Australian SME Business News and Accounting Articles

Online timesheets have become an important tool for any small business. In as much as employees need to be compensated appropriately for a day’s work, businesses also have to be careful not to overpay or underpay its employees and risk losing thousands of dollars due to miscalculations.

Business productivity is the main and ultimate goal of any company. However, times change and so do the ways of achieving such productivity. So for every small business, here are some helpful tips to boosting that productivity and leading the way in the industry.

For professional services firms and project-based businesses, Timesheets are essential.

Whether you’re billing your clients by the hour or using a value-based pricing model, you need to keep track of employee time and know how much time was spent on specific projects and manage projects. Manually tracking your employee’s time is inefficient and prone to errors. Besides, if your employees have the usual tendency in submitting their timesheets late, you may not get an actual picture of your projects’ profitability. Worse, if the timesheet collection process is delaying your invoicing, your cash flow will be suffering.