What Does Timesheet Capture Software Do?
Timesheet and payroll management are simply part of conducting business. Manual timesheet tracking is tedious, time-consuming and can lead to human errors. That’s where timesheet capture software comes into play. Timesheet capture software streamlines the process and reduces the risks of errors. Using construction management software is also a best practice for project costing.
Timesheets are how employees record their time and how management, human resources and accounts teams manage payroll, billing, and operations. Timesheets are invaluable for monitoring time, keeping projects on track and reducing overruns. Timesheet capture and approval software makes the process of timekeeping and payroll more efficient and allows for easier reporting, time tracking and work estimating.
Six Benefits of Timesheet Capture Software For Job Costing
Timesheet capture software has many benefits that can help increase productivity and help with job costing. With timesheet tracking software you can turn timesheet data into reports giving you an overall picture of your construction business, project’s progress and working hours of your employees. Time tracking software helps you optimise your team’s work capacity as well as individual work. It keeps everyone on track, empowers employees, provides financial insight, and so much more, all of which help improve the bottom line. So let’s take a look at the top six benefits of timesheet reporting software:
1. Keep everyone on track
Time tracking software lets all employees enter the time they take to complete each task. It also allows you to view the cost of time and compare it to budgets. This software can also allow employees to see their performance, which can enable them to take ownership of their workload and schedules, which improves productivity and efficiency. The timesheet tracking data can encourage employees to work more diligently as they see progress based on their accomplished hours and notice trends and patterns in their work hours. Managers and employees alike can begin to answer questions such as:
- Was the task or job important enough to take up that amount of time?
- Did the task or job advance towards a larger goal?
- Could the time have been spent more effectively?
2. Capture work hours anytime and anywhere
In the construction industry, workers are rarely in the office because they are usually on-site for their construction projects. Time tracking software lets employees track their hours anytime and anywhere from a compatible device. The software also allows managers to easily access, monitor and get data from the timesheets anytime or anywhere. Whether it’s cloud- or web-based, timesheet capture software makes logging and tracking time-efficient and accurate. It also helps centralise your timesheet, payroll and expense data.
3. Evaluate team workflow
Are your employees sticking to the schedule? Are there delays in the workflow that are leading to cost overruns? This is where construction employee timesheets can help. Timesheet software lets you see how many hours each task takes on a job. This data can help you analyse workflows and pinpoint gaps. Identifying gaps and causes of delays, such as a lack of resources or an unrealistic time frame, can help managers develop strategies to improve productivity.
4. Streamline your payroll process
Inaccurate data entry is a leading cause of payroll errors. And a major cause of inaccuracy is human error, often seen in a manual payroll process. Time tracking software does away with the tedious, time-consuming process of payroll management, streamlining and automating payroll. As we mentioned in our Digital Payroll blog, a Yahoo! Finance article stated, “A fifth of Brits has changed jobs after being paid late or inaccurately.” Not only can inaccurate payroll cost the company money, but it can also result in employee loss as well. Payroll software takes care of all of the complicated calculations of