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Timesheets For Management Consultants

2011-11-12T20:07:00.000-08:00

Timesheets For Management Consultants
By Xavier_Russo

Time is money for any business ...but particularly for a management consultancy. A consulting firm is a business with mostly fixed costs - you hire a bunch of talented people, and how much profit you make depends on how well you make use of their time on client work. Keep utilization and billability high, and your firm will make excellent profits. Let it slip too low, and your firm starts bleeding cash.

Timesheet software, also known as time tracking or time management software, helps management consulting firms track and bill their time. Since time is, quite literally, money for a consultancy then it is evident that choosing the right timesheet solution is a critical business decision.

With the right timesheet solution, a management consulting firm can dramatically improve its revenue. Effective time management boosts a consultancy's revenue in several ways, including:

Billing more of the time you spend on client work
Scheduling the right resources on the work
Charging the appropriate rate in all instances
Scoping and pricing its projects better

If you look at the profit and loss (P&L) statement of a typical consulting practice, it quickly becomes apparent that employee costs make up the vast majority of their cost structure. Choosing the right timesheet system enables a consultancy to control its costs by:

Catching scope creep or project management issues early
Reducing the opportunity cost of time spent on unbillable activities
Understanding how its internal practices (e.g. meetings) impact on staff utilization
Reducing the overhead and administration associated with managing time

There are many choices you face in choosing rel=nofollow [http://www.softwareshortlist.com/software/timesheet_management_consulting.html]billing and time tracking software for your consultancy, Should it be installed on your servers or hosted by the vendor? Do you need internet or mobile phone access? Should expenses be managed through the same system? Will you invoice through the timesheet system, or do you need it to integrate with your accounting package? And many other such questions...

In deciding on timesheet software you can review all the available solutions yourself, engage a software selection consultancy, or take advantage of new online services that help you compare relevant software for free. Either way, it is important you think carefully about your requirements and invest enough time to make a well-informed decision.
(c) 2009 SoftwareShortlist. To find the right software for your business, try the free recommendation and comparison service available at http://www.softwareshortlist.com Article Source: Timesheets-For-Management-Consultants Timesheets For Management Consultants

Timesheets: Vital for Every Single Business

2011-10-30T08:48:00.000-07:00

By Byron_Dyson

For any company, timesheets are certainly important. Not keeping track of it's employees time is among the biggest ways that businesses throw money away. Frequently, in organizations that do not accurately track the time of their employees, their employees will take advantage and get overpaid. In this posting, the value of timesheets and also the several types of timesheets are going to be discussed.

In the first place, timesheets make sure that the payroll is correct, which is a reason they are imperative to all companies. It could be easy to result in an error by making a mistake on the payroll, especially if you have a large company with numerous workers. When this takes place, you may be overpaying employees or finding disgruntled workers that are not getting paid enough.

The next thing to take into consideration about the incredible importance of timesheets would be the fact they are a written record in case afterwards, there is a dispute. An employee may try to declare they worked longer hours than they actually did, and this could cause a disruption. Now and again, workers have stated they did not get paid for time that they supposedly worked, and they have even threatened to sue.

Also, timesheets track overtime, which is another reason that they're essential. For anything over 40 hours of work in a single week, workers are required to get paid time and a half in many states. Because of this, each and every hour that is overtime must be documented thoroughly.

There are several kinds of timesheets. If you're on a budget you can just make use of a basic paper timesheet that will log the hours worked by a specific person. These timesheets will do the trick and help you keep solid records of your personnel even though they are not fancy. It is a great idea to keep records of all your staff for at least a year after they have completed their timesheet, and you'll also need to make sure that these timesheets get turned into the accounting department.

You would be wise to buy computerized timesheets if you can afford a little technology. By using these, you'll not have to worry about human error or people lying. Employees may attempt to put down false hours with manual timesheets. You will be aware, though, specifically when they clocked in and just when they clocked out with a computerized timesheet.

Operating a business can be difficult, and you must ensure you're monitoring your workers' times. Do remember to utilize timesheets, and don't be unorganized. When the time comes and you save hundreds or thousands of dollars you will be thankful that you decided to invest in a solid timesheet system.

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TimeSheets, TimeSheet (or Time Sheet)

2011-10-28T10:58:00.001-07:00

A ''timesheet'' (or '''time sheet'') is a method for recording the amount of a worker's time spent on each job.

Use

Originally developed for an employer to determine payroll, timesheets are not just for payroll any more. Timesheets may record the start and end time of tasks, or just the duration. It may contain a detailed breakdown of tasks accomplished throughout the project or program. This information may be used for payroll, client billing, and increasingly for project costing, estimation, tracking and management.

Some companies provide web-based timesheet software or services that provide a means to track time for payroll, billing and project management. One of the major uses of timesheets in a project management environment is comparing planned costs versus actual costs as well as measuring employee performance, and identifying problematic tasks. This knowledge can drive corporate strategy as users stop performing or reassign unprofitable work.

Time cards

Factory workers often have a "time card" and "punch in" by inserting their card into an automatic timestamp machine (sometimes known as a bundy clock) when starting and ending their work shift.

Advantages

Time tracking can lower costs in 3 ways: by making payroll processing more efficient, by making costs visible so you can lower them, and by automating billing and invoicing.

Time tracking can increase revenue through automating billing, which tends to make it easier for a company to get correct invoices out for all hours worked by consulting staff. This speeds up payment and eliminates the hassles of 'dropping' bills.

By lowering costs in 3 ways, and increasing revenue in one way, timesheet management technologies that are web-based can improve the health of companies.

In the project management world, timesheets can also be used to build a body of knowledge about how much effort tasks take to develop. For example if developing a training plan has historically taken a month, then it can be assumed that creating a new one will take a month. Also most timesheet software has the ability to track resource costs and project expenses to allow for better future budgeting.

For the HR function, the time spent on activities by individuals can be analyzed over a period of time and categorized into broad types. Based on the outcome roles could be realigned.

Disadvantages

* Prone to human error.
* Repetitive.
* Stressful to employees when used inflexibly.
* Rounding errors (12:27:34 is not the same as 12:30).

Although Federal law in the USA requires that if employers round up when you clock in, they must round up when you clock out. So in this case it is not a disadvantage to the employee's pay calculation.

Adapted from TimeSheets