Time tracking is a pivotal aspect of a growing company. Timesheets, in particular, enable all participants of a project to understand the time commitment required to accomplish their work and ensure that billing and invoicing are completed accurately.
Invoicing clients for services rendered is necessary for any small business. But before you can invoice anyone, you must have tracked your hours worked, as well as billable items. This is where a timesheet comes in.
A timesheet is a record of the time you spend on a project, broken down by task or client. They are fantastic for improving your productivity because you can track how much time you’re spending on different tasks.
According to research, over 38% of potential billable revenue is lost due to untracked time spent in emails, meetings, and delays in filling in timesheets. This is why businesses need to use timesheets correctly.
You may have experienced the difficulties associated with filling out a timesheet yourself. For example, maybe you missed some hours when you didn’t record your start time or forgot to stop when you took a lunch break.
Nowadays, many people work from home and must be highly vigilant with their schedules and timesheets. Unfortunately, life at home can be full of distractions, and recording your timesheet goes out the window when your toddler needs a quick hand with something, or your pet needs a pee break.
But rest assured, there are solutions to make life easier and many different types of timesheet templates to choose from that are tailored to your specific needs.
In this article, you’re going to learn what a timesheet is, the different types of timesheets, the benefits of using them, and what common mistakes people make when choosing one so you can avoid them.
Let’s get started!
What is a Timesheet?
A timesheet is a document that records the start and end times of work tasks performed by the employee using them. Timesheets streamline payroll, billing, and project management processes.
There are many different types of timesheet templates available online. Some are designed for specific industries, such as construction or accounting. Others are more general in nature and can be used by any type of business. However, most timesheet templates will include the following information:
- Employee name and contact information
- Job or project title
- Start and end time of a task
- Task description
- Notes section
Timesheets allow users to track employee hours, calculate pay, invoice clients, and more. They are an essential tool for businesses of all sizes.
Why Use a Timesheet Template?
There are many benefits to using a timesheet template, including the following:
Increased accuracy and efficiency
Having a pre-made timesheet template can help increase the accuracy and efficiency of your workplace. Employees will know what is expected of them, leading to less time wasted and fewer errors in their work.
A timesheet template can also make it simpler to keep track of employee hours and payments. Again, this information is beneficial for both the employer and the employee, as it can help with budgeting, planning, and tracking payments for an accrued time.
Compliance with regulations
In some cases, the law may require keeping track of employee hours using a timesheet template. By using a template specifically designed for this purpose, you can ensure that your records are always in compliance with any applicable regulations.
Quicker and easier payroll processing
Timesheet templates can help to speed up the payroll processing process, as they make it easier to track employee hours. This means that there is less chance of mistakes being made when calculating paychecks.
Types of Timesheet Templates
Various types of timesheet templates can be used in the workplace, each with its advantages and disadvantages. The most common timesheet templates include the following:
Hourly timesheet template
An hourly timesheet template is designed to track the number of hours an employee has worked over a specific period. This type of timesheet is most commonly used by hourly employees, as it allows them to track their time spent working and ensure they are paid for all of that time.
Daily timesheet template
A daily timesheet template tracks the number of hours an employee has worked on a specific day. This type of timesheet is most commonly used by employees who work a traditional Monday-Friday 9 to 5 schedule.
Weekly timesheet template
A weekly timesheet template tracks the number of hours an employee has worked over the course of a week. This type of timesheet is most commonly used by employees who work on a non-traditional schedule or have multiple jobs.
Monthly timesheet template
A monthly timesheet template tracks the number of hours an employee has worked over the course of a month. This type of timesheet is most commonly used by regular employees who work a traditional schedule.
Common Timesheet Mistakes
While it’s true that timesheets are growing increasingly popular, there are several common mistakes people make when using them. These mistakes significantly impair productivity and can lead to a substantial reduction in margins.
Not recording all hours worked
This is the #1 mistake people make with timesheets. If you don’t track all of your time, you won’t have an accurate record of how many hours you’ve worked. This can lead to problems when billing clients or calculating your pay.
Not filling out your timesheet immediately before or after work
This is another common mistake that can impair productivity and result in poor margins for your company. If you wait too long to fill out your timesheet, you may forget some details or lose track of what you worked on. Doing so can lead to inaccurate records and missed billable hours.
Fill out your timesheet as soon as possible after completing the work. Having it completed right away will help you remember everything and keep your records accurate.
Not keeping a timesheet for every project.
If you’re working on multiple projects at once, keep track of the time you’re spending on each one. Taking accurate notes can be challenging if you’re not using a timesheet template or dedicated time tracking software like Day.io.
Typically, time is broken down into client categories, but much of the time, a single client will have multiple projects going on. In this case, it’s crucial to track the time spent on each project and client, no matter how small the task.
Not using a timesheet template in the first place.
If you’re not using a timesheet template, you’re making things tremendously more difficult for yourself. A good timesheet template makes it easy to track your time and stay consistent with your work.
Advanced reporting metrics can allow you to track time worked and billable hours, as well as project profitability. Most templates have these factors built-in, as it would be challenging to build it yourself.
Our timesheet template of choice is naturally Day.io. We offer a wide array of features that simplify everyone’s time tracking and project management at a low monthly price.
Why Choose Day.io?
Why fill out your time manually when you could save time having technology do it for you!
Our software automates the timesheet reporting process so you can focus on doing your job. Day.io includes many features that simplify time tracking and eliminate the need for manual reporting, leaving you with more time to spend working.
In addition to automated timesheet reporting, we provide project management features, invoicing, and a host of others that make day-to-day business operations easier.
Day.io is the leading timesheet solution that makes working easy for everyone with an intuitive UI, powerful reporting capabilities, and tools to handle every aspect of time tracking, project management, billing, and expenses.
This technology allows our clients to use several integrations with existing software such as Basecamp and Zendesk. You can even create custom integrations using the API, giving the user the power to have a single system that manages all aspects of work — from time tracking to project management, invoicing, and more.
It also contains a client portal that allows everyone to view reports, making it easier to keep everyone in the loop.
Our team is always working hard to improve our software. We listen to feedback from our users and implement changes that make Day.io the leading timesheet solution for businesses of all sizes. So try it today and see how easy time tracking can be!
In summary, timesheets are vital for tracking employee hours and processing payroll accurately. Companies that take advantage of this technology track and analyze employee productivity and identify areas for improvement. Additionally, timesheets help employers comply with labor laws.
There are many different types of timesheet templates available, and the best one for your business will depend on its specific needs. A good timesheet template should be easy to use, customizable, and flexible to adapt to your company’s specific procedures and policies.
As well, by using a timesheet template, you can make sure that your business is compliant with labor laws and that your employees are productive.
We hope this article has been helpful! For more information on timesheet templates or how to get started with our app, feel at home browsing our features.