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.