4 Most Popular Questions Professionals Ask About Timesheets

Learn how AI powered timesheets can help your employees be more productive and your organization more profitable

“Timekeeping is stuck in the 20th century. It’s basically a digital version of an analog method. Right now is the perfect time to reimagine how it’s done.

– Nick West, Chief Strategy Officer at Mishcon De Reya

Time tracking is a major problem well recognized by most CXOs across industries and yet timesheets rarely get a lot of good press among employees.

Who likes to sign tons of papers just to “prove” that they had put in a certain amount of hours in a certain project. However, timesheets, when seen from an analytical perspective, can be truly beneficial for both managers and their team members. The key is to choose the correct solution for your group, set up processes you can follow intuitively, and bolster it with progressing communication.

In this article, I will share provocative reasoning as to why you need timesheets and a couple of examples of how AI can make time tracking easier for the employer and less painful for an employee.

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 What are timesheets?

Professional services are a billable hours-driven industry. It would be handy if we knew how much time is spent on project and by which resource. Timesheets contain pre-formatted fields in which daily tasks performed by each employee are filled. It not only helps Project Leaders and HR Managers, but it also helps the employees plan their day better. These timesheets when analyzed over a period of time helps us understand the current status of our projects as well as predict future manpower and cost requirements.

 Are employees wasting time at work?

It is easy to complain that your employees are not working hard enough, however having the option to back that up with real insights is invaluable.

A recent study from sample aggregated form similar companies shows that:

• 65% of the employees waste 1 hour or less per day

• 25% of the employees waste 2 hours or less per day

• 10% of the employees waste 3 hours or more per day

Statistics even show that those born in the 1980s waste almost 4 times as much time as those born in the 1940s. Some may even extrapolate that with access to so many distractions and short attention span millennials waste the most time.

But who is to confirm such in-the-air judgments? A professional time-tracking solution helps bring accountability and drive maximum employee productivity.

How Artificial Intelligence can optimize time tracking?

Employees would rather take the time to justify a list of things they would want to do instead of filling out their timesheets. Make filling out these mundane things easier for your employees by using AI powered timesheets.

Here are some of the features that are most desired from AI powered timesheets:

• Location-based time-tracking  – A GPS sensor-enabled smartphone helps the automated time and attendance tracking of in-field personnel. This solution applies to all professional services companies that deploy manpower on client sites and also to organizations that deploy feet-on-street sales professionals.
• Time spent on apps tracking – In our daily work, we often switch between applications and websites according to tasks. How much time did you spend on going through emails? Or attending meetings? Or graphic designing a new ad? We need to measure it to find out hours spent on each channel against business impact made.
  
  Are Disconnected HR and Professional Services Automation (PSA) Softwares Hurting Your Employees’ Productivity?

What is the use of timesheet data?

Imagine a company with hundreds of employees, where everybody works on multiple assignments and managers are responsible for controlling revenue, expenses, profit, capacity, utilization, and other metrics. Easy access to fresh daily data about professionals’ hours is the major component of controlling these parameters, forecasting future business growth, and making correct decisions about your business now.

Business analytics and reports are required from timesheets for any consulting or professional services firm to accurately bill their customers. On a weekly or monthly basis, managers need to prepare performance reports answering such questions:

• What is the current state of a project?
• What will occur in the event that we roll out these improvements for the group?
• How do project execution timeline, expenses, and billables impact the profitability?
• How have past decisions affected KPIs?

Answers to all these questions can be provided by timesheet data.

Conclusion

Typically, a Timesheet module integrated into a cost-effective Office Management Solution like Juntrax is ideal for SMEs and startups. A good timesheet report would provide project-wise and team-wise time and cost analysis.

Juntrax also offers to manage your project billables and invoicing on a single integrated platform. The benefit of tracking such man-hours is better project planning, cost planning, productivity analysis and predictable project deliveries.

In essence, an integrated timekeeping module increases employee productivity and company profitability.