Timesheet Software Trends to Watch Out for in 2024

For any business its people are its most valuable resource – the business exists because of them. These human resources must be utilized optimally for they drive all business growth. Business managers need consistent and reliable business intelligence to accurately monitor resource utilization. Employee timesheets are vital for them to plan projects. Timesheet software allows managers to track the time logs of multiple team members. This offers them data on how much time a particular resource takes to complete a task – and thus the project. Managers use timesheet data to ensure that the resources are utilized effectively, and the project is completed efficiently.

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Problems faced by businesses in tracking employee time

Traditional timesheets don’t always work, especially for hybrid or remote workers. Businesses face numerous challenges while ensuring that their workforce is performing optimally.

1. Time tracking: Frequent inaccuracies and errors occur in manual tracking and recording of employees’ working hours, as well as making schedules. This may lead to incorrect payment calculations.
2. Compliance issues: Labor laws require companies to maintain accurate records of employees’ work hours. This is to ensure that mandated breaks and overtime thresholds are maintained, and all regulations are adhered to. Non-compliance would lead to legal repercussions and penalties.
3. Monitoring resource performance and productivity: Managers need to track project timelines and access data on task completion rates of various employees. They also need to identify bottlenecks that may be adversely impacting employee productivity. Project managers use these insights to evaluate employee performance and allocate resources more effectively, which ultimately impacts overall productivity.
4. Repetitive administrative tasks: Collecting, verifying, and processing timesheet data manually is time-consuming. And it could still end up being inaccurate! This time can be spent more productively on employee training and engagement.

Human resource management is evolving, and the post-pandemic era has seen a lot of new trends emerging:

Remote hiring

Remote assessments for the initial screening of candidates

Audio- and video-based interviews

Resume shortlisting through AI

Without a timesheet software, inefficiencies in time tracking, productivity assessment, and compliance crop up. HR is bogged down under a heavy administrative and repetitive workload, leading to employee dissatisfaction and ineffectiveness. The right tools offered by resource management software can help streamline these activities. HR can then focus on strategic initiatives like training and development and fostering a healthy work culture.

What is timesheet software?

Time-tracking software records the time each employee spends on a particular activity. Managers use this data to allocate resources for various tasks and plan a project’s completion timeline. They understand how employees spend their time and have the flexibility to tweak work schedules, increase resource allocation and amend deadlines. Time tracking can increase productivity. Resource management software comes with features that allow managers and staff to record hours worked, which in turn facilitates effective operations planning, client billing, and payroll.

Timesheet software can be on-site or cloud-based. Current trends like remote and hybrid work, multiple office locations, contractual workers, etc make it beneficial for businesses to opt for a cloud-based one. For instance, with the best time-tracking software, employees can clock in and out digitally, making it easier to record and manage work hours as well as breaks. Tasks completed and time taken can be input into the software using any mobile device.

Why do businesses need timesheet software?

Businesses need to understand how long each task takes. Resource management software helps businesses and employees track work hours and tasks digitally. Timesheet software generates reports monitoring how much time an employee takes to complete any given task. This data helps managers to allocate resources more effectively, distribute workloads more efficiently, evaluate productivity levels, and plan the project timeline more realistically.

Benefits of timesheet software

Time-tracking with automated timesheets happens in real-time, making it easier to manage time effectively. Let’s see how using timesheet software tools helps businesses:

Time tracking becomes easier: Employee work hours can be tracked digitally. The software records when they start and end work, and factors in pauses for breaks too. Managers know how much time it takes to complete a task and can decide if resources need to be reduced or increased. This helps them reduce the wastage of person-hours. 

Easier and more accurate payroll: With work-hour records employers can calculate salaries and wages easily and correctly.

Actual person-hours put in on a project can be evaluated: Billable hours are easily recorded on timesheet software. This is especially convenient for contract workers or freelancers, who may be paid by the hour.

Work schedules are managed efficiently: Timesheet software records how much time employees spend on various activities and projects. Managers use this data to allocate resources and set project deadlines.

Work records and schedules are more organized: Employees can use the software to organize their schedules. They can prioritize tasks and complete them accordingly.

Billing is automated and accurate: Task and project records are easily accessible. This ensures that the clients can be billed accurately. The best time-tracking software also offers the option of raising invoices automatically and on time.

Staying compliant with labor laws and government regulations is easier: Timesheet software makes it simpler for businesses to follow rules and meet legal requirements specific to their industry.

Project management is more efficient and effective: Managers can use time records to identify areas for improvement. These records assist them in making more effective resource and time management decisions, leading to increased productivity.

