4 Tips on Irregular Rate Timesheet Calculation

We are writing this article for finance teams seeking solutions to manage their needs for irregular rate timesheet calculation. The tips we share are based on our experience, observations, and knowledge gained from working with clients across various industries.

Timesheets are generally a valuable tool that helps you stay on top of your finances. They also enable you to allocate your workforce more effectively once you understand how long specific tasks take. However, all these advantages often exist only in theory - irregular rates can make timesheet calculations lengthy and tedious, and very susceptible to human mistakes. This is when the tool meant to simplify your life ends up complicating it. 

However, this is not the end of the road; timesheets don’t have to be painfully stressful, even for businesses that deal with varying rates. In this article, we have compiled four tips on how to make the process easier, even under conditions that are likely to complicate it. If you are ready to make your work smoother and more efficient, we encourage you to familiarise yourself with these tips by continuing to read. 

It’s Okay Not to Fit the Mould

No business is exactly the same; however, players in the same field often share similar, standardised processes. They are often referred to as the ‘industry’s best’, which can cause you to doubt whether you are doing something wrong when they don’t seem to work for you. Let us dismiss that worry - it’s a myth. And quite a harmful one at that. Simply put, just because something doesn’t work for you as well as it does for others, doesn’t necessarily mean it’s your fault.

Your needs, priorities, and values may differ from those of other companies, which can prevent standardised processes from working. This is perfectly acceptable. Ultimately, companies should adapt and optimise their processes to outperform their competitors. The goal is to enhance the organisation’s profitability and performance.  

1. Ditch Excel Spreadsheets

Here, we acknowledge it. Although often regarded as industry stable, Excel spreadsheets are a very outdated method for calculating irregular rate timesheets. They cannot handle the volume of data that today’s processes demand, and this is an issue even for companies with standardised rates. You are far too busy to waste time waiting for the document to load or for the calculations to finish.

Speaking of calculations; while many templates are available, you probably need to develop one customised for your business. Not only can this be expensive unless you have a skilled Excel expert, but it can also hinder your onboarding process as new staff might need training on it. Add known issues such as lack of intuitiveness, safety risks, and a high likelihood of human error, and it becomes clear that a better solution is needed.

2. Connect Your Tools

You are most likely using a variety of digital solutions, from accounting packages to internal communication tools. If you need to manually transfer data between them, not only do you waste time doing so (every second counts), but you also risk making mistakes. The more tools involved, the greater these issues become. That's why you should aim to centralise access to them by linking them together through integrations. 

Software integrations not only enable smoother, faster, and more accurate data transfer workflows but also broaden your automation possibilities. Additionally, they gather new insights that would otherwise be inaccessible. These often significantly contribute to optimising your processes further, elevating their effectiveness to a new level. 

3. Adopt a Digital Timesheet Solution

If you’re still sceptical about parting with the Excel sheets because there’s no alternative, we are happy to dismiss your worries. Not only are there other solutions, but they are ten times better. Timesheet-specific solutions are designed to address the very areas Microsoft Excel lacks, and depending on the tool itself, it is in their core functionality to calculate irregular rate timesheets. Timesheet Portal is one such solution. From location and time-based rates to those dependent on deliverables and overtime, we will cater to your custom needs. 

Recognising how diverse businesses using timesheets are from early on, we’ve been steadily enhancing our timesheet solution to suit everyone. That's why our tool is highly customisable: we don’t limit you with what we are, we adapt to become what you need us to be. 

4. Customise, Experiment, Analyse and Improve

Last but not least, it’s important to remember that there is no such thing as a one-off process. That’s what irregular rate timesheet calculation, ultimately, is - a process. What we mean is that you can’t just set it up once and let it run. Instead, you need to observe and analyse its performance, continually optimising it for better results. If you don’t, the process is bound to fail.

Not to mention, the business landscape, regardless of the industry, is currently at the peak of its development pace. Things change daily, and processes that were the cornerstone of your business yesterday may be deemed inefficient today. The use of the aforementioned timesheet software as well as other digital tools makes it easy to identify potential inefficiencies through thorough analysis. They also provide an excellent outlet for experimentation and optimisation, helping you stay ahead of the game at all times.

Summary 

While working with irregular time rates can be a headache for the finance team, it certainly doesn’t have to be. The days when complex processes had to be handled manually are long gone, and it’s about time you embrace innovation. From replacing outdated software to centralising your tech stack, not only will you be able to work more easily and efficiently but also continuously optimise and improve. With the right mindset and the right tools, circumstances that complicate your processes can become your biggest advantage. 

Change is always daunting, but it’s unavoidable—particularly in business, where things move quickly and demand flexibility and adaptability. The sooner you accept it, the sooner your performance and profitability will improve. We hope this article motivated you to take the initial steps towards innovation, and as always, we are happy to offer you assistance and support along the way.

All you have to do is ask.