Many small businesses globally struggle with the concept of accurate time and expense record keeping, much less, a timely submittal and approval...
How Smart Timesheet Software is Shaping the Future of Work
Smart timesheet software enables businesses to track employee hours easily, efficiently, and accurately while automating payroll and business reporting.
Automation is shaping the future of work, and firms that embrace it will be more protected against economic shifts and better set up to grow and innovate. Already, 31% of companies have fully automated at least one business process. If you don’t already, automating your time tracking and timesheets is a great place to start.
Smart timesheet software makes life easier for both employees and managers. Whether you need a more accurate way to pay contractors, or you’re simply trying to maximize productivity on your team, timesheet software allows you to streamline your time tracking, timecard, and payroll processes and account for all time. You’ll save workers the trouble of manually completing their timesheets, and you won’t have to track them down over late submissions.
With a time tracking and timesheet app, employees can automatically track working hours from anywhere, which is helpful for site visits and working from home. This technology provides you with real-time employee data for more accurate records and efficient payroll processing, and ensures you only pay for the actual time that was worked.
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While both workers and managers have a vested interest in tracking time and filling out timesheets correctly, mistakes still happen. Thankfully, highly accurate timesheet software eradicates tracking and entry errors.
Many time tracking solutions, like BQE CORE, will autofill timesheets based on actual time tracked, previous time entries, and the custom rules that your company sets. Compared to spending hours each week tracking time manually in Excel and filling out timecards, time tracking software cuts it down to only 1-2 minutes for employees each day!
A time tracker also lets you set reminders, which automatically notify team members before timesheets are due, so your HR staff receive them promptly and don’t have to nag employees to enter their time. Because smart timesheets are pre-filled in a click and customizable fashion, it’s always easy to ensure they reflect an employee’s actual hours, vacation, and sick time, and can be adjusted as needed.
To help monitor project deadlines and make financial predictions, timesheet entries automatically feed into your business reporting, so you rely on accurate data to make crucial revenue, budgets, and staffing decisions. Other key features like the ability to save schedules, automatically populate invoices to clients based on billable hours, and stay regulation-compliant, all save you time and stress while guaranteeing you get paid and pay your workers on time.
Across the board, a time tracking tool is enormously helpful to employers and project managers in keeping teams organized and efficient. The tool learns from previous time entries to make timesheet completion more effortless and efficient — it literally only takes a few clicks for employees to submit their timesheet at the end of the work week.
Many project management software tools include time tracking functionality and a shared team calendar feature, giving visibility into each employee’s schedule. In the shared calendar, an individual’s schedule reflects up-to-date time off requests, site visits, team meetings, and more. This integration allows you to spend less time coordinating staff schedules by letting you save recurring schedules and even automatically generating project timelines based on each person’s availability.
It’s more convenient for employees too. With a time tracker that offers a mobile app, they don’t have to wait until they’re back at their desk to update and submit a timesheet. The app’s GPS tracking enables them to automatically track their work hours wherever they are and update their calendar availability to reflect if they’re in the office, working from home, away on vacation, or out sick.
Time Off / Overtime
An employee's work-life balance is essential and can ultimately make your firm more productive. Time tracking systems monitor all vacation and sick days scheduled, used, and remaining, offering transparency to employees and saving HR the time it takes to calculate and track this information manually. With BQE CORE, you manage employees’ time off requests and timesheet submissions, and run detailed business reports on one platform.
Tracking overtime hours can be unnecessarily complicated when you’re doing it manually. BQE CORE offers an automatic overtime calculator, which makes it simple for your firm to precisely track this time while remaining compliant with hour and wage regulations. You can also use BQE CORE to customize and update a project's pay rates and overhead costs.
It’s significantly more challenging to grow your firm and sustain long-term growth if you aren’t tracking its data and analytics. Luckily, in addition to reducing the risk of errors and ensuring tax compliance, time tracking software also speeds up your decision-making by offering fully customizable reports in real-time. These reports include total time spent on a project, profit margins, billable vs. non-billable hours, and utilization rates.
Because a digital time tracker makes it easy to record billable and non-billable time, you can quickly spot potential losses and identify areas to optimize for productivity. The data that you gather can be used as insights that include:
How is my team spending their time?
Which workflows are most productive? Which are least productive?
Which projects are over or under budget, and why?
These insights allow you to review your initial project plan to see what was inaccurate, so you can then plan future project timelines and budgets more accurately. It also provides your staff with empowering data they can use, including areas where their contributions are especially productive and opportunities to improve their skills.
Using BQE CORE, all timesheet data is reflected in your dashboard and shared with your team, so they know exactly how their time impacts the project they’re working on and their collaborators. The BQE CORE dashboard tracks all crucial metrics and to-dos related to your firm, projects, employees, and clients.
BQE CORE’s smart timesheets and time tracking tools provide firms with fast, hassle-free entry that's customizable to specific needs and preferences. With BQE CORE, you'll no longer chase down timesheets, thanks to painless time tracking that lets your team, including remote workers and contractors, submit their hours in only a few clicks.
Easily understand your employees’ time, schedules, and performance with all of your firm's time tracking data in one place. Improve the accuracy, speed, ease, and depth of your time reporting. BQE CORE's real-time project reports make it simple to compare your project plans to the actual time spent by employees, setting you up to devise more accurate future projects that consistently finish on time and within budget.
BQE CORE’s time tracking features include:
Pre-populated timesheets with customizable date ranges
Pause-and-play timers connected to timecards
Multiple smart timers for when you’re working on more than one project
DCAA-compliant time tracking
Automatic timesheet reminders
BQE CORE mobile app so you can track time from anywhere
With an all-encompassing project management platform like BQE CORE, every part of your firm seamlessly works together. Link your timesheets to your payroll and expenses to your billing. All data funnels into your dashboard, where you can automatically generate and share reports for a detailed look into your firm’s performance and financial future.
Whether you’re interested in project management software, expense reporting software, or automatic billing software, BQE CORE does it all. Get a free demo today and see how much easier time tracking can be for your firm!
Check out the rest of the BQE blog for more ways to bring your firm into the future, reduce problems caused by human error, and become more efficient.