Timesheet Solutions and How to Choose the Right One
Published: 17/09/2021
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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 Both methods are outdated.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 many view Excel as the primary 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 alternatives available on the market.
To make timesheet entry easier, 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 considering.
If you have been using either paper timesheets or Excel for years, we understand why you might be hesitant to switch. However, there are some statistics that may change your mind.
In 2020 and 2021, 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 harming your business. This method offers little to no security, is prone to human error, inflexible, and time-consuming. Eighty per cent of paper system users have reported that eighty per cent of received timesheets need to be corrected.
You need to change the timekeeping method as soon as possible. If you want your business to continue generating revenue and remain competitive against growing competition, that is.
Advancements in technology have facilitated the automation of numerous processes, including timekeeping. For example, our Recruitment product can effortlessly track unapproved timesheets, and if programmed accordingly, it can send an automated reminder to the approver regarding their pending task.
Digital transformation in timekeeping enables you to remain on track with minimal effort. It also decreases the necessity for manual labour. As a result, your team will be able to reallocate the time saved to tasks that require human judgment. Streamlining processes leads to better time allocation, enhanced productivity, and an increase in ROI growth.
If you digitised 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 quite rigid. It becomes cumbersome to adapt to various scenarios, and it cannot handle large datasets effectively. 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 developed out of frustration with the limitations of Excel. We’re not an exception.
The lack of collaboration options in Excel can lead to data overwrites and multiple versions of the same document. SaaS technology addresses 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 various other tools. For example, it makes sense to adopt a timekeeping product that is integrated with an accounting system you already use. This way, you won’t need to transfer data manually from one source to another; instead, you would have them synchronised.
Additionally, having two or more software tools that overlap in purpose but collect different insights results in more detailed data. When there is more context, it is easier to spot and analyse patterns. This, in turn, strengthens your ability to make better data-driven business decisions.
The downfall of SaaS systems is that the market is heavily saturated with various offerings. Every business has a unique list of features necessary to help them achieve their goals. This signifies that there is no such thing as a one-size-fits-all technological solution. This creates a demand, leading to the ever-growing number of SaaS solutions.
There’s a risk in investing money in a system that doesn’t align with your long-term goals. Therefore, before committing to a purchase, outline what you aim to achieve. Then, review the software’s value proposition. Question each feature regarding how it will contribute to your goals in the long run, and ultimately choose the one that best aligns with your mission.
While there isn’t one ideal software solution suitable for every business, a good digital timesheet system should include several key features:
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 must embrace it. The sooner it’s implemented, the quicker results will follow. However, decisions that impact key processes should not be made impulsively. Insufficient research and lack of goal alignment can lead to decreased ROI and employee dissatisfaction.
Transitioning from paper or Excel timesheets to a time tracking app is a logical step. However, it should be approached with specific goals and requirements in mind. The market is blossoming with solutions, so there’s a perfect match for every company. All you need to do is define what you require and spend some time researching your options.
We take pride in having two products with a proven track record of being valuable assets for businesses across various industries.
Curious to know if we’re the right fit for you? Let’s chat.