Timesheet
Encyclopedia
A timesheet is a method for recording the amount of a worker's time spent on each job.
, timesheets are not just for payroll any more. Timesheets may record the start and end time of tasks, or just the duration. It may contain a detailed breakdown of tasks accomplished throughout the project or program. This information may be used for payroll, client billing, and increasingly for project costing, estimation, tracking and management.
Some companies provide web-based timesheet software or services that provide a means to track time for payroll
, billing and project management
. One of the major uses of timesheets in a project management environment is comparing planned costs versus actual costs, as well as measuring employee performance, and identifying problematic tasks. This knowledge can drive corporate strategy as users stop performing or reassign unprofitable work.
Factory
workers often have a "time card" and "punch in" by inserting their card into an automatic timestamp machine (sometimes known as a bundy clock) when starting and ending their work shift.
ing & invoicing.
Time tracking can increase revenue
through automating bill
ing, which tends to make it easier for a company to get correct invoices out for all hours worked by consulting staff. This speeds up payment and eliminates the hassles of 'dropping' bills.
By lowering costs in 3 ways, and increasing revenue
in one way, timesheet management technologies that are web-based can improve the health of companies.
In the project management
world, timesheets can also be used to build a body of knowledge about how much effort tasks take to develop. For example if developing a training plan has historically taken a month, then it can be assumed that creating a new one will take a month. Also most timesheet software has the ability to track resource costs and project expenses to allow for better future budgeting.
For the HR function, the time spent on activities by individuals can be analyzed over a period of time and categorized into broad types. Based on the outcome roles could be realigned.
Use
Originally developed for an employer to determine payrollPayroll
In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons...
, timesheets are not just for payroll any more. Timesheets may record the start and end time of tasks, or just the duration. It may contain a detailed breakdown of tasks accomplished throughout the project or program. This information may be used for payroll, client billing, and increasingly for project costing, estimation, tracking and management.
Some companies provide web-based timesheet software or services that provide a means to track time for payroll
Payroll
In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons...
, billing and project management
Project management
Project management is the discipline of planning, organizing, securing, and managing resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end , undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value...
. One of the major uses of timesheets in a project management environment is comparing planned costs versus actual costs, as well as measuring employee performance, and identifying problematic tasks. This knowledge can drive corporate strategy as users stop performing or reassign unprofitable work.
Time cards
Factory
A factory or manufacturing plant is an industrial building where laborers manufacture goods or supervise machines processing one product into another. Most modern factories have large warehouses or warehouse-like facilities that contain heavy equipment used for assembly line production...
workers often have a "time card" and "punch in" by inserting their card into an automatic timestamp machine (sometimes known as a bundy clock) when starting and ending their work shift.
Advantages
Time tracking can lower costs in 3 ways: by making payroll processing more efficient, by making costs visible so you can lower them, and by automating billBill (payment)
A bill or invoice is a document requesting payment for an order previously supplied. Presentation of a bill is common practice on the part of credit card companies, utilities, and other service providers...
ing & invoicing.
Time tracking can increase revenue
Revenue
In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover....
through automating bill
Bill (payment)
A bill or invoice is a document requesting payment for an order previously supplied. Presentation of a bill is common practice on the part of credit card companies, utilities, and other service providers...
ing, which tends to make it easier for a company to get correct invoices out for all hours worked by consulting staff. This speeds up payment and eliminates the hassles of 'dropping' bills.
By lowering costs in 3 ways, and increasing revenue
Revenue
In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover....
in one way, timesheet management technologies that are web-based can improve the health of companies.
In the project management
Project management
Project management is the discipline of planning, organizing, securing, and managing resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end , undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value...
world, timesheets can also be used to build a body of knowledge about how much effort tasks take to develop. For example if developing a training plan has historically taken a month, then it can be assumed that creating a new one will take a month. Also most timesheet software has the ability to track resource costs and project expenses to allow for better future budgeting.
For the HR function, the time spent on activities by individuals can be analyzed over a period of time and categorized into broad types. Based on the outcome roles could be realigned.
Disadvantages
- Based on Karl Marx's Labor Theory of ValueLabor theory of valueThe labor theories of value are heterodox economic theories of value which argue that the value of a commodity is related to the labor needed to produce or obtain that commodity. The concept is most often associated with Marxian economics...
. - Prone to human error.
- Repetitive.
- Stressful to employees when used inflexibly.
- Rounding errors (12:27:34 is not the same as 12:30) Although Federal law in the USA requires that if employers round up when you clock in, they must round up when you clock out. So in this case it is not a disadvantage to the employee's pay calculation. It is only a disadvantage for accuracy
See also
- Time managementTime managementTime management is the act or process of exercising conscious control over the amount of time spent on specific activities, especially to increase efficiency or productivity. Time management may be aided by a range of skills, tools, and techniques used to manage time when accomplishing specific...
- Comparison of time tracking softwareComparison of time tracking softwareThis is a comparison of notable time tracking software packages and web hosted services.- See also :*Flextime plan*Project management software*Time tracking software*Timesheet*Working time...