HRMS

Time is Money: Maximizing ROI with Employee Timesheet Management

When a business globalizes, there is always a need for a time management system. It plays a very important role in benefiting and helping the company grow. It manages expenses and various aspects that directly affect the internal rate of return.

Time is money, but how? Time management isn’t just about calculating time. Every minute we spend or invest in a task can be beneficial in terms of opportunity cost, resulting in a profit or loss. Employee timesheet management system helps employees keep track of their work hours at the end of the day, which helps them know their capabilities, areas for self-improvement, and further scope. It’s about investing in the most valuable asset that promotes business growth.

This blog will guide you through how robust timesheet management systems boost the productivity of employees, reducing errors and streamlining tasks, resulting in increased ROI.

What is an Employee Timesheet Management System?

It is a tool that makes it easier to organize, track, and manage employees’ work hours. It simplifies the entire employee time management process, from reporting workers’ time to payroll management and benefits both the employees and the employers

What are the key features of a timesheet management system?

The key features of a timesheet management system are as follows

Easy to Use :

Its user-friendly interface is easy to learn and saves a lot of time. All features are easy to navigate in one tab and can be switched off if not necessary.

Time Entry:

The clock-in, clock-out feature of the system helps to track and report the time of employees. Also, transparency in their timesheet allows them to determine if the employees are overburdened.

Notification:

Eases the leave-taking process and automates notification to HR, managers, and teammates, which maintains workflow in the organization.

Support integration:

The timesheet management system can be integrated with other systems like payroll, HRMS, and others to help manage employees and track time. Integration with the payroll system encourages precise payments to employees.

How does a timesheet management system maximize ROI ?

Organizations are seeking ways to track employees’ work hours and improve productivity to maximize the profit resulting from them. ROI is the quantification of the rate of return from an investment, which can be financial or non-financial. A timesheet is the key to understanding employees’ time spent on tasks, increasing productivity, and improving workflow.

Timesheet management is important for both the well-being of employees and business success.

Employees: -

Administrative process automation:

Automation of manual processes like timesheet entry and approval saves time, which can be used for more strategic work. Streamlining operations by automating processes increases productivity.

Accountability:

Precise timesheets ensure employees are paid properly for their dedicated work hours. This leads to trust-building and fairness in the workplace.

Work-life satisfaction:

Tracking time helps employees find their workload and overtime work. Moreover, take some actions to maintain their work-life balance and achieve a healthy lifestyle.

Skill Development:

Evaluating timesheets reveals areas of improvement and helps in time management. This can further be used to develop new skills.

Manage Schedule:

A timesheet allows employees to manage their schedules. Moreover, they can work on priority tasks first according to the timesheet and on other tasks whenever they are flexible or free. This allows them to meet project deadlines.

Secures Job:

The Timesheet acts as proof of work contribution and dedication, which ensures employees’ job security and protection.

Decrease errors:

Timesheet integration with payroll decreases payment errors and ensures precise payment to employees.

Employee Engagement:

Transparency to timesheets and fair pay to employees for their hard work empowers and motivates them to do more. Also allows to give performance feedback that promotes employees’ growth and engagement

Business: -

Decreases Overtime Cost:

Accurate time tracking allows managers to identify areas to improve efficiency and time allocation according to them. Precise time tracking decreases payroll and overtime costs.

Accurate billing:

It helps businesses to know the time taken by a task or project, which is used to give accurate estimates to clients and efficiently track expenses, subsequently improving profitability.

Project management:

Timesheet data provides insights into project progress, resource utilization, and hurdles, accelerating efficient project management and decision-making.

Compliance with Laws:

This system ensures compliance with labor laws, which does risk management and saves the company from lawsuits as well as from staining its image.

Maintains workflow:

Transparent proof of timesheets by the timesheet management system fosters employee and client satisfaction, which further results in a positive work environment and maintains workflow.

Expense Management:

Timesheets ensure proper billing of hours that helps in accurate client invoicing, resulting in revenue generation. This system also helps in finding profitable projects and clients by providing analytical data

Data-Driven Insights:

The data-driven insights provided by the time tracking system help in decision-making and increase project outcomes.

By automating administrative tasks, expense management, compliance with laws, and client satisfaction, timesheet management systems act as a powerful tool that boosts productivity. As productivity increases, it also maximizes profit, resulting in an enhanced return on investment. The internal rate of return increases when the rate of investment is less than the profit the company gets

Case Study

Example: An IT company called Zia faces problems regarding a decreased return on investment. They were not able to manage employee timesheets and show their billable hours to clients. Clients were not satisfied, leading to decreased projects and revenue. They implemented a time-tracking system called EMOSSY as a solution

Results: Employees were easily able to manage their time. Timesheet approval and reporting were easy. Also increases the sense of ownership among employees. It helped in improving performance by tracking progress and work hours, which further enhanced productivity, leading to timely project completion. Fast completion of the project and proper billable hour’s submission build a bridge of trust between the client and the company, increasing the turnover rate and ROI.

Time management is important as it satisfies clients, increases productivity, and supports the growth of the company. The overall efficiency and affordability of the timesheet system increase the return on investment. It ensures the company’s well-being and success by providing transparency, increasing efficiency, and maximizing employee performance.

Emossy emerges as the best system with various features, like a user-friendly interface, a help desk, payroll, and timesheet management. This can also be integrated with other tools, making it stand out in the competition. Benefits both the company and employees, increasing the ROI.

Sakshi