Timesheets help employers track work hours, leaves, accruals, and adjustments for processing payrolls. Time tracking software systems also provide employers with a trackable workflow for payroll approval. Inaccurate data entry is the leading cause of payroll errors.

A timesheet is a data table which an employer can use to track the time a particular employee has worked during a certain period. Businesses use timesheets to record time spent on tasks, projects, or clients. There are different methods that have been used to record timesheets, such as paper, spreadsheet software, and online time-tracking software. Paper-based timesheets have now given way to the digital formats.

Any company or organization must accurately account for the time its workers spend on tasks and projects. Time entry involves employees entering the time they start and end work on a task or project on a timesheet. This data is then used in client billing as well as payroll processing.

A business can meet its deadlines, maintain its budget, and achieve success when it uses time effectively. To do this, you need to be able to keep accurate records. This makes timesheets essential to any successful business.

Advantages of timesheets

Reduce time wastage

Timesheets help you understand where you are wasting labor. They help weed out tasks that take longer than necessary, and assist you in making decisions as to how you can optimize your tasks.

Bill accurately

Timesheets help you in billing accurately. They are a way of letting your clients know that you handle their projects efficiently and their money is not going to waste. With timesheets, your clients don't need to worry about constantly checking the status of their projects.They let them see how much time you dedicate to them and serve as proof of how accurate your billing is.

Improve Project management

Timesheets are surprisingly important tools for project management in the following ways:

1. By tracking time on a project, they help in qualifying an employee for a new project, role, or job based on performance.
2. By analyzing time usage, you can determine the skill of someone in a particular area and utilize them in parts of a project for which they're better suited.
3. They help in identifying areas in which a worker takes more time than allocated and needs additional training.
4. They are helpful in measuring the overall efficiency of your project.
5. They help in identifying the availability of workers assigned to a project, making it easy to distribute the workload among group members.
6. They enable project managers to monitor progress and anticipate delays.
7. They help project managers estimate expected costs and compare them to the real cost of the project during execution.

Save money for your company

Timesheets let you know exactly what your employees are working on. They track efficiency of workers by comparing the amount of time they work with the output they produce. Timesheets help spot employees that perform poorly and cost your company money. By telling you who is productive and who is not, timesheets help save a lot of money for your company.