The Financial Benefits of Using a Timesheet Portal
Published: 16/09/2024
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The focus of this article is to explain how Timesheet Portal contributes to better control of finances in your company. From lowering costs to generating revenue in the long term, our platform is designed to help you prosper.
Despite the name, Timesheet Portal is solely a time-tracking solution. An extensive list of modules we’ve developed through the years to aid our clients goes far past that. Determined to minimise repetitive manual labour, prevent common malpractices and propel your team’s productivity, Timesheet Portal brings to the table a number of financial benefits. They may not be very straightforward nor instantly noticeable, but in the long run, they are guaranteed to emerge.
Of course, we are biased. To avoid sounding like we are tooting our own horn, we put together this article in which we will explain in detail Timesheet Portal’s contribution to your company’s financial betterment. We will be looking into key areas in which our tool plays a role and what are their long-term benefits.
There are many benefits to using time tracking software. However, to stay in line with the topic of his article, we will highlight those serving the financial side of things specifically. Here are 8 financial benefits of the practice:
It claims back time that can be repurposed into business development;
It enables better resource allocation;
It helps maximising team’s productivity;
It highlights gaps in your strategy and opportunities to improve;
It promotes efficiency-driving communication across all teams;
It gives you a centralised view of project expenses vs revenue upon their delivery;
It lowers the possibility of errors, especially in payroll;
It helps you identify patterns, roadblocks and strengths which all lead to better future forecasts.
Efficient time tracking is closely tied to the business’s financial success due to its direct involvement in pay and bill processes. Further down, we will be closing in on some of the benefits we’ve listed as we believe they are particularly important.
Some benefits are more obvious than others. To ease you into the flow, we will begin with direct benefits you’ll acquire through Timesheet Portal. Namely, ones that manifest themselves early on and can be attributed to the platform.
Timesheet Portal’s key purpose is to minimise the manual input of data. While tedious and repetitive tasks of updating, transferring or adding the data are mandatory to keep the business running, they also drain a lot of time. And, as the saying goes, time is money. When it’s spent on maintenance instead of development, progress stagnates. Namely, you may not be at a loss, but you’re not generating additional revenue either nor are you scaling. With how competitive and fast-paced the market in about every industry is, this puts you at risk of falling behind and losing your spot. Timesheet Portal takes over most of these tasks for you, allowing you to focus on the areas that drive progress.
The problem with the manual execution of administrative tasks stretches even further. The costs don’t originate solely from the time spent on them. The big factor when it comes to raking up additional costs is human error. Not only can it be difficult to spot, setting you back in order to correct the mistake and redo everything that followed accordingly, but also influences decisions that aren’t the best for your company’s progress. At Timesheet Portal, we target a specific area when it comes to reducing human error as we believe this is where it brings the most carnage. In fact, we are giving it a section of its own.
Whether you work with hourly employees, external contractors or a mixed team, if you’re relying on timesheets, there’s always a huge risk of payroll errors. Especially if there are differentiating and irregular rates involved. Financial mistakes shake your team’s trust in you and can cost you the client’s trust too. Timesheet Portal is designed to help you not only avoid these errors but also breeze through the process of calculating the timesheets.
The platform offers extensive customisation options for digital timesheets. And we don’t mean branding only. You can choose whether your teams are compensated for hours they spent working, days or specific tasks. You can also impose a variety of time rules, such as not letting workers log more hours than they’ve been designated to work on the day. Finally, no matter how complex your timesheets are, it only takes a few clicks for Timesheet Portal to process them for you error-free. If you are using any of the integrations, you can just as easily transfer them to your accounting software for the further reduction of manual data insert.
Since Timesheet Portal is not an outwardly finance-directed solution, some of the benefits it brings to the department are subtle. However, even if the contribution is indirect, it plays a big role in your company’s betterment. Let us explain.
When you utilise Timesheet Portal to help you manage pay and bill processes, it will be collecting data. And it covers pretty much any area you apply the tool to - time tracking, expenses or even shift management. The findings can then be put into in-depth reports. What kind of information is depicted in them is up to you; you can either use some of the pre-built templates or create your own using a drag-and-drop builder. Equipped with that data, you can quickly elevate your business to new heights.
With the project budget and time expenditure summarised and broken into smaller chunks, you have full visibility of where the issues lay. That means you can address them moving forward, potentially spending less of the budget as you now know this is where it gets wasted. Additionally, you may start noticing patterns when you compare similar projects. For example, how long do certain tasks take your team to execute. This knowledge can generally improve your forecasting as it will be based on a trend rather than a guesstimate.
Although some workers argue that time tracking is the management’s tool to keep tabs on the employees, at Timesheet Portal we nurture a belief it is beneficial to the entire company. Workers included. Having a centralised view of one’s time is vital to understanding productivity peaks and downtime, both of which help people optimise their workdays to reap the most benefit. In terms of business, everyone emerges a winner.
Naturally, from a financial standpoint, companies want their employees to utilise their time in a manner that keeps the business moving forward and developing. For the workers, the ability to optimise their time is highly beneficial outside business hours too for it’s a life skill. Getting into a habit of time tracking leads to better time management overall which is vital for striking a work-life balance. That, in turn, leads to generally better well-being and work satisfaction, which takes us right back to improved productivity. Timesheet Portal is a big advocate for that.
Companies are often put in a position where they have to find a way around their processes to accommodate the new tools they bring on board. That’s not the case with Timesheet Portal. We don’t want to change your operations. We want to enhance them.
Instead of limiting you to pre-set packages, at Timesheet Portal we promote customisation and flexibility in every aspect. This includes pricing. Instead of having access only to features included in your plan or paying extra for modules you will never use, we let you build your own setup and charge you accordingly. In other words, we bill per feature and number of users. What’s more, you can upgrade and downgrade at any time, without our involvement.
Many integrations we offer also mean you most likely won’t need to re-shuffle your existing digital toolbox either. Timesheet Portal seamlessly integrates with the most popular accounting packages such as Xero, QuickBooks and Sage. Additionally, we are very open to working with the client’s developer team to create a custom API. Instead of finding a way to make your process work with Timesheet Portal, Timesheet Portal is designed to blend into your workflows and make them efficient.
Timesheet Portal is designed to bring financial benefits to our users. Our focus on automating manual data insertion is the quickest way to reduce the costs of administrative tasks. Not only it take over tasks you hate and complete them within minutes, but also delivers detailed insights via reports that allow you to better the process moving forward. Additionally, automation significantly reduces the risk of human error, one of the biggest financial drains businesses encounter.
Another key moment is that Timesheet Portal promotes transparency, meaning you and your teams will have full visibility at all times. This covers project flows, budgeting and data collected, each of which can contribute to more accurate forecasting in the future. The time tracking aspect also helps you and your team understand each worker’s work style, strengths and weaknesses, fostering better collaborations and trust. Finally, Timesheet Portal blends into your existing setup and betters it. You don’t have to change to accommodate us.
So, why not test what we have to offer? Let us aid you.