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.

3 Reasons for Service Companies to Adopt Automated Timesheets

Introduction

In today’s digital world, automated timesheets are essential for service companies. It helps managers keep track of how much time their employees spend on different projects and tasks. It also helps in ensuring accurate and timely client billing.

In this blog, we will learn what an automated timesheet is, its benefits, and how to choose the right one for your business. We’ll also discuss best practices for setting up these timesheets, the different types, and how to choose the correct software for your business.

What is an Automated Timesheet?

An automated timesheet is an electronic version of a manual timesheet and is used to log and track employee hours and generate reports. It’s an efficient way to keep track of how much time employees are spending on different tasks and ensure accurate billing. Automated timesheets can be used to record time spent on specific tasks, track employee attendance, and measure performance.

The automated timesheet can be accessed from any internet-enabled device, such as a laptop, tablet, or smartphone. It’s easy to use and can be customized to fit the needs of your business. It also offers a variety of features, such as the ability to set up reminders, generate reports, and track employee time in real-time.

What are the Benefits of an Automated Timesheet?

An automated timesheet offers a number of benefits for service companies, including:

1. Reduced Human Error: Manual timesheets are prone to human errors and can lead to inaccurate data. Automated timesheets eliminate the risk of errors and ensure accurate data.

2. Improved Efficiency: – Automated timesheets are more efficient than manual timesheets as access to automated timesheets is much easier on the cloud. Interaction between employee and manager is seamless and instant.

3. Increased Productivity: – Automated timesheets help employees focus on their tasks and reduce the administrative overhead of tracking on paper or excel.

4. Improved Accuracy: Automated timesheets offer real-time data, which helps ensure accurate billing and reduce disputes.

Reasons to Use an Automated Timesheet for Service Companies

Service companies should consider using an automated timesheet for many reasons, including:

1. Accurate Billing: An automated timesheet helps ensure accurate billing by tracking employee hours and tasks in real-time.

2. Employee Productivity: Automated timesheets can help increase employee productivity by reminding them of deadlines and keeping them focused on their tasks.

3. Cost Savings: By tracking project and resource efficiency there is a direct cost saving if you can measure these metrics.

4. Improved Communication: Automated timesheets can help improve communication between employees and managers eliminating the need for contact.

How to Choose the Right Automated Timesheet for Your Business

When choosing an automated timesheet for your business, there are a few things to consider:

1. Cost: The cost of an automated timesheet can vary depending on its features and the number of users. Be sure to compare different options to find the one that’s right for your budget.

2. Features: Automated timesheets can offer a variety of features some of which are as follows:

Ability to log hour-by-project and task
submit timesheets weekly or by pay cycle
generate different reports for clients and managers
notification and reminders to alert employees and managers to take action.

Choosing the right timesheet will help ensure

3. Security: Security is a top priority for any business, so be sure to choose an automated timesheet that offers secure data storage and encryption.

4. Support: Choose an automated timesheet that offers comprehensive customer support, as this will make it easier to get help if you have any questions or issues.

Best Practices for Setting Up an Automated Timesheet

Once you’ve chosen the right automated timesheet for your business, here are some best practices to follow when setting it up:

1. Train Your Employees: Be sure to train your employees on how to use the automated timesheet. This not only helps to ensure they understand how to use it but also helps in avoiding any potential mistakes.

2. Reminders: Set up reminders for employees to notify them to timely log in their hours.

3. Monitor Data: Data from timesheets is monitored to ensure accuracy. This will not only help identify any potential issues but also will make sure the data is up to date.

4. Regularly Update: It is also recommended to update your timesheet every pay cycle to ensure accuracy.

5. Analyze Reports: Analytical reports generated from timesheets help in drawing insights about employee performance and billing accuracy.

Different Types of Automated Timesheets

Automated timesheets come in a variety of forms, including:

1. Cloud-Based Timesheets: Web-based timesheets are accessible from any internet-enabled device and offer a range of features, such as the ability to track employee hours and generate reports.

2. Mobile Timesheets: Mobile app-based timesheets offer a range of features, such as tracking employee hours and attendance in real-time.

Common Features of Automated Timesheets

Automated timesheets offer a range of features, including:

1. Time Tracking: Automated timesheets allow you to record employee hours in real time with respect to every project and task.

2. Project and Task Tracking: Automated timesheets allow you to track time by project and task, also providing the capability of determining resource and project efficiency.

3. Reports: Additionally, automated timesheets allow you to generate reports, such as the total hours consumed on individual tasks and efficiency.

5. Security: Automated timesheets offer secure data storage and encryption to protect your data.

Conclusion

Automating your online timesheets is essential for service companies, as it helps them keep track of how much time their employees spend on different tasks and ensure accurate billing.

