How To Increase Revenues Significantly With Project Timesheet Reporting
Project TimeSheet Reporting
Though the traditional function of employee timesheets was simply to calculate the number of hours an employee was to be paid for and of course to bill a customer by the number of hours spent on the customer’s project, it is now turning out to be a powerful time management and project management tool. It is therefore in every organization’s interests to know how to manage project timesheet reporting effectively to cut costs and earn more profits.
Project TimeSheet Reporting – Here’s how
The idea that better project timesheet reporting can lead to an increase in profits may seem a little far-fetched but not if you look at the figures a little carefully. Take the example of a single employee who is working across multiple projects in an organization – some may be customer projects and some internal. If there is no efficient project timesheet reporting, it is possible that this employee forgets how many hours have been spent on each individual project and under-reports the number of hours. If this adds up to five or ten hours every month, the employee is under-reporting almost 120 hours of billable hours every year. Even if the business organization is small and only has 100 employees, if the revenue earned per billable hour is $100, the business easily loses $12000 per employee and a whopping $1,200,000 per year! This is going to hurt the bottom line of any company, especially that of a small business. Therefore, it is important that project managers appreciate how effective project timesheet reporting can help increase their revenues by not missing out on hours that an employee has spent on a customer project.
Very often, employees who are working across multiple projects find it too distracting and time consuming to log into different systems and note down the time spent on various tasks associated with each project. Though accurate project timesheet reporting demands that they do so, very often employees miss out noting down many hours of work that they have actually performed. The solution is to provide them with a project timesheet reporting tool that they are familiar with, that does not require training and that is easy to use. TimeSheet Reporter integrates with Outlook calendar, a tool that a majority of employees are familiar with and gives employees the power to report time and submit timesheets directly through their Outlook calendar.
TimeSheet Reporter also makes project timesheet reporting efficient in many other ways. An employee does not have to use different systems to clock time for different projects. Once a task is completed, the timesheet can be submitted through Outlook calendar. Management gets to view reports on how much time was taken for different tasks enabling them to study if they have to improve the efficiency in any area. TimeSheet Reporter can import and export the timesheet data into accounting and CRM systems, automating many of the tasks.
As a first step, project managers have to appreciate that better project timesheet reporting can lead to more profits for the company. Next, they have to utilize the power of TimeSheet Reporter to use resources more efficiently and make their companies more competitive.
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