Top 5 Benefits of Online Timesheet Reporting For Businesses

TOP Benefits of Online Timesheet For Business
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Do you know what a Timesheet is?

NO, I’ll tell you- Timesheet represents summarized hours worked by each employee during the whole pay period.

You can record the sheet manually or can also automate it with the help of online timesheet reporting software. But why manually when you have a large variety of software available in the market.

Thinking about how to automate timesheets, the benefits, what if software manipulates the timesheet, or which software is best for online timesheet reporting?

Relax, today I’m writing to clear up all your confusion, sit back and read the full blog.

Do you know, in this whole automated world, more than half of the companies around the globe still track time manually, relying on paper and Excel records to track their employee productivity and time? Many companies are unaware of timesheet reporting software benefits, so if your organization does, the same don’t be embarrassed. You’re not alone.

Timesheet insights - 2021

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TOP 5 Benefits Of Automating The timesheet Reporting Process

· Improve Timesheet Accuracy

 Improve timesheet accuracy

Paper timesheets are not reliable and trustable, as they can be altered at any stage before submission. Tracking software puts a new standard for timesheet accuracy by eliminating all margin errors with manual reporting.

The software offers several ways to reduce data inaccuracies. one started with when your employee punched in and out over a secure network, the data directly transferred to the timesheet system eliminating all errors of manual recording.

Added benefits, system alerts the supervisors if there is any early and late punch in and out of an employee.

· Eliminate Double data entry, paper handling, and error cost

By eliminating the paper handling, the entire payroll process can complete in half of the time compared to manual payroll take and reduce the extra cost of spending on payroll staff. Timesheets are auto-sign on the server and submitted automatically over the WEB.

A useful timesheet software opens multiple data entry methods; it does not stick you to the one option. Employees can enter time work data directly in timesheets through desktops, time clocks, mobile phones, and time cards.

With the preset software, you can also automate other activities like employee leave requests, entry approvals, or leave accruals.

Moreover, the software generates all the information automatically whenever needed.

· Eases Administrative function and Increases efficiency

Eases administrative function and Increases efficiency

As a workforce manager, it is essential to evaluate your employee’s daily, weekly or monthly productivity and drain out all the unplanned overtime practices that can reduce employee productivity.

But with manual timesheets, it becomes time-consuming even sometimes the reports are not authentic. Which leads to employee demotivation and unhealthy relationships.

To better empower employees, it is necessary to share the performance reports with your employees’ positive effects to build better relationships. There are more benefits– they become more optimistic, idea contributors, and enthusiastic in the workplace.

With benefits like listed above, no more convincing is needed to automated the timesheet process.

· Check employee location with GPS tracking

Check employee location with GPS tracking

When it comes to managing remote employees, we need a unique set of skills to ensure that employees are actually on their job tasks.

Real-time reporting sheets provide the feature of live tracking, which helps companies quickly access the employee’s timesheets reports and can continuously track time, productivity, approve, reject, or review-time offs with visible balance and work hours.

The feature of GPS tracking in your employee monitoring tool gives a lot of peace of mind by showing employees’ real-time activities such as what task they are working on, whether they are on a specific job site or not.

Even if you can plan the schedule and manage the work from a single location, timesheets eliminate the manipulations and blind trust by providing real-time access to the employee data.

· Automatic Updates with Cloud-based Software

Automatic updates with cloud-based software

Cloud-based employee tracking software offers the benefit of online timesheet reporting with automatic software updates.

Using cloud-based timesheets software means you do not have to worry about keeping file backups and data security. Plus, there is no chance of data theft or loss in any condition; your employee data is entirely safe from any kind of disaster, including water damage, fire, or any equipment loss.

Earlier, we discussed mobile access for employees; help companies having cloud-based timesheets to refine the employee data and check them from any location.

Besides these, there are many more reasons to use cloud-based technology to track employee timesheets and productivity, like another golden point.

· Reduces Errors at Workplace

REDUCES ERRORS AT WORKPLACE

Traditional maintenance of timesheets can cause errors while recording because paper handling can be manipulative and altered at any stage of submission.