For service companies, automating your online timesheets can help in ensuring accurate billing and improve employee productivity. There are several cloud-based software out in the market; Juntrax is one of them that is easy to use and reliable.

How to manage your Project Cash Flow efficiently?

What is Project cash flow management?

Project cash flow management measures, monitors, and controls cash flow for a project or phase. Think of it as an analysis of the expected inflow and outflow. Cash flow management ensures you have enough money to finish your projects. It’s also essential when you’re running low on cash.

Project cash flow for your company is the amount of money available for a specific project and the expected revenue. The project may be minor, such as an advertising campaign, a new building, or a business model. Your project illustrates how much you will pay out in expenses and how much you’ll receive in revenue.

Cash flow management means managing projects to keep a company running smoothly. In the ideal world, your company will have a steady cash flow, meaning it can always cover its expenses and pay its debts. Cash flow management is an ongoing process that involves building and maintaining a healthy cash budget for your company.

Cash budget for project cash flow

Budgeting aims to manage how much money you spend on a particular project. Knowing what needs to be paid for a specific project and how much will be paid, you can prepare for potential cash flow problems in advance.

Preparing a cash budget will allow your company to be ready to meet the cash flow needs of a project. This means you will not find yourself short of money at the last minute, which, if not thought of, can cause a significant cash flow problem for your company.

One of the biggest reasons companies have financial problems is that they fail to prepare for unexpected expenses, such as an emergency repair or a new supply order. To avoid this, you must create and maintain a healthy cash flow forecast for your projects. Managing your project’s cash flow will allow you to prepare for potential financial problems in advance rather than waiting until it’s too late.

Let’s get to know more!

A cash flow forecast estimates how much money will be spent and received over a specific period. This can be on a monthly, quarterly, or annual basis. If you are managing a project’s cash flow, you should create a cash forecast that includes all the expected expenses and income for this project.

Once you have prepared your cash forecast for your project, you can then use it to develop your budget. Your project’s budget will determine the amount of money you should spend on a particular investment. If you follow your budget, then it is likely that there will be no financial problems with the specific project.

The cash budget is essential in managing your company’s financial system. If you do not have a healthy cash budget for your projects, your company will likely have economic problems. This can include increased inflation and interest rates, which can directly impact the profitability of your company’s projects.

Also Read: How can Accounting Firms Leverage cloud-based Invoicing Software?

Elements of a project cash flow?

Project cash flow is one of the most critical aspects of project management. Here, we list the elements that project cash flow should include and ensure you have them in place before moving forward with your next project.

Project Plan

The owner or manager will create a plan detailing all the elements needed to complete the project. They should then determine if they will use a fixed price or an hourly contract, what resources are required for the end product and how they plan to obtain them.

Budget

This is the document that details all of the costs associated with the project. Budgets can be broken down on a month-by-month basis or by phases. The critical thing to remember is to have a realistic budget and track whether or not your spending is in line with your budget.

Budget Forecasts and Risk/Contingency plans

Even though you may think that you have your money and time forecasted out perfectly, unexpected things may arise during your project, whether due to changes in market conditions or human error.

Schedule

This outlines when you would like the project completed and by what method. It would be best if you had an idea of when you will begin and complete the project and how long each phase will take. For example, you should know what period the purchasing phase will last and what resources are needed to complete this phase. You can also break down each step into subtler categories, such as installation, testing, etc.

Degree of certainty

This is a calculation based on various factors, including stakeholder expectations, your budget, risks involved in completing the project, etc. The lower it is on your list (i.e., lowest number category), the less confident you will meet your project.

What are the benefits of managing your Project Cash Flow?

A project cash flow is a process of predicting and analyzing all aspects of the funds needed. This includes everything from estimating the costs and revenue to understanding where the money will come from to decide how it will be spent. Having a grasp on your project cash flows can help you make essential decisions about scheduling resources and spending money to ensure that you can complete your project on time.

Benefits of managing your Project Cash Flow

It helps you to be more efficient with cash.
Understanding project cash flows is a crucial skill for project managers.
You can prevent costly problems related to cash flow management.
Cash flow analysis may save time and money by avoiding problems with the budget or schedule and finding ways to pay for those projects that are more expensive than initially thought.
Certain businesses may even have specific requirements tied to tracking and managing your project’s financial activities to ensure they can continue operating due to funding shortfalls.

Five tips for managing your project cash flow in a business

Cash flow management is essential for any business. It’s important to understand what will lead to a healthy cash flow and what will lead to a disaster. Here are five tips that should help you manage your project cash flow in a business.

1. Know where the money is coming from and going to

Cash flow management is based on knowing where your money is going and where it’s coming from. For a clear understanding of your cash flow, employ financial management software when handling substantial amounts of money.

