- On June 10, 2016
- By Beehive HRMS
Importance of Task and Timesheet Management in today’s Business Environment
A Timesheet (or time sheet) is a method for recording the amount of a resource time spent on each job. Traditionally a sheet of paper with the data arranged in tabular format, a timesheet is now often a digital document or spreadsheet. The time cards stamped by time clocks can serve as a timesheet or provide the data to fill one
Use of timesheet in today’s Business Environment-
Originally developed for an employer to calculate payroll, timesheets can also be used for management accounting. Timesheets may record the start and end time of tasks, or just the duration. It may contain a detailed breakdown of tasks accomplished throughout the project or program. This information may be used for payroll, client billing, and increasingly for project costing, estimation, tracking and management.
Beehive’s Timesheet and task management is a web-based system that provide a means to track time for payroll, billing and project management. One of the major uses of timesheets in a project management environment is comparing planned costs versus actual costs, as well as measuring employee performance, and identifying problematic tasks. This knowledge can drive corporate strategy as users stop performing or reassign unprofitable work.
- Time tracking can lower costs in three ways: by making payroll processing more efficient, by making costs visible so you can lower them, and by automating billing and invoicing.
- Time tracking can increase revenue through automating billing, which tends to make it easier for a company to get correct invoices out for all hours worked by consulting staff. This speeds up payment and eliminates the hassles of ‘dropping’ bills.
- By lowering costs in three ways, and increasing revenue in one way, timesheet management technologies that are web-based can improve the health of companies.
- In project management, timesheets can also be used to build a body of knowledge about how much effort tasks take to develop. For example, if developing a training plan has historically taken a month, then it can be assumed that creating a new one will take a month. Also most timesheet software has the ability to track resource costs and project expenses to allow for better future budgeting.
- For the HR function, the time spent on activities by individuals can be analyzed over a period of time and categorized into broad types. Based on the outcome roles could be realigned.
Beehive offers a comprehensive Timesheet and Task Management system which takes care of management perspective of employee time and activities. Now companies can take a deep reporting on the basis if employee performance on their assigned activities. Beehive timesheet offers a facility to manage on-going projects (for project based companies) and activities where their employees re working. Defining reporting level for timesheet approval, define projects and tasks associated with the projects.
Cost is one of the influencing factor when it comes to managing the projects. Resource and employee cost can be defined on actuals. Integration of employee database and compensation and benefits organizations can have a integrated timesheet management solution where in they can even analyse the project cost versus employee / resource cost.
For more details call us today for the one to one discussion on how Beehive Timesheet and Task Management
can help your organization to grow with the proper management of employee timings and ongoing projects.