Timesheets are one of the famous methods of managing and measuring the workflow. They are the database of your employees’ efforts spent for time-based billing. Timesheet invoices are sometimes confused with the standard timesheet.
Although they are used everywhere, there are pros and cons of timesheets, and there are better solutions companies could adopt to better manage their business in 2022.
Timesheets are data tables usually built into management software. The employer uses these timesheets to track the workflow of his employees and the time spent on a certain task or for a certain client. Regular employees and freelancers can use timesheets to better measure their effort.
There are many forms of timesheets. Starting from paper-based timesheets, spreadsheets, and\or time tracking software. Many people confuse the three methods when criticizing timesheets. Therefore, they may reach a confusing conclusion.
There are pros and cons to each of these methods, but software-based timesheets are always customizable to handle these cons. They are now developed to be much more helpful.
A timesheet invoice is an invoice that is based on a timesheet of the employees’ working hours on a particular client or project. This is the payment request of the standard invoice.
There are some differences between standard timesheets and invoice timesheets. The main difference is that standard timesheets are used to estimate and analyze. However, the timesheet invoice tracks and bills.
There are many pros to using a timesheet in your workflow. Starting with the benefits, here are the best features of using Timesheets are:
Several misconceptions about timesheets have resulted from the negative reputation of paper timesheets. However, there are many digital solutions available in cloud software.
It is reported that digital solutions have increased productivity by a remarkable percentage. For example, it is surveyed that they have increased billable hours up to 30% without working overtime.
The key feature of timesheets is that they track the performance and behaviors of employees. They also track the understaffed and overstaffed departments. This is known by analyzing which departments require working overtime frequently and which are frequently leaving early.
When an employee is responsible to measure his time and performance. They tend to be more productive and less procrastinating. When an employee tracks their time, they are always focused to spend less time on tasks.
In addition, the timesheet helps you in the automation process of your company. When you see that certain task that could easily be automated takes too much time with employees. Here you would decide to invest in its automation or vice versa.
One of the key features of most timesheet and invoice software is that they track your project cost and the time and expenses spent on the project. This will help employers see where the bulk is going and how they can increase their profits.
The timesheet helps your accounting and HR department properly monitor the communication with your employees. It helps HRs to quickly see each one’s attendance and easily calculate their payments.
Note: The existence of cons doesn’t mean they are useless. You should rather pay attention to them, especially when comparing timesheet software. In addition, most critiques of timesheets come from using paper timesheets or spreadsheets. Not properly developed software timesheets.
One of the main cons of timesheets is the inaccuracy of employees’ fake working hours. They may spend less time on a task but write another time to distribute their wasted time. They could also spend more time on a task but write less time to hide weakness.
The solution to this problem is to compare the time spent compared to different days for employees. This would not be a problem if you also implement KPIs and the RIO of employees.
Another problem with the timesheets is that the employee comes at the end of each day to hardly recall the actual time spent on each task.
But you can easily solve it if you plan your tasks in advance. When you finish a certain task you just jump and write the duration spent.
When using some timesheets methods, you can’t easily export the data into the payroll software. But other comprehensive software such as onlineinvocies would provide you with an all-in-one service.
Onlineinvoices, for example, is a timesheet and invoice software that handles both processes in one software. You don’t have to switch between software to get the job done. Your payment process is handled in minutes with a few clicks.
The perfect solution for your business management is to use time-tracking timesheet billing software. The software must provide invoicing and payroll features.
Onlineinvocies is accounting software that provides you with so many all-in-one features such as:
These are only a few features of onlineinvoices.com, but they are many more features that would integrate your tasks effectively.
Here are printable invoice timesheets and billable hours templates suitable for time-based billing and value-based billing. Here are also time billing templates and self-employed timesheet invoice templates.
Don’t forget to get a copy and start Editing your invoice timesheet templates:
We offer you a timesheet invoice software and generator based on billable hours. It is easy to use, you can customize it, and contains the basic information you need.
See you there!