2. Have a detailed budget

Budgeting is the first step to managing your cash flow. You must understand where all of your money is going and why. Your budget should include all the essentials like rent and utilities, business costs, insurance premiums, employee benefits, and everything else.

3. Planning for financial shortages or setbacks is crucial.

Just as you create crisis plans for other aspects of life, envision potential issues in business and strategize to prevent or resolve them, thereby minimizing their impact.

4. Build a cash cushion

Your cash cushion is the money you have saved to cover any potentially unusual or unexpected expenses. Plan ahead to evade financial issues stemming from unexpected events like late client payments. Maintaining a two-month cash cushion for regular operating expenses is highly recommended. If this isn’t possible, ensure that you have good insurance policies to protect against these unexpected events.

5. Keep your vendors paid

Always keep your vendors paid so they will stay happy and continue doing business with you. If you do, they might supply you with a different level of service. You should also contact them to receive any payments and inform them about any payment issues that might arise.

Also Read: Why Leave Management System Is Important For Businesses

With Juntrax’s Integrated solutions, you can easily manage your cash flow and keep track of project expenses. Juntrax provides you with project tracking with timesheets which help keep track of every detail of a project. Using Juntrax’s project cash flow analysis, you can look closely at the cash inflows and outflows connected with an ongoing or upcoming project.

9 Must-Have Features for Time-Tracking Software

Introduction

Time tracking is one of the essential components of business management systems. It helps the user keep track of their time, allowing them to organize their time into projects and tasks. Using time-tracking software, you’ll be able to manage your projects and get an accurate idea of how much time you’re committed to each task. In this article, you’ll find out what to look for when choosing a time-tracking software for your business.

Time-tracking software allows users to quickly log all the time spent on specific tasks, projects, or activities. However, not all time-tracking software is the same. Some have features that others don’t offer. These features can be beneficial when it comes to keeping track of your time accurately. Here are nine must-have features for any time-tracking software you may use.

Take a look at 9 Must-Have Features.

Timesheets:

Users can create their timesheets, especially those who work overtime. To do this, they’ll need to specify in the timesheet app how long it takes them to complete each task and the type of task they’re doing within a project. With timesheets, users will have an easy time accurately keeping track of their work. They can keep track of the specific tasks and projects they’re working on at any time, allowing them to stay organized as they work towards goals or projects.

Analytics and Reports:

Reports and analytics will allow you to see how much time you’ve spent working on specific projects or tasks. This can help business owners, especially those interested in optimizing their time within a given project or job.

Customizable Alerts:

You’ll be able to choose from various alert features that come with time-tracking software, allowing users to stay organized when working on their tasks and projects. With customizable alerts, users can set reminders for themselves about upcoming events or activities. When the event or action occurs, they’ll receive a notification letting them know about it. For example, users can create alerts for scheduled meetings and deadlines for project updates and deliverables.

Payroll management:

Time-tracking software can also handle payroll. It can be beneficial for small businesses. When you’re using time-tracking software, you’ll easily be able to track your hours and those of other employees regularly. You can also input the exact necessary information for payroll entries and end-of-year tax preparation in a concise amount of time. This will save you time and allow you to focus more on your tasks and those of other employees.

Time Tracking:

Juntrax’s time-tracking features help users keep track of their time. You can create custom fields for specific information within the time tracking category. For example, you can create a lot for the task type (web design, project management, etc.). You can categorize tasks.

Invoicing:

A time-tracking software package will also handle invoicing, which can benefit small business owners. With time tracking, you’ll be able to generate an invoice from the information you have quickly. You’ll also be able to save time with the automation of an invoice after logging hours for specific tasks and projects within your software.

Mobile App:

Online time-tracking software often includes a mobile app for convenient access to reports anytime, anywhere. Tracking time on the go is advantageous for remote or virtual tasks and projects.

Cloud-Based System:

You don’t need to install anything using a cloud-based time-tracking solution. Begin time tracking for your staff, and you’ll notice a significant increase in productivity right away. Updates and maintenance are not a concern while using a cloud-based system. The data in the cloud is secure and can be accessed by anyone from the company at any time.

Choosing a time-tracking software can be confusing because so many options are available.Although certain features may be more appealing to specific users, the listed features cater to most seeking a reliable time tracker. It’s crucial to consider the support provided by such companies. With all these features, it’s easy to see why time-tracking software is a practical choice for any business using it.Insights into the Top 10 FAQs on Timesheet Management by Juntrax

Conclusion:

Your business should focus on serving customers, not micromanaging your employees’ time. With efficient time-tracking software, you’ll be able to keep track of all the hours worked by your employees with minimum effort.

Juntrax, an ideal time-tracking tool for small business owners, offers automated timesheets, workflow management, and efficient time tracking, ensuring seamless organization and productivity. Also, MSMEs with less than ten employees can avail of Juntrax’s automated services free of cost. Interesting, right?