Timesheet: A Smart Way To Log and Track Time

Running a business and reaching the summit of success- the gap between the two is enormous. Creating an effortless bridge between the two requires impeccable managerial skills. In this, one of the significant tasks is tracking the employees’ working hours.

Beyond a question of doubt, time tracking is a tedious and highly monotonous job, and if the systems aren’t in tandem, time tracking can prove to be extremely arduous. And here, a timesheet is your absolute savior!

What is a Timesheet? How can automated timesheets prove to be fruitful in benefitting my business? What are the modern-day applications of timesheet automation? Indeed, these questions are popping into your head. Rest assured, as we’ve narrowed down everything you need to know about timesheets in this article. Read on to know more!

What is a Timesheet?

An employer can track the amount of time a specific employee has spent working on a given activity using a timesheet, which is a data table. This tracks working hours, making it an essential tool for project managers to manage resources, track payroll, determine holiday entitlements, and keep tabs on employee progress.

Timesheets in the past had the appearance of simple weekly schedules that were hand-drawn or printed on sheets of paper, requiring manual work. There was a risk these paper timesheets easily being lost, harmed, or destroyed. Contrarily, modern timesheets are digitalized, adaptable, and largely automated, which makes workforce management incredibly simple and efficient for all parties.

Kinds of timesheets

Depending on the purpose, timesheets are mostly of three types:

Employee timesheets:

Used for hourly-paid non-exempt staff members

Payroll timesheets:

Aid in streamlining the payroll of employees

Online timesheets:

Traditional payroll timesheets in digital form

Benefits of Implementing Timesheets in Businesses

Time-tracking is nothing but meticulous management. Employing timesheet automation, on the other hand, can prove to be beneficial in a myriad of ways. Let’s find them out!

Task Management

Managing responsibilities is a gargantuan task. Because of this, it is important to use timesheet software to simplify all of your tasks. Without getting exhausted, you may add new work, categorize your jobs as billable or non-billable, design new projects, and manage several clients simultaneously.

Offers Comprehensiveness

With a comprehensive understanding of your current tasks, timesheet automation enables you to create a more realistic action plan. You can use the timekeeping log to record time for the week’s job in the list view, learn more about your monthly schedule and long-term deadlines in the calendar view. You can fill details of each project and task worked upon along with the details of clients, jobs, and billing options for each day of the month.

Swiftness of Work

Automatic timesheets can help employees to work swiftly because human error is less likely to occur. The number of hours that an employee has worked can be entered into automated software. This thereby would be more accurate than having to manually enter an employee’s hours worked into a system after they had written down their total workday.

Budget Management

Cost management is one of the essential elements of project management. Since timesheet automation provides accurate information for calculating labor costs, it is essential for controlling costs and staying within the set budget.

Project managers can analyze the actual and budgeted expenditures to see if there are any discrepancies and then can take the necessary action. Data derived from timesheets also enables early detection of potential budget overruns and timely corrective action to maintain it.

Legal Compliance

States have varying policies on overtime. As an employer, you need to be aware of the employees who are and are not exempt from them, the accepted regular workweek duration in your region, the overtime pay rate, and so on. Timesheet automation helps you in tracking the overworked hours and thereby determining the overtime pay. It assists you in minimizing legal risks and demonstrating flawless adherence to regional labor laws.

Future Work Estimation

In the professional world, you must estimate how long it will take to perform each task in a set of project requirements. You can estimate project tasks more precisely if you have a history of similar jobs in a timesheet system.

Real-Time Progress Monitoring

Timesheets play a significant role in project management by providing real-time information on how activities and tasks are progressing. By monitoring the time spent on each job, project managers can make a comparison between planned and actual tasks, identify anomalies, and take the right action.

This enables them to monitor project milestones, identify any delays, and ensure that the given project is finished on schedule. Data from timesheet can be used to generate progress reports and inform stakeholders about changes, which ultimately encourages accountability and transparency.

Timesheet Automation: Modern-day applications

Automated timesheets have a whole range of applications in the current times. Some of the examples are as follows:

Payroll Management

Employers use timesheets to keep track of employee hours. They can also keep track of accruals, any additional modifications needed for processing payroll, and leave or holiday allowance. Payroll administration is now simpler, quicker, less prone to errors, and more affordable.

For Freelancers

Freelancers value their time as money. Because almost all freelancers bill clients by the hour, precise time monitoring is of utmost importance. Determining the time spent on a project becomes challenging for people who work remotely. By using a time-tracking system, they can track working hours and provide their clients with these records. Additionally, they can use this to generate accurate invoices and appropriately charge clients.

