Your employee timesheets are telling you and other managers information. Are you listening? While employee timesheets obviously serve as a way to see the amount of time that your employees are working, they also contain information that can be used to give you new and valuable insight into your business.
- The Basics
Employee timesheets contain a number of basic pieces of information, including how many hours each employee worked. You need to know how many hours each employee worked to complete a variety of basic business functions like payroll and calculating PTO accrual. Even if you don’t bill your clients based on hourly work, you can use hours to forecast and budget out future weeks.
- If Your Clients Need a Rate Adjustment
Are a few clients utilizing your flat rate taking up a disproportionate amount of employee time? When one client is monopolizing employees for an extended period of time and taking up a much greater proportion of time than other clients, it might be time to reconsider your payment structure. A rate adjustment is a good way to make sure you are being properly compensated for the time spent on the project.
- Creating a Budget
A budget is essential for any business. Without tracking the time your employees spend and the amount it costs you to compensate them for that time, you will never be able to accurately budget. A budget based on employee timesheets can ensure that you are balancing things out properly.
- Productivity Benchmarks
Finally, employee timesheets give you a look at how productive your employees are throughout the week and when working on different projects. By seeing what productivity levels are currently, you can adapt policies to see if it increases in reaction to changes. For example, maybe you want to allow certain employees to work remotely for two days a week. Employee timesheets can show whether or not they are getting more work done, working at the same level or getting less done remotely.
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My Admin Co understands how hard it is to juggle running a small business while playing receptionist, balancing your own schedule and doing data entry tasks. That’s why we offer convenient and affordable administrative services, including an answering service. To learn more about our services and take administrative tasks off of your plate, visit us online or call us today at (410) 324-3934.