime, repeated week after week, may mean that the workload is too significant or inappropriately distributed. Therefore, the benefit of using time sheets to ensure that your human resources are not run down and drained is significant.
5. Forecasting the Human Resources
You can save a huge amount of money by comparing expected resources with the actual utilisation by keeping track of the time spent on various activities. This will allow you to examine the causes behind the delta and learn lessons for more effective resource planning.
6. Accurate Customer Billing Means Happy Customers.
One of the key reasons why companies monitor employees' time is to attain accurate customer billing. On a time-based basis, every consultancy or service-based business can charge their customers. It also becomes important to know the exact amount of time your workers have spent on tasks related to customers that would have to be paid.
Using Timesheets, The Wrong Way: Watching & Controlling
Scientific studies have shown that if employees view their working environment as bureaucratic and controlling, and forcing them to filling timesheets manually, the intrinsic motivation of people to work will decrease, and the accuracy of the timesheet will be next to useless. On the other hand, greater perceived freedom and independence has been shown to improved success and satisfaction while lowering felt work pressure.
Fortunately, AutomaticAudit is able to generate Timesheets completely automatically without increasing employee workload or the perceived monitoring, usually associated with such practices.
Since Time is a non-renewable asset and our most precious resource and must be monitored for the good of the organisation AutomaticAudit is the only successful way to build a productive work atmosphere in which your employees would actually want to be in.