For Law Firms

Law companies often charge clients by the hour. Thereby, keeping accurate records of their working hours and information on the services they provide to clients is of utmost importance. Here, timesheet automation steps in.

Conclusion

Timesheets might seem uninteresting, but being inculcated with such amazing benefits and features, they are unquestionably a great investment for your organization. Nonetheless, you must begin by selecting a good timesheet software and such as Juntrax which is an all-in-one cloud-based PSA, HR, and Invoicing platform for Startups and SMEs from the Professional Services Industry.

Why should you integrate projects with billings?

Enhancing Efficiency and Streamlining Operations

In today’s fast-paced business world, staying organized and maximizing efficiency are key to success. As companies juggle multiple projects simultaneously, Integrating Project Management with billing processes has become a crucial aspect of operations. By bringing together project management tools and billing systems, businesses can streamline their workflows, improve accuracy, enhance transparency, and ultimately boost profitability. In this blog post, we will explore the various benefits of integrating projects with billing and why it’s a smart move for any organization.

1. Seamless Workflow Management:

Integrating project management with billing processes allows for a seamless flow of information and data across departments. By eliminating the need for manual data entry or transferring data between systems, you can save time, reduce errors, and ensure that everyone has access to up-to-date and accurate project information. This integration enables project managers, team members, and billing departments to collaborate more efficiently, eliminating communication gaps and improving overall productivity.

2. Accurate Time and Expense Tracking:

Tracking project-related time and expenses is essential for billing clients accurately. By integrating project management and billing systems, you can automate time tracking, expense logging, and billing calculations. This not only saves time but also ensures precision in invoicing. Real-time tracking of billable hours and expenses helps prevent revenue leakage and provides a transparent breakdown of costs to clients, enhancing trust and satisfaction.

3. Improved Invoicing and Cash Flow Management:

Integrating project management with billing enables you to generate invoices quickly and accurately. With all project data readily available, you can automate invoice creation based on predefined billing rules, project milestones, or time spent on specific tasks. This integration eliminates the need for manual calculations and reduces the chances of errors or discrepancies in invoicing. By streamlining the invoicing process, businesses can improve Cash Flow Management and expedite payments, leading to better financial stability.

4. Enhanced Project Monitoring and Reporting:

Integrating project management and billing systems provides comprehensive project monitoring and reporting capabilities. By consolidating project data and financial information, businesses gain insights into project profitability, resource allocation, and overall financial performance. Project managers can track project costs in real-time, compare actual expenses against budgets, and make data-driven decisions to optimize project performance. Additionally, integrated reporting features offer transparency to stakeholders, enabling them to monitor project progress and financial health effortlessly.

5. Strengthened Client Relationships:

Integrating projects with billings enhances client satisfaction and strengthens relationships. By providing accurate and transparent billing information, clients gain trust and confidence in your organization’s professionalism. Detailed invoices that clearly outline project costs and progress demonstrate transparency and accountability, improving client satisfaction and reducing potential disputes. A seamless integration also allows for timely communication of project-related updates, billing queries, or change requests, fostering a collaborative relationship with clients.

Conclusion:

Integrating projects with billings is a strategic move that brings numerous benefits to businesses. The seamless flow of information between project management and billing systems improves workflow management, enhances accuracy in time tracking and invoicing, streamlines cash flow management, provides comprehensive project monitoring and reporting capabilities, and ultimately strengthens client relationships. By embracing this integration, businesses can optimize their operations, increase efficiency, and boost profitability in a competitive market. Embrace the power of integration and unlock the full potential of your projects and billing processes.

What is HR Management System?

What is HR Management System- Introduction

HR Management can help you redefine the work structure and productivity of your office space in a commendable manner. From managing company assets to monitoring employees, solving their grievances, generating payroll and assessing employee performance, HR promptly administers many different aspects of the company.

HR Management System is an advanced form of conventional HR management. It assists companies in improving their management system and creating a user-friendly work environment for both the management and the employees. There are numerous well-established companies that have opted for HRMS for adding an advanced and automated Human Resource Management System to their workplace.

Human Resources – the backbone of company management

HR is undoubtedly the backbone of a company’s management.

HR stands for Human Resources.

As the name suggests, Human Resources refers to the employees and staff of a company. They are the most valuable asset for an enterprise and determine the success of the company.

