Timesheets are a necessary and unerring procedure to calculate the working hours, leave time, accruals, and to make adjustments when processing the payroll of your employees. The flexible use of timesheets does more than calculate payroll. This method of tracking employee time is also useful for management accounting. Managers can record start and end times for tasks, and identify uncertain ones that may delay completing projects. Increasingly, employers see the benefits of timesheets for costing and estimation of projects.
Many small companies will forget executing a timesheet procedure and conduct their payroll and attendance using an unrecorded account system. Despite the size of your company, even if you have just a very few employees, this type of unmonitored payroll system is particularly not recommended.
Regularity and attendance policy. Timesheets will also flag those times when employees are late or too early for work, violating your attendance policy. Managers will have the suitable tools they need to effectively manage their employees’ attendance.
Timesheets offer protection. Accurate and renewed or updated timesheets are legal documents and essential for your protection in the event of a potential lawsuit over unpaid wages. If there is an issue with payroll, a timesheet will be needed to confirm the employee’s hours. Timesheets are your evidence in the situation of a lawsuit and provide all parties with a written record that can be used to fairly resolve wage disputes.
Reducing Time Theft. Although time theft is a common problem, businesses can do a lot to reduce how much time they are losing to improper employee practices. One common type of time theft is through buddy punching. This occurs when a friend or co-worker of an employee signs into work for them if they are late on the job or choose to not show up at all. This practice can be reduced by having the employees report to a supervisor every morning or, more simply, by having
The salary calculations become much easier and accurate. Timesheets and attendance software provides a detailed summary of the duration time spent by an employee doing productive work. The billings raised to the clients are more authentic and reliable. Many organizations have multiple offices across countries and an enormous workforce to track. It’s a cumbersome task for the HR department to keep a track of each employee across offices. Such organizations are vulnerable to time theft and thus make it much more important for them to implement employee tracking software.