But let’s talk about the modern maintenance of timesheets. There are significantly fewer chances of error because online software automatically records the employee punching in and out, task, productivity, and shows any issue caused at the workplace.

In this digital era, innovative software like automated timesheets and employee monitoring tools encourage all company owners’ confidence and give business transparency, which helps the employee and companies become multitasking and more profitable.

Also Read: Productivity Tracking Software: What, Why, and How?

  • Maintaining Compliance

It is essential to ensure enforcement, as monthly reports, leave management, and payroll practices, if they do not comply with the current legal codes, may leave the company unprotected from severe complications, inquiries, legal battles, and fines.

With a timely updated timesheet, you can easily keep your company and employees up to date with changing lawsuits, helping the organization meet the legal requirements and benefits in taking compliance provided by the government to the employees.

Maintaining compliance can reduce your legal problems, improve safety and operations, reduce employee retention, and improve public relations.

  • Enhance Return on investments (ROI)

Every company looks for increasing Return on investment ( ROI) after some time. In this modernized investment world, the company always looks for a specialized timesheets system that can provide a high return on investment quickly.

The best practice most companies perform to increase ROI is spending less by opting for cloud-based services. Using automated timesheet software is becoming the profit center of business.

In fact, Timesheets software is one of the host reasons to save more, justifying the line, it automates payroll integration, employee self-services and enhances productivity. By switching to online timesheets management software, one can also save the indirect cost because it gives you better insights into the employee’s amount of time spent on work and the Return of investment of that work.

Application of Timesheet

  • MANAGEMENT ACCOUNTING

Timesheets play a crucial role in management accounting. With automated timesheets, the manager can quickly review the tasks of employees. It becomes handy when the manager needs to when the specific job started and ended by the employee.

To sum up, we can say that employee monitoring becomes very easy with proper maintenance of timesheets, reports.

  • PAYROLL PROCESSING

As discussed in the above points, the software reduces the payroll process by automating other activities like employee leave requests, entry approvals, or leave accruals.

It helps companies quickly access the employee’s timesheets reports and continuously track time, productivity, approve, reject, or review-time offs with visible balance and work hours.

After explaining all the top benefits and applications of a timesheet for business, it’s time to clear your next confusion by introducing you to the ideal software for your enterprise.

The Right Software for Your Enterprise!

The above mentioned all top benefits of automated timesheets software was an own experience of work status. Whenever you purchase software for your company, keep two things in mind that the software should be fulfilling your business need and boosting your ROI. The perfect timesheet software offers a diverse timesheet interface that is easy to customize according to any organization’s need.

At WORKSTATUS, WE aim to offer a platform/medium for organizations and individuals to be more productive. We encourage teams to focus on essential job tasks rather than wasting their crucial hours on other distractions.

Our online timesheets customizable software offers an easy and simple user interface to meet every organization’s need as much as possible.

WHY CHOOSE WORKSTATUS?

Track your Business Progress, Not Timesheets

  • Track hours with online timesheets
  • Available on mobile apps and desktop
  • Time management and invoicing in one dashboard
  • Major integrations for accounting solutions

Workstatus always believes in providing the best services per our customers’ business needs. According to enterprises, our software is customizable and continually works to boost employee productivity by tracking activities and progress without having to poke employees about their daily task reports.

The software came with many features like:

  • time tracking
  • employee monitoring
  • geofence
  • project budgeting
  • detailed reporting
  • online timesheets
  • productivity measurement
  • employee scheduling.

Here is why you need time tracking software:

  1. Improve the workflow
  2. Fewer chances of error and mistake
  3. Keep employees on track.
  4. Prioritize projects
  5. Raise your working rate.

Hence, time tracking software is not only designed from an employee’s perspective. They work from employers’ perspective too.

  1. Help employers in review team performance.
  2. Identify an employee area of improvement.
  3. Provide accurate report hours for compliance.
  4. Reward excellence

If you are looking to update your manual timesheets system in technical, consider taking work status to learn more about what software offers once you are ready; sign-in for a free trial.

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