HR, in corporate terms, refers to the Human Resource department that is dedicated to the management of employees, solving their grievances and catering to all the needs of an employee. It aims at providing a comfortable and satisfactory work environment which in turn promotes good quality work and dedication from the employee.

What is an HR Management ?

Now that we understand what HR stands for, we can easily comprehend the purpose of HR management.

Human Resource Management is all about the different processes that are involved in managing the employees of a company.

From documenting their data to regulating their performance, entertaining their resentments to assisting them with skill development and training, Human Resource Management takes care of their entire employee cycle.

HR management is not limited to managing employees that enter the office system, it gets involved right from the initial stages of assessing resumes, shortlisting candidates, organising interviews, hiring employees and guiding them in the on-boarding process.

To know more about HRM read : What is HRM?

HRMS – The Human Resource Management System

HRMS stands for Human Resource Management System.

HRMS is an upgrade to the outdated traditional techniques of managing HR. It comes with a cloud-based interface that permits remote access and network flexibility to the user.

With HRMS, the HR manager can automate all major processes like calculating attendance, generating payroll and monitoring work progress. It engages with all essential data to form an integrated database that can be easily accessed by the team.

It allows real-time data updates and links all HR related data to a cloud. It inculcates ease and convenience to the workplace and provides a user-friendly and hassle-free experience to both the admin and the employee.

You may also like : Importance of HRMS for Digital Marketing Agencies

Advantages of HR Management System

HR Management System has a plethora of advantages that promptly enhance the management of an industry.

Some of these advantages are as follows –

Regular Employee Assessment

There are numerous factors that affect the performance of an employee. These factors can also help the manager in assessing the employee’s performance and detecting areas that require improvement.

HRMS allows managers to come up with transparent assessment reports that can serve as the base for taking decisions for promotions, salary raise and layoffs.

The HR Management System makes it extremely easy to gather individual reports of an employee’s presence, absence and overall performance in projects assigned to them. It simplifies the process of regular assessments and grants a systematic discourse for the same.

You can also read : How HRMS can benefit SMEs and Startups

Transparent communications

Another remarkable benefit of the HR Management System is its capability to infuse transparency in the workspace. It formulates a common space for employees and managers to view basic information of each other. It also allows the employee and the admin to coordinate by providing the status of their leave requests, payroll process and their inclusion in projects and appointed tasks.

Data integration

There are several HR processes that require data from other departments of the company. With manual management, it becomes difficult to filter and share data but with an HRMS this data sharing can be facilitated in a smooth manner.

An HR Management System formulates a common database for all information related to the company and therefore it simplifies the process of sharing and filtering information. In fact, it works simultaneously with other office management systems to share its data with them and fetch data from them when required.

You may also like to read : Why HR Management System is beneficial for an Organization

Access Management

There are different permissions that can only be granted after assessing the job title and position of an individual in the company. For instance, an employee can request for regularising the duration of their work hours for a particular day. This request is made by the employee through their employee portal. But for the manager to view this request and take action on it, they operate through the admin portal.

With HRMS software like Juntrax, access and permission management becomes easy. It provides different portals for admins, super admins and employees, with a distinct set of features and authorization.

Conclusion

Human Resource Management System ensures that the functionality of a business venture is well-balanced and consistent. It looks after all aspects of managing Human Resources and ensures a hassle-free workspace for the employees and the admin. Having a good HRMS software is a necessity for all businesses that aim at outshining their competitors and making their mark in the industry.

From employee self-service to automated payroll processing, leave management and attendance management, companies like Juntrax Solutions provide HRMS software that are laden with tools and features to enhance the productivity and performance of your company.

Click here to Book a FREE Demo today!

Crafted By: Aditi Srivastava

What is HRM – Human Resource Management

What is HRM?

HRM stands for Human Resource Management.

As the name suggests, HRM is responsible for resolving all issues related to the company employees and manages the Human Resources. It looks after all their requirements and ensures a healthy and convenient work structure for the employees. It includes solving employee grievances, processing payroll, maintaining attendance records, and analyzing employee performance.

Human Resource Management delivers comprehensive advantages to corporations as it looks after their three dimensional needs from documenting their data to utilising their precious time and improving the company’s work culture.

Why is HRM important?

Employees are the most valuable asset for any company. A well-operated work environment encourages an employee to operate at their best potential in the most promising way and uplift the overall image of the company in the market. This in turn promotes the success and well-being of an enterprise along with better management and utilization of resources.

What is HRM Software?

HRMS stands for Human Resource Management System. An HRM software can be understood as an upgraded alternative to the manual supervision of HR records.

