4 Advantages of Using Monthly Timesheet
It is pretty common to find many companies use the monthly timesheet for tracking their employee’s activity during work time. People can say that it can be just part of the company habit. Nevertheless, using timesheets can provide you with various kinds of advantages. If you choose and use the timesheets correctly, you will be able to experience these great benefits of the timesheet.
What is the top priority for any kind of business? There is no doubt that it must be profitable. Every business was built with profit in mind. That is why every business organization will try their best to get more profit. The reason why they need to use a timesheet is to boost their profitability. By using the timesheet, the cost for every project can be tracked effectively. The forecasting will be accurate and consistent. It will also be useful for helping the company to know the cost spent by certain projects so they can make a better strategy for pricing. It means that the decision about the cost they will charge new clients will be more informed.
Automation or Simplification
Admin tasks can be pretty a waste of time. You can imagine how long the time will be used just for handling paperwork, organizing documents or data, and reminding everyone about their tasks. It is better if those processes can be simplified. However, they can only do this by using the timesheet. You will get insights about how much time is spent by the staff to do certain tasks. You will find out whether there is room for improvement by checking the timesheets. You can improve the staff efficiency by freeing their time up in some areas so they can focus on a more important project, for instance.
Accountability and Productivity
Nowadays, people have to deal with various kinds of distractions when working. Many people waste their time while working because of social media distractions. Using the timesheets means that you can track the employee’s time. They will be more accountable about the way they spend their time when working. It will give a great effect since their productivity can be improved. There will be no procrastination anymore. The timesheet will not only show the way the employee slack off, but it also shows the way the employee works hard. Transparency is the key to using the timesheet, after all.
No matter how long you run the business, everything will change and develop. You need the fluidity that can be supported by using the timesheet. This way, you will be able to react to the times. It is useful for making the business gain more success. The timesheet will help you identify the department that might need help because you see that the staff stays at the office longer. Yes, you can track the behavior of your staff simply by reading the timesheet. In this circumstance, the roles can be adapted according to the current circumstance. One thing for sure, using a monthly timesheet will be beneficial not only for the company but also for the staff.
Other Samples of Monthly Timesheet :
Tips to Create the Best Monthly Timesheet Template Excel for Your Employees
If you want to track your employees properly, then you need to create the best monthly timesheet template Excel. Unfortunately, making a timesheet for your employees might not be as easy as it sounds. But you do not have to worry. We are here to give you some helpful tips that you can immediately use. Here are some of those tips.
Understand the Purpose of Your Timesheet
Before you even think about creating a timesheet for your employees, you need to know the purpose of your timesheet. What do you want to use the timesheet for? By understanding the purpose of your timesheet, you can determine what kind of timesheet that you can create.
Of course, you can just find a monthly timesheet template Excel free download. However, the timesheets that you find online might not suit your specific needs and purpose. That is why making your timesheet can be the perfect alternative.
What Your Timesheet Includes
Other than knowing the purpose of your timesheet, you should also know what you need to put into your timesheet. Do not worry. You will be able to find a lot of references when it comes to what you need to include in your timesheet. So, creating a timesheet will not be a problem at all.
There are a few basic things that you need to add to your timesheet. These things include your employee’s name, date worked, the day worked, pay period, hours worked, total hours in a month, and many more. You can also add other things in your monthly timesheet template Excel, including the tasks that your employee is currently working on.
Keep it Simple
The main purpose of any kind of timesheet is to provide useful information for employers about their employees. This applies to any kind of timesheet, including a semi-monthly timesheet template Excel. That is why you have to keep in mind to keep your timesheet as simple and practical as you can.
When it comes to keeping it simple, you have to consider the categories that you want to put in your timesheet. You have to make sure that you add the proper labels that you need to your timesheet. Other than that, make sure that your employees will be able to fill out the spreadsheet without any problem at all. That way, you will have a reliable timesheet that will be very beneficial to you.
Review and Approve
Once you have successfully created your timesheet, you can go ahead and use the timesheet. Sure, you can use a free semi-monthly timesheet template Excel to track your employees. However, you will not be able to feel the sweet success of creating your reliable timesheet.
The last thing that you need to do is to review every timesheet that your employee has filled before approving it. If your employees have no problem filling out your custom timesheet, then you have successfully made a reliable timesheet. All you need to do is to keep using that monthly timesheet template Excel for your team.
Monthly Timesheet Template | Excel – download
Understanding A Monthly Timesheet Template Word from Legal Matters
You may hear questions about the monthly timesheet template word related to the legal basis. To avoid confusion and misunderstanding, you have to learn about it step by step.
Yet, this article informs you about the monthly timesheet from its legal matters. Here are some questions and their brief explanation.
Does A Timesheet A Legal Document?
From the policy, you learn that a timesheet is a legal document. It functions not only for the source of payroll transactions but also as an instrument for client invoicing.
Why is it considered a legal document? On a legal basis, a timesheet will serve and ensure employees receive payment for hours worked. It gathers data that result in paying compensation and benefits.
Aside from that, a timesheet can record employees’ time off too. So, it contains confidential information for both employers and employees.
When do you complete and submit it?
Completion and submission depend on the company’s needs. Most companies ask their employees to submit it weekly and monthly. However, you may find employers that require timesheets to be submitted daily or biweekly.
You also have to know that the time and manner of submission are various. The method depends on the company policy and regulation.
In completing your monthly timesheet template word, it is better to do it daily. The reason is that the projects and tasks are still fresh in your mind. So, you can inform it exactly.
Besides, you do not need to spend extra time working on your timesheet once you submit it. Submitting a completed timesheet can ease you in getting the approval on time. As a result, you are not rushed while the submission deadline is closer.
What do you do to prevent timesheet fraud?
What is timesheet fraud? And how does it occur in a company? You will understand the question from the information below.
In a company, timesheet frauds include the increase of work hours and falsifying the data entries. Additionally, it may happen due to the errors caused by a delay in completion.
From here, you learn that the above errors may not be viewed as frauds, but people know it as part of legal matters. All errands lead to money loss. This thing even points to the worst effect of reducing the trust in both employers and employees.
It may be difficult for you to stop the timesheet fraud in your company. However, you can find ways to minimize it and help to reduce the impact in the future.
- Set clear policies for your company’s timesheet. Be sure to emphasize the consequences if someone disregards the policies.
- Apply electronic timesheets. By having this method, you can automate the process. Moreover, it helps you to minimize unintentional errors.
- Set internal control and rules in the management report. Through this, you can identify what error may occur in payroll, overtime work hours, and over budget.
Preventing fraud, including in a monthly timesheet template word, enables you to build disciplinary measures, especially for the offenders. Therefore, people will know about the consequences of their actions.
Monthly Timesheet Template | Word – download