How your business can save money by analysing employee timesheets
Analysing employee timesheets is vital before running payroll, or whenever you want to see if your labour costs are accurate.
If you run a business, you need to know your costs inside out. Especially labour costs – as employees are often the most expensive outlay.
Yes, a time and attendance system or any other digital clocking method accurately tracks employee time…
But what if they forget to clock?
Or if they’re claiming unauthorised overtime?
Did your Flexi workers fulfil their hours?
These are all things a digital timesheet can tell you – and much more.
So today we’re talking about how you can save money by analysing employee timesheets.
Here are our top reasons for checking your timesheet.
Save time with digital timesheets
We all know the adage ‘time is money’. Online timesheets make it easier to monitor and assess the performance of your employees and therefore save you time.
You will be able to easily view working hours, holiday time and other absences rather than spending time trawling through inefficient paper, spreadsheets or other locally-held records.
Plus time queries are quickly answered using data about particular tasks or projects. Leaving you free to concentrate on the important decisions you need to make.
The convenience of 24/7 online access is a great advantage in today’s world of ‘on the move’ and remote working.
With timesheets linked to payroll, you can save even more time thanks to the automated calculations. As well as the necessary communications between various staff and departments.
Sectors such as Construction, with employees on variable patterns of work and remote working sites, will especially feel the benefit of time saved from having online automated timesheet systems.
Spot labour trends
With automated timesheets, you can go a step further than tracking attendance alone. Astute employers will want to evaluate their resources to assess whether they are getting value for money.
You may have hunches about your most productive areas and members of staff but how can you easily check them?
Computerised timesheets make it easier for you to back up your intuition with hard data about what are the most and least cost-effective areas of your business.
Once you can see accurate and well-presented data collated from your online employee timesheets, you have the ability to analyse the contribution of employees to individual projects and the overall business – this helps you spot trends and evaluate efficiencies.
For example, you may find that certain projects have been over-resourced at the expense of others or vice versa. You can then act to reprioritise and ensure your business is working most profitably.
Be more strategic and use automated timesheets to decide whether you are getting a return for your investment and whether a task or project is worth pursuing.
Pitch your bid accurately
You’ve fine-tuned your data, honed your cost-effectiveness, now you are better placed for seeking other profitable work.
Analysing employee timesheets ultimately gives you the information you need to help you put together well-informed pitches or bids for other work.
You can use your timesheet information about time spent on a particular project to inform your quotes to potential clients.
This way you can be confident about your costs and your profitability. And impress Clients with your knowledge about your workforce.
Planning for the future
Analysing timesheets lets you see the bigger picture. Having detailed and accurate data to hand gives you clearer insight for planning.
Not only can you ensure that all current project requirements are met but you can see where your capacity lies for future projects. You can analyse the data from timesheets to make financial projections and also to control productivity.
Automated timesheets are an excellent tool to help organisations of all sizes to become more efficient and save money – they help with the day-to-day running of your business, but also equip you to look to the future.
Want to know more about the benefits of a Time and Attendance System?