4 Reasons Why You Need Weekly Employee Timesheet
A weekly employee timesheet is a way to track information about hours worked. It helps to know about employee work habits. Besides, a timesheet enables the company to run payroll and billing at ease.
Aside from that, a timesheet can make you learn about the progress of projects. It is helpful to support the company to make certain business decisions. Let us see the following reason why you need timesheets.
Calculate Payroll and Billing
You require a timesheet to calculate how many hours employees worked. It helps you to calculate and achieve accuracy in payroll. This tool is essential in giving you information about hours worked.
Most companies calculate payroll based on hours worked and not by project. That is why they need hours for billing instead of billing the project hours.
Through timesheets, you can add the hours worked in a week. Then, you can multiply it to know the pay rate of employees.
So, timesheets enable you to track the hours worked accurately. It is easier for you to collect data used for forecasting and budgeting.
A timesheet is a great way to do time tracking data. It allows you to build a historical database. Thus, it can reveal the project’s performance history of a company.
You can get the data by recording the concrete numbers, including the tasks. This data is beneficial for your future projects. So, managers can predict future projects’ profitability at ease.
Take, for example, employees can finish three projects in four days. You can use this information to improve the company estimation in doing multiple projects. That is why a weekly employee timesheet can improve your communication about time, costs, and resources with clients.
In running a company, understanding the actual budget is essential. You will know the expense that you have spent and the amount you will get. It helps you to do the budget estimation for future projects.
Timesheets help you not only to record time but also track expenses. It gives you information about the exact costs of the projects. Without timesheets, you can not do the estimation for budgeting.
After knowing the total expenses, you can determine the profitability, which is also applied for future projects. Companies should track the employees’ hours and project expenses. So, managers can make business decisions by using that data.
Apart from costing and budgeting, timesheets can inform you about the workloads of employees. It tells you the most effort was done by employees in completing a project. It is also known as a workload.
Timesheets can reveal the individual habits and trends related to work. This tool is beneficial to support hard workers in knowing their abilities better. Once knowing the workload in doing a project, you can increase productivity.
Samples of Weekly Employee Timesheet :
Additionally, timesheets can help you to highlight the expertise. From the data, you can know whether employees are required to develop their area of expertise or not. A weekly employee timesheet is beneficial for both expenses and employees, especially for your future projects.
Weekly Employee Timesheet Template | Excel – download