An online monthly timesheet, just like any other well-prepared printable time spreadsheet, is adequately self-explanatory or easy to understand and follow. It records the time that employees spend working on a particular project through an online time tracking tool such as an automated employee time clock.
Keeping track of employee hours is a necessity as it helps business owners and managers to know what employees have been up to throughout the day, week, or month, but most importantly, it improves employee performance and output.
Proper time management should be a key objective of any business that plans to keep its operating budget within realistic limits at all times. If you are still using a paper-based monthly timesheet system or a manual time clock to manage your employees, you could be losing revenue through employee time theft, accounting errors, and many other areas. With a manual time tracking process, there usually are a number or substantial costs that can easily be controlled or eradicated with online or automated processes.
When compared to a traditional monthly timesheet, an online or web-based monthly timesheet is more likely to save work time, reduce project cost, and increase efficiency. In addition to the mundane task of employee time tracking, an online monthly timesheet comes with other valuable benefits which include the following:
1. Saving Time and Staying Accurate – tracking time on a printable time spreadsheet or via an automated timesheet saves time and stays accurate and this makes it easy for managers and supervisors to assign time to different projects and to calculate bills and pay rates.
2. Providing Work-Time Visibility – an automated monthly timesheet records employee time with every clock punch and this provides the employer or the manager with the actual breakdown of tasks during a particular shift.
3. Eliminating Guesstimating – a modern timesheet such as a printable time spreadsheet eliminates guesstimating, which involves employees guessing their hours. A good example of guesstimating is when an employee guesses that a task took 5 hours to get done when it actually took 3 hours or so. An online monthly time sheet, through an automated punch clock, will record the actual clock in and clock out times and will therefore add up the accurate working hours.
4. Eliminating Buddy Punching – when completed automatically, a monthly timesheet will eliminate buddy punching completely, especially when biometric readers are involved.
5. Forming Better Habits – while it is true that there are some employees who will take advantage of a useless time tracking system to rip off their employers, some employees are honest and are only forced to bill inaccurately by erroneous and ineffective time tracking systems. An automated monthly timesheet will not only help keep a business well organized, it will encourage employees to form better habits.