Assuming you want your business to be profitable, if your product is predominantly people, in that you’re delivering a service or project, it is the same people that are your profit margin. Therefore, how you measure billable time is of utmost importance; do it poorly and risk damaging your profit margin, alienating customers and creating a despondent workforce.
Beyond this any business whereby utilization is a primary metric, whether or not for forecasting deliverables or implementing them, you’ll likely be reliant on the employee themselves to accurately record their time, likely in the form of TIMESHEETS!
But, and we’re not pointing fingers here, employees tend to not like them making it problematic to the following departments:
WHAT IS TIMESHEET COMPLIANCE?
Stage one is understanding this question. Well, it’s obvious isn’t it? Do ya timesheets! Beyond that timesheet compliance is about filling it in accurately and correctly; often these are to a set of standards that are predetermined at the company level, to establish what is pertinent to them, or on an industry level, so there is affinity to project types. This means projects are tracked effectively and forecasting is consistent and accurate, but also people get paid accurately.
WHY DO PEOPLE CARE?
For the employee it might not be that simple though. Yes there are rules to follow but as a PM you have work to do and a poor memory for the hours you’ve worked. This can cost your business for the following reasons (nicely they all turned out to be P’s):
The SystemX Time Sheets Module in our Business Management Platform. You don’t have to buy the full platform license, and instead just use our time sheet module integrated you’re your accounting software to record billable hours by employees, and project based consulting.
Timesheet tools are commonplace and there are a variety of options to choose, but if service delivery is your world then you should look at our Time Sheets module. Click here to book a 15 minute no obligation demo with us.
The best systems should easily accommodate flexible working practices like part time workers or those who have less hours a day in comparison to a colleague, so that you can truly see the cost and capacity based on individuals as opposed to blended data. If you want to be able to make business decisions based on data, the data has to be accurate and automation can create a more accurate picture of work with the added bonus that employees don’t have to spend hours on doing the thing they hate the most...timesheets!