Benefits in Using a Weekly Timesheet

Weekly Timesheet

Utilizing a timesheet for all the employees that are working in a company is a common thing done by the HR department. It is to make it easier for them to calculate and count their salary at the end of the month. They can also sync it with their timesheet and also the finance department. The timesheet itself can be used as a tool to record the time of work (check-in and check-out) of the employees. It is usually done in a form or sheet (manually), but these days, with many people working from home it can be done online too. Most are done digitally nowadays to make it easier for employees to log their time, and for the HR or finance department to keep track.

A weekly timesheet is usually a summarize and log of all the employees for the whole week. You will be able to see their log and track from Monday to Friday. For contractors that are only working on some projects for a few weeks, this can be the perfect tool to log their activities while they are working. Other than that, the timesheet can also log their overtime when they are doing the project. With the overtime, you will be able to calculate additional wage/salary that needs to be paid to them too. With the ability to track and log the time of each employee, these timesheets are usually used by the management to keep track of the performance of their employees.

There is much information in a timesheet that can be customized depending on the needs of each company. However, most will always have the employee’s name, ID, date, time (clock in and out), annual leave days, sick leave days, hourly rate, etc. Some companies are already using a more simplified version of the timesheet, such as utilizing HR applications or software to help them track their employees. This can be done to make their end of month calculation for the salary and wages faster. One of the many benefits of using a weekly timesheet is to calculate how much budget that the company needs to spend in a week. They can also compare the real budget that they have to put out compared to the estimated budget that they have planned.

Tracking the work time of each employee can make it beneficial for the company, especially when they are utilizing the weekly timesheet. They can reduce their expenses by making the process of their finance system more efficient and automate the system itself too. In project management, a timesheet can also be used to build up some knowledge about the effort needed to develop tasks. The management will be able to check from their timesheets of the most productive employee, how to find automatic patterns in their work activities, and also project. After that, they will be able to use the information to plan better projects in the future without spending too many expenses out of the budget that they have planned too.

How to Use a Daily Timesheet ?

When working in a company or business, you will most likely be given a timesheet to track and log your check-in and check-out time. This is to ensure that you are working the hours that you were told to do. Other than that, you will also be able to log other activities on the timesheet, for example, some days when you are going to take your annual leave, sick days, overtime, etc. Managing your timesheet properly especially the daily one can be beneficial for you, to make sure you get paid correctly at the end of the month. The timesheet can be used as a comparison between your log track and the timesheet that the company has in the HR department.

For companies with different deadlines and projects, this type of timesheet can also be used to manage the budget and timeline properly for all their employees. This is usually done so that they don’t go over-budget or overtime for too long which could result in the company losing more money. There are many different ways in how you can use this type of timesheet. You can easily use a template that is already available on Microsoft Excel or you can search for some free programs online that can be downloaded. Once you have found the right template for you to use, you can easily download and edit them to suit the needs of the company or the business.

With the different types of business, usually, they will choose for the type of timesheet that is appropriate with them as well, such as the hourly or daily timesheet. For the daily one, usually, it is mostly used in a smaller type of company or contractor. This is to log all the workers that are doing the project for that day (maybe for a few days). Since not all employees have the same hourly rate, making sure that their daily activities are logged in the timesheet, it will make their employers easier to track down their hours and days of their work for the project. Contractors usually hire workers that might have to do overtime, this can be logged into the timesheet as well. At the end of the month, their overtime can be counted as a bonus payment on top of their normal salary.

Usually, a daily timesheet will include all necessary information within one page. They will have information such as the company name, contractor’s name, employee name, employee ID, time of their check-in and out, date, time, etc. Some companies might add other information such as hourly rate, annual leave days, sick leave days, and many more. These days, many of these timesheets are already done automatically online to make it easier for them to calculate their employee’s wages. However, some are still relying on the manual timesheet that they have to write down each day. With the pandemic situation everywhere these days though, most companies prefer to have their timesheet done online especially when their employees have to work from home. You can choose the appropriate type of timesheet for your company depending on your daily needs and preferences.