The Top 6 Reasons For Businesses To Use Timesheets
How do you and your team feel about timesheets? Are timesheets a form of micro-management? Hate the idea or love it, having your team fill out timesheets every day provides an abundance of useful information which will help you run your company more profitably.
1 Project Planning
When projects are broken down into a series of tasks, you get a realistic overview of what’s involved in the project, ensuring no steps are missed along the way. When time is allocated and recorded against each of these tasks, an accurate timeframe emerges, helping you schedule your projects and meet those deadlines.
2 Chargeable Time
What this data leads to is chargeable time. How much of the project is chargeable? Are you covering your costs? After all, time is money. Now you have your timesheet data in hand, with the right modifications you can ensure your projects are profitable.
3 Poor Performance
What’s going to be discovered along the way are poor performance areas. There’s no denying that timesheets give you the ability to monitor the productivity of members of your team, but it’s up to you what you do with that information.
If individuals are spending too long on a task or project, there will be any number of reasons why.
4 Task Allocation
Are your team members each being allocated the most appropriate tasks? Members of a team comprise of different skill sets. This is especially true in smaller teams where employees are required to cover multiple areas. Save time by being mindful of pairing the most proficient person against each task of a project.
5 Is There a Lack of Process?
Are some tasks too onerous no matter who’s doing it? Do you need to spend some time looking at your internal processes? Having a step by step process for certain project tasks can keep everyone on the same page as well as save time.
6 Software Gaps
Are you overlooking a fundamental timesaver? The correct use of technology can speed up many tasks. It’s not unusual for a program or piece of software to transform some tasks from hours to minutes. Take recording time for example – if you’re not using automated software to track time, you are wasting time unnecessarily by recording your timesheet data with Excel or worse, paper records.
Today’s technology can help with this and so many other areas so take a good look at your projects and tasks and highlight areas where you consider there is wasted time. There may be a solution just waiting for you. The more you can automate your tasks, the more time (and money) your business will save. After all, time is money and what you can’t measure, you can’t improve, so think about setting up or advancing your systems today.