HRMS is an optimized system that has a collection of tools to process and document Human resource data by linking it to information technology with the help of the HR Software. From maintaining data to tracking recruitments, this software performs all the duties of the HR department. It also fetches data from other Office management systems to form an integrated web of information for a better outlook and overview of information.

You can also read : Why HR Management System is beneficial for an Organization

Benefits of Human Resource Management

Human Resource Management is one of the most important departments to be taken care of, in a business venture. It upholds and enhances its management structure to provide a smooth and efficient work structure for the company.

HRM engages with a broad set of systems that aim at monitoring all ongoing processes of the company.

To understand how an HRM helps the company, here are a few use instances :

Employee Management

A key benefit of an HRM is the ability to manage employees and cater to all their needs and requirements. Consider an example where the employee has changed their address and now they need to update the information in the company database. This can be easily done by the employee’s access to the employee portal. No more sending and keeping track of emails between employee and manager.

It is important for companies to maintain an updated version of all the employee information therefore the employee will reach out to the admin.

The admin will then guide them in the process by fetching the correct files and ensuring that the updates are carried out in a smooth manner.

On the surface level where this appears to be a minor task when performed in numerous organisations it altogether consumes a considerable amount of time and energy. When this task is performed efficiently with the help of HRM, it makes things easy for the company and the employees.

Felicitating Employee On-boarding

Human Resource Management can also make the on-boarding process much more consistent and valuable. With new additions to the team, it becomes important to ensure that everyone finds a comfortable environment to work in.

To ensure this, the HR department needs to pay attention to the very start of the employee’s journey in the company i.e. provide a smooth and convenient on-boarding experience to them. This not only allows them to develop their confidence but also assures a good first impression of the company in the eyes of the employee.

You can also read : What is the importance of HRMS for Digital Marketing Agencies?

Features of Human Resource Management

HRM comes with numerous features that are necessary for the growth and smooth operation of an enterprise.

Some of these features are :

Employee hiring and selection

Hiring employees for the enterprise is one of the most essential functions of Human Resource Management. HR goes through each application and shortlists the ones that match the required qualification and skill set demanded for the job.

This process is very important as it only will include members who can align with the vision of the company and strive to achieve its goals and objectives.

Formulating a Job design & analysis

HRM is responsible for formulating the job design and jb analysis of different posts in an enterprise. For job designs, the HR manager compiles information like duties, responsibilities, role expectations and operations of the job.

Human Resource Management studies these factors intricately to ensure that they hire a deserving employee who would fit in the job role, their team and the overall work structure of the company. Job analysis pertains to characterizing all job prerequisites like the employee’s skill set, their qualification and their work experience.

Employee training

After hiring and on-boarding employees, HRM also takes care of employee training and development. HR department has to make sure that all their employees are accustomed to the latest updates in their office space from their daily schedule to fresh tools and software.

HRM arranges the training sessions for employees so they can acquire work and company oriented skills in order to drive the company towards success. These sessions also aim at developing their work ethics and giving a boost to their overall efficiency.

It prepares employees for bigger projects, urgent tasks and the responsibilities they need to take up for their own professional development and the overall growth of the company.

Talent Management

Human Resource Management also includes talent management of each employee working for the enterprise. This is done by the HR departments to monitor the work of their employees and have a report of their performance graph for every month.

It also assists the admin in assessing the performance of the employee while considering a raise in their monthly payments or assigning projects to them.

Employee Stats

HRM maintains performance reviews, performance stats along with hire and exit schedules of the employee. This helps the admin maintain a history of each employee for future purposes. This information is well documented and stored for future references.

Securing compensation and benefits

The Human Resource Department is functional in breaking down a clear indication of all company policies, protocols and guidelines for an employee. HRM also safeguards their rights with respect to the compensation, and benefits that the company is liable to pay the employee.

They are also instrumental in ensuring that these policies are properly implemented and followed both by the company and the employees. This leads to the development of better understanding in the company and creates transparency between the management and the employee.

Conclusion

Human Resource Management is the foundation for forming a healthy and thoughtful work environment in a company. It takes care of numerous requirements of the company by managing, monitoring and assessing employees to come up with ways of utilizing their potential in the progress and improvements of the company.

With numerous technological advances in the market, there are Human Resource Management Software that have proven to reduce the amount of time and energy invested in performing HRM tasks manually. Juntrax is a prime example of a convenient and premium HRM Software which comes with a wide range of tools and features.

To check our Juntrax HRM Software, book a FREE Demo now!