Time is a valuable resource for small businesses, so you want to make sure you’re using it wisely. A timesheet app can help you keep track of your time and allow you to have a better view of your business and more.
Here are five reasons why your small business should start using a timesheet app.
- Helps to Improve Time Management
- Allows You to See the Bigger Picture of Your Business
- Monitors Profits Easier
- Manual Processes Are No Longer Efficient
- Streamline Billing Process
1. Helps to Improve Time Management
There are never enough hours in the day. However, if you know how to manage your time better, you can make sure it’s used effectively.
If you want to achieve your business goals, it’s essential that you know where the hours of your working day are spent. There are probably better ways you could be using your time and you don’t know it yet.
A timesheet app is accurate and provides real-time updates making it easier to prioritise, delegate and schedule breaks.
2. Allows You to See the Bigger Picture of Your Business
Timesheet apps are useful when it comes to getting a better overview of business processes. To run an efficient business, it’s essential to have the visibility you need to make informed decisions.
Which employees are poor performing and losing you money? Which tasks are taking less or more time than expected to complete? A timesheet app gives you better visibility on your employees and projects so you can check capacity, pitch additional work and advise training.
Simply tracking your time aids productivity and it’s one of the simplest things you can implement. Expectations are established from the beginning which promotes a positive attitude towards time.
3. Monitors Profits Easier
You might find clients who are consistently taking up a lot of time that wasn’t budgeted for. This can lead to minimal ROI and an impact on other projects.
With this information, you can adjust your fee in the future to ensure profitable work. Monitoring profitability is key to healthy cash flow for your small business.
4. Manual Processes Are No Longer Efficient
Spreadsheets are outdated and no longer ideal for business data. Studies have shown that over 88% of spreadsheets contain errors. They served their purpose but there’s no longer a place for them when it comes to task management, time tracking, budgets and finances.
Things can get accidentally deleted when numerous people are working from a sheet at once and with limited revision history, it can be difficult to restore. Plus, the amount of data in a time tracking spreadsheet can be challenging to analyse which can lead you to make poor (and costly) business decisions.
A timesheet app can automatically log time meaning no important data is missed and it’s usually presented in an easy-to-read format. Nothing is overwritten or relying on regular saving as collaborating on cloud-based apps has you covered.
5. Streamline Billing Process
You might be spending unnecessary time using complicated formulas in spreadsheets to figure how much to charge your client.
With a cloud-based time tracking software, invoicing should be as simple as the click of a few buttons if it’s synchronised with a bookkeeping app.
Once your time tracking app is assisting you to make accurate invoices, you’ll be able to simply include all of the data about the time spent. This will give your customers more insight and information into your fees which leads to better communication and happier customers.
Using a timesheet app presents many benefits, from helping you better monitor profits and improve your time management skills, but you might not be entirely convinced on why your small businesses should be using one. However, taking your finances back to basics might persuade you otherwise...
Download Bookkeeping Templates Now to See for Yourself
Look, we get it, you might not believe that a timesheet app could save you time, give you better insight into your business and revolutionise your ROI. So, why not download these timesheet templates to prove it?
We’ve created a pack of five, from profit and loss to customer invoice, so you can see for yourself that they can take up a lot of your time to complete manually. Download yours now.
