Release 40 | June 20, 2023
In our latest release we leveled up support for Premium Time Management features by introducing a consolidated Time View for Timesheets and Data Export along with Timesheet Locking. The Release Summary outlines new functionality and this post makes a case for getting the most out of these features by implementing a review process in your Organization.
What could you gain by locking timesheets and initiating a review process?
You’ll see a benefit whether you’re billing for time or hoping to streamline productivity.
- Accuracy and Accountability: Timesheet locking ensures that once a team member has logged progress in their timesheet, it can’t be modified without help from an Org Admin, Workspace Manager or Project Manager. This helps maintain the accuracy and integrity of recorded hours, preventing unintended changes or manipulation. It holds employees accountable for the hours they have worked and promotes trust in the timekeeping system.
- Verify Payroll and Billing: Timesheets are often used for billing or exported to payroll systems. By locking timesheets, organizations ensure that data used for payroll and billing is based on approved and verified hours. This reduces errors, disputes, and potential financial discrepancies.
- Compliance and Audit: Many industries have legal and regulatory requirements. Timesheet review processes allow Project Managers to verify that timesheets comply with these regulations. It offers a way to make sure employees are appropriately compensated, and organizations remain in compliance industry standards.
- Quality Control: Reviewing timesheets allows Managers to evaluate the accuracy and completeness of recorded information. They can identify any inconsistencies, missing entries, or potential errors. This promotes data quality and provides an opportunity to offer guidance or make corrections on someone’s behalf.
- R & D Tax Credit: Time tracking documents the extent of R & D efforts by identifying qualifying activities with time and cost allocations to substantiate claims.
- Project Management and Resource Allocation: Timesheets play a crucial role in tracking time spent on specific projects or tasks. By reviewing timesheets, managers can monitor project progress, identify bottlenecks, and allocate resources more effectively. This information helps with future planning, decision-making, and optimizing team productivity.
- Performance Evaluation: Timesheet review can be part of performance evaluations or performance management processes. It allows managers to assess employee productivity, adherence to schedules, and the allocation of time towards different tasks or projects. This information can contribute to performance feedback, goal setting, and identifying areas for improvement.
In summary, Timesheet Locking and review processes help ensure accurate record keeping, financial integrity and regulatory compliance. Even if your organization isn’t billing for time, effective processes can facilitate better resource allocation and optimize performance across teams. Timesheet Locking and the new Time View are Time Management features for Organizations on Professional and Ultimate billing plans.