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Timesheets are the Key to Success

Oct 2, 2014 | By Jenny Ouyang | 0 Comments

Topics: Timesheets, Time Tracking, Productivity, Industry Insights

The litany of excuses for not submitting time sheets is endless.

“With all the work we have to do, who has time to worry about time sheets?”

“I’m getting my work done so do I need to report my hours?”

"No one likes to keep track of what they do all day long."

"Wouldn't you rather have your employees working instead of filling out paperwork?"

Kelly Voor from financial advisory firm, Milestone Advisors, suggests to her clients to look at this situation differently. According to Kelly, here are five great reasons for tracking employee time:

  1. Employee Utilization. Your employees are your main asset. If your employee has a few extra hours a week, how much revenue is being lost due to downtime? If an employee is working too much, maybe the burden could be shifted, improving customer service and employee satisfaction.
  2. Job Profitability. Do you know which jobs are profitable and which ones aren't? Or which ones take longer than projected? If you are not collecting this data, you are missing out on key tools for managing your business.
  3. Realization of Earned Revenues. Of the total hours worked on a job, how many are actually billed? Are you writing off hours, and if so, why?
  4. Billings Per Person. Do you know how much revenue your staff generates? This information is critical in evaluating your staff individually and as a group. If your average billings per employee are down from last year, do you know why? If one person isn't generating the same amount of revenue as comparable staff, maybe additional training is needed.
  5. Success Metrics. Using time sheets and related metrics can help your CFO and Controller:
  • Maximize your revenues
  • Properly price your service
  • Evaluate and manage your staff

With BillQuick by BQE Software, managers are able to easily track employees’ time and productivity with pin-point accuracy. It can track and calculate statistical trends and patterns for individual employees and employee groups based on time sheets. This enables managers to better manage projects, activities, budgets and resources for the overall project.

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