All Industries Can Benefit from Timesheet Software
Published: 11/09/2022
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We have written this article for operations staff, managers, and business owners. Our goal is to demonstrate that timesheet software is a universal tool applicable to any sector. We will examine six industries and explore how a timekeeping solution enhances their processes.
When people think of timesheet software, they often restrict its functionality to time tracking alone. This mindset diminishes their motivation to explore its capabilities further, primarily because the tool they require has little to do with time logging. To say they massively miss out is an understatement; while timesheets are indeed central to the solution, they also underpin many other business processes.
Keeping track of your workers’ time is a practice every business should adopt, regardless of the sector in which they operate. We sense you may be slightly sceptical here—there is no universal solution that would cover every industry. However, time is one thing that literally every business has in common, and it should be a metric that is as important as the income generated; after all, this is sensible if we remember the well-known saying that time is money.
Even if your workers are paid a fixed rate rather than hourly, your business could still utilise timesheet software. Time tracking is a valuable tool for various businesses, as it can be employed for multiple purposes: performance reviews, client invoicing, expense claims, project forecasting, and many others. In simple terms, it’s a universal software that can adapt to any business model due to its extensive functionality.
To demonstrate this, we will explore several different industries and examine how their operations can be enhanced with a time tracking tool. If the sector you are interested in is not included in this list, we encourage you to get in touch.
Although it sometimes baffles people to learn that teachers’ pay is tied to timesheets, it remains a sore spot for everyone in the sector. From filling out and submitting timesheets to chasing, correcting, and processing them, the process can be tedious at every step. Furthermore, it is ongoing and repetitive, yet vital. Compounding the issue, most educational facilities oppose the idea of digitising this system, as many of the older workers are uncomfortable transitioning from traditional timesheets to digital solutions.
Although timesheet software may seem particularly necessary for the sector, we understand why institutions often hesitate to adopt it. Therefore, we would like to dispel this concern as customer-oriented timesheet platforms have long since addressed this issue. For example, at Timesheet Portal, your employees can continue using paper timesheets; they simply need to capture a picture of them with a smartphone app. The software will then send it through the approval processes that a digital timesheet would undergo, and its data will be converted into a digital format.
From nurses to practitioners, it’s no secret that healthcare workers often work overtime. While it's undeniably demanding for them, it also presents a challenge for the accounting personnel: overtime rates. Timesheet software for healthcare can significantly assist in this regard, as specialised solutions include an automatic overtime calculator. The configurability of the module largely depends on the vendor. For example, Timesheet Portal allows you to set it to operate based on criteria such as total hours worked, days of the week, shift times, and combinations of all.
A timesheet solution also provides access to in-depth performance reporting, offering valuable insights on data such as finances. Based on data extracted from the timesheets, it transforms the numbers into a visual and easy-to-analyse report within seconds. Most tools will allow you to build the structure of your report to include the metrics you need, but you can always utilise the pre-built templates.
While the construction sector widely utilises timesheets, it is also known to have many factors causing varying rates: day of the week, location, work complexity, and so on. This complexity makes processing the sheets for payroll difficult and prone to error. However, when using a digital timesheet solution, the rates are applied immediately. Furthermore, workers can fill in their timesheets on the go.
Another benefit of timesheet software for the construction sector is the expense management module. However, not every solution offers this feature. At Timesheet Portal, we make it easy for your workers to claim back expenses for any work-related purchases and mileage by providing a simple receipt upload option (available for bulk uploads too) and an integrated currency converter.
The public sector is another industry that heavily relies on expenses and invoicing. Both can be easily tracked, generated, reported, analysed, and exported into payroll when recorded via a timesheet solution. What’s more, all this will be done more quickly and be less prone to error. Of course, again, not every vendor offers such extensive functionality - we base this statement on the fact that Timesheet Portal does. We also integrate with major accounting packages like Xero, Quickbooks, and Sage.
Contractor work is central to the public sector, which is why both timesheets and payroll operations are fundamental to it. Streamlining these processes can free up a significant amount of time, save considerable budget resources, and enhance overall communication. Given the potentially high volumes of contractors, an effective solution will also limit invoice distribution to just a few clicks instead of sending individual emails.
Unsurprisingly, IT specialists are among the most sought-after workers and are often outsourced remotely. Given the high demand for them, one of the key concerns is retention, and timesheet software can actually assist with that. One of the most utilised modules we’ve introduced to streamline pay and billing processes for IT workers, while also ensuring compliance, is self-billing.
It has a proven record of drastically speeding up pay cycles, and all the required documentation for self-billing can also be managed and subsequently stored on the platform. Our solution also specifically assists with forecasts, margin reports, split commission percentage calculations, and more. To address more complex commissions that are beyond our expertise, Timesheet Portal integrates with our partners at Konquest, enabling you to automatically export margin figures from one software to another.
Most consultancies charge their clients on a retainer. However, while some take payments for time worked, others charge strictly on a deliverable basis. You might think the latter wouldn’t benefit from the use of timesheets—well, think again! The truth is, even when you’re paid for the end result, it’s important to keep a close eye on the time your workers spend on it to ensure you’re generating income.
As previously discussed, timesheet software is an excellent tool for generating and distributing quick, branded, and accurate invoices. Furthermore, they can be automated to align with your selected timeframes, and you can customise each invoice according to the client's needs. At Timesheet Portal, we provide both built-in templates and a drag-and-drop template builder.
Despite its telling name, timesheet software is not solely focused on time tracking. Consequently, it serves as a valuable tool for every industry as it can enhance pay and billing processes, improve reporting accuracy, and assist in the automation of various business operations. In other words, even if you do not charge your clients for hours worked, a time tracking tool is still something you ought to adopt. At the very least, it will highlight how much time is spent on specific tasks, enabling you to create more accurate forecasts and more effective price lists moving forward.
Naturally, different vendors offer various functionalities and payment plans. Before deciding which supplier to go with, it's best to make a list of your priority needs. The secret to fully utilising timesheet software is quite simple: start thinking outside the box. All business processes are ultimately tied to time, and therefore every operation can be enhanced by using a data recorder through a time tracker.
Still unsure how your company could utilise one? Ask our specialists.