Timesheet software helps project managers and employees track work hours, prioritize tasks, organize schedules and manage work more effectively. These systems have features that can be used for complete resource management, including managing employee performance.

Time trackers: HR can evaluate the number of hours put in by various employees, whether they are working in the field, in multiple locations or even remotely.

Team time-tracking: Managers can track the time of the entire team working on a particular project. They can monitor the progress of the project. This also helps streamline the entire process of project management.

Integrated attendance system: An attendance and a leave management system are part of the time-tracking software. Employees can automatically log in and log out when they enter the premises or log into their computer. They can also manage their time-off using this system.

Managers can create workflows and manage resources efficiently. Resource allocation and scheduling (and rescheduling) become more streamlined. Employee time can be managed more effectively, thus leading to increased productivity. The process of billing and payroll has also become smoother and more accurate.

Current market trends related to timesheet software 

The global Time Tracking Software Market was valued at USD 779.18 billion in 2022 and is projected to reach USD 3915.18 billion by 2030, growing at a CAGR of 22.36% from 2023 To 2030. Cloud-based timesheet software like eResource Scheduler will have the lion’s share of the market, and be especially popular with businesses that operate from multiple locations. Some of the highlights of these tracking apps are;

Virtual clock-in and -out allows managers to easily monitor how many hours the employees spend at work.

A running clock records the hours devoted to individual tasks. This is logged in real-time and shows the hours taken from the start to the end of a task. This clock can be paused during breaks. Managers can use this data to evaluate the efficiency and performance of the team members.

The best time-tracking software offers the option to correct time records manually. It is easy to sometimes forget to turn off the timer during a break or turn it back on when you restart work. Many systems now allow users to edit time tracked by subtracting extra time recorded or adding time blocks after the fact.

Project managers can easily track the billable hours on a specific project. This helps them raise accurate invoices.

The in-built timesheet management module of eResource Scheduler helps track project progress in real-time. It records the actual time spent by resources on various project and non-project-related tasks. This data helps managers with project planning and budget management.

Managers can use resource utilization reports to monitor how productive team members are throughout the workday. These provide them with an insight into the productivity and operational efficiency of the company.

Invoicing is more efficient. Client invoices and staff paychecks are generated automatically.

GPS is integrated into the system, which allows managers to track employee movement. Delivery services find this feature especially useful as it helps them find the best routes easily.

Resource management software like eResource Scheduler generate time-tracking reports by employee, project or client. These are in real-time and can also be customized to show daily, weekly, or monthly records.   

Timesheet software is increasingly automating many features. Many systems use artificial intelligence to automatically track employees’ work hours or to assign time blocks to related projects.

Advanced and upgraded features in timesheet software in 2024

You can expect several upgraded features in timesheet software this year. Read on to know about these features in detail.

1. More artificial intelligence tools: AI-powered automation can track time spent on various tasks. Managers can use advanced records to analyze how individuals’ and teams’ time is being utilized. They can make smarter decisions on resource allocation and utilization; the process can be automated as well.
2. Use of GPS or implementing geofencing: Employers can define a virtual boundary and receive notifications of employees clocking in and out in this predefined map area. This sort of mobile time tracking can reduce employee error and save money for businesses.
3. Generate advanced business reports for top management: Time-tracking is integrated into project progress dashboards. Company leadership can use smart data visualization, reporting, and predictive analytics tools to access and interpret precise data on costs and profitability. 
4. Automated communication with customers: Customers can expect greater service automation and chatbot capabilities as well as intuitive design and ease of use from businesses. 
5. Tighter cyber security: Increased digitization has made businesses more vulnerable to hacking and cyber-attacks. They need more than standard security settings and multi-factor authentication. Resource management systems will incorporate real-time alerts for any suspicious activity, and routinely run automated security audits to check for vulnerabilities.

eResource Scheduler – Top-Rated Timesheet Software for 2024

Moving into 2024 businesses need to be prepared to shift towards intuitive, integrated solutions and choose the right software for their organization. eResource Scheduler is one of the best time-tracking software and offers end-to-end features and the flexibility to use the time-tracking tool as per your business needs. The software allows you to configure timesheet settings at resource, project or global levels. Reports can be generated from all these different perspectives. Studies show that over 80% of businesses use timesheet software to manage work schedules effectively. eRS can help streamline time management, increase billable resource utilization, improve productivity and enhance workforce efficiency. The software provides all the data required to not only improve overall profitability but also help prevent time theft. Call for a free demo today.

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