We are writing this article for the finance teams who are looking for solutions to accommodate their needs for irregular rate timesheet calculation. The tips we will be listing are based on our experience, observations and knowledge acquired through working with clients across different industries.
Timesheets are overall a great tool that helps you stay on track with your finances. They also help you allocate your workforce more efficiently once you have visibility of how long certain tasks take. However, all these benefits often only exist in theory - irregular rates can make timesheet calculation a long, tedious process that’s very prone to human errors. This is when the tool supposed to make your life easier actually complicates it.
However, this is not the end of the road; timesheets don’t have to be dread-inducing even for businesses that work with differentiating rates. In this article, we have put together 4 tips on how to make the process easier even under conditions that are bound to make it complex. If you are ready to make your job smoother and more effective, we suggest you familiarise yourself with them by continuing to read.
It’s Okay Not to Fit the Mould
No business is the same, however, players in the same field often share similar, standardised processes. They would often be described as the ‘industry’s best’, and this can make you 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 you’re at the fault.
Your needs, priorities and even values may be different from other companies, which can prevent said ‘standard’ processes from working. This is perfectly alright. At the end of the day, companies should adopt and optimise their processes to impress their competitors. It is done to improve the organisation’s profitability and performance.
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Ditch Excel Spreadsheets
Here, we said it. Despite being what is seen as industry stable, Excel spreadsheets are a terribly outdated method for irregular rate timesheet calculation. They are not fit to hold as much data as today’s processes require, and that’s an issue even companies with standardised rates run into. You are far too busy to waste time waiting for the document to load or for the calculation to be complete.
Speaking of calculations; while there are plenty of templates out there, you most likely need to build one that is suited to your business. Not only can this get costly unless you have a well-versed Excel specialist in the house, but also stump your onboarding process as new staff might need to be trained on it. Add known issues such as lack of intuitiveness, safety concerns and high probability of human error and it becomes clear you need a better solution.
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Connect Your Tools
You are most likely using a variety of digital solutions, ranging from accounting packages to internal communication tools. If you need to manually transfer data between them, not only do you waste time in doing some (every second counts), but also risk making mistakes. The more tools are involved, the worse these issues get. This is why you should aim to centralise access to them by linking them together through integrations.
Software integrations not only provide smoother, quicker and more accurate data transfer workflows but also expand your automation options. Additionally, they also collect new insights you would otherwise have no access to. Very often these contribute greatly to optimising your processes further, taking their effectiveness to a new level.
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Adopt 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 tenfolds better. Timesheet-specific solutions are designed to address the very areas Microsoft Excel lacks and, depending on the tool itself, it's in their core functionality to calculate irregular rate timesheets. Timesheet Portal is one of such. From location and time-based rates to those dependent on deliverables and overtime, we will cater to your custom needs.
Having caught on to how diverse businesses utilising timesheets are early, we’ve been gradually building our timesheet solution to accommodate everyone and anyone. This is why our tool is highly customisable: we don’t limit you with what we are, we become what you need us to be.
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Customise, Experiment, Analyse and Improve
Last but not least, it’s important to keep in mind there is no such thing as a one-off process. And that’s what irregular rate timesheet calculation, at the end of the day, is - a process. What we mean is that you can’t set it up once and let it run its course. Instead, you need to observe and analyse its performance, constantly optimising it for better performance. If you don’t, the process is bound to break.
Not to mention, the business landscape, regardless of the industry, is currently at the height of its development pace. Things change daily, and processes that were the pillar of your business yesterday may be deemed inefficient today. The use of the above-mentioned timesheet software as well as other digital tools makes it easy to spot potential inefficiencies through thorough analysis. They also give a great outlet for experimentation and optimisation, helping you stay atop of the game at all times.
Summary
While working with irregular time rates can be headache-inducing for the finance team, it certainly doesn’t have to be. The days when a complex process had to be handled manually are long gone and it’s about time you embrace the innovation. From replacing outdated software to centralising your tech stack, not only will you be able to work easier and more efficiently but also continuously optimise and improve. With the right mindset and the right toolset, the circumstances complicating your processes become your biggest advantage.
Change is always scary, but it’s inevitable - especially in business, where it’s rapid therefore demanding flexibility and the ability to adapt. The quicker you embrace it, the quicker will your performance and profitability improve. We hope this article inspired you to take the first steps toward innovation and, as always, we are happy to provide you with assistance and support along the way.
All you need to do is ask.
