4 Reasons Why SMEs and Start-ups Should Keep Timesheets

Time is the most valuable resource we have, both at work and in our personal lives. Putting our time to good use is what distinguishes those who achieve their goals from those who don’t. By organising our time effectively, we can collectively move towards a successful future. This is why timesheets have proven to be an essential tool for businesses seeking to grow and enhance their performance.

Keeping track of time using tools such as timesheets will help individuals and organisations understand how their time is spent, which tasks are being focused on and which areas need more attention. The data gathered using timesheets could help you unlock valuable information that will help you bridge the gap between where you are and where you want to be.

Whether your organisation is using traditional timesheets or none at all, many benefits can come with switching to reliable timesheet software. In this article, we’ll share how timesheet software can help you gain deeper insight into your business.

1. Forecasting based on timesheets

When starting a new project or launching a new service, it can be difficult to estimate how long tasks will take to complete. If the costs involved in undertaking the project are underestimated, this can lead to undercharging your clients and incurring a loss. However, by tracking the time you spend on the project, you’ll be able to create more accurate estimates for future projects.

2. Recognise team strengths (and weaknesses) through timesheets

In every team, individuals have different strengths which can be leveraged to enhance the team’s performance. Similarly, we all have weaknesses which can be addressed with the right support and training. By using timesheets, you can understand how a team is performing and whether they could use some extra support to improve their productivity.

3. Allocate time more effectively

Once you’ve set a benchmark for how long routine tasks should take, you can monitor your productivity more effectively. This will help you plan your days better and allocate the right amount of time to ensure that your deadlines are met. When tasks start to take much longer than expected, you will be able to go back and check whether there were any obstacles that you faced which can be rectified in the future.

4. Bill clients more accurately with timesheets

When it comes to billing clients, timesheets will help you to ensure that you’re charging correctly and covering every task that your project involves. Timesheets act as a record of your work, which you can look back on to avoid undervaluing your work.