Timesheet Solutions and How to Choose the Right One
Published: 18/09/2021
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In this blog article, we challenge those who are still using either paper or Excel timesheets. Both methods are outdated. While most see Excel as the main solution for digital timekeeping, its collaboration limitations and lack of intuitiveness work against you. Why would you choose a solution that hinders your productivity and exposes you to risks? There are better solutions on the market.
To make timesheet entry easy, all you need is the right solution. Even if the system is complicated on its own, as long as it offers simplicity of use, it’s worth looking into.
If you have been using either paper timesheets or Excel for years, we understand why you might not want to switch. But there are some statistics to change your mind.
In 20/21, companies that utilise software with timekeeping and payroll features were more likely to exceed revenue targets by 7%. In fact, 73% of organisations that made a change have reported being highly satisfied with the ROI driven by the automation of timekeeping processes. You can achieve these results too. Let’s explore how.
First of all, we will be very blunt here. If you’re still using paper timesheets, you are damaging your business. This method has little to no security, is prone to human error, inflexible and time-consuming. 80% of paper system users have reported that 80% of received timesheets need to be corrected.
You need to change the timekeeping method ASAP. If you want your business to keep generating revenue and stand a chance against increasingly growing competition, that is.
Advancements in technology have enabled the automation of many processes, including timekeeping. For example, our Recruitment product can easily track unapproved timesheets. And then, if programmed to do so, send the approver an automated reminder they have a pending task.
Digital transformation in timekeeping allows you to stay on track with little effort. It also reduces the need for manual labour. In turn, your team will be able to invest the time won back into tasks that require human judgment. Streamlining processes results in better allocation of time, increased productivity and growth of ROI.
If you digitalised your timekeeping by using Excel, you may think you’re in the clear. Unfortunately, you’re not.
Excel is great for performing calculations, modelling simple algorithms, and producing graphs. However, its structure is fairly rigid. It becomes cumbersome to adapt to different scenarios, and it can’t handle large datasets well. Additionally, it poses risks of overwriting important data as it only allows the document to be edited by one person at a time.
A fun fact is that most timekeeping SaaS solutions have been created due to the frustration with Excel limitations. We’re not an exception.
The lack of collaboration options in Excel may lead to data overwrites and multiple versions of the same document. SaaS technology solves this issue. Cloud-based solutions can be accessed via an internet browser and worked on by multiple users in real-time.
The selling point of SaaS timekeeping solutions is that they can be integrated with a variety of other tools. For example, it would make sense to adopt a timekeeping product that’s integrated with an accounting system you already use. This way you won’t need to transfer data from one source to another manually and would instead have them synchronised.
Additionally, having two or more pieces of software that overlap in purpose but collect different insights results in more detailed data. When there’s more context, it’s easier to spot and analyse patterns. It therefore strengthens your ability to make better data-driven business decisions.
The downfall of SaaS systems is that the market is heavily saturated with different offers. Every business has a unique list of features required to assist them in achieving their goals. This means that there’s no such thing as a one-for-all technological solution. This generates a demand, hence the ever-growing number of SaaS solutions.
There’s a risk of investing money into a system that doesn’t suit your long-term goals. Therefore before committing to a purchase, map out what you’re aiming to achieve. Then, go through the value proposition of the software. Question each of the features on how will they contribute to your goals in the long run and ultimately go for the one that is best aligned with your mission.
Although there’s no optimal piece of software that will serve any business, there are key features a good digital timesheet system should contain:
Customisable timesheets;
Payroll management;
Invoicing tools;
Time-off management;
Centralised document storage;
Analytics and reports;
Integrations;
Project management;
Mobile app.
Digital transformation is inevitable, and any business with long-term goals will need to embrace it. The sooner it’s done, the quicker you will see the results. However, decisions that affect the key processes should not be made on a whim. Lack of research and goal alignment can result in a decrease in ROI and employee dissatisfaction.
Transitioning from either paper or Excel timesheets to a time tracking app is a logical step. But it needs to be approached with specific goals and requirements in mind. The market is blossoming with solutions and therefore there’s a perfect match for every company. All you need is to define what you need and spend some time researching your options.
We pride ourselves on having two products with a proven record of being valuable assets to businesses across different industries.
Curious to see if we’re the right fit for you? Let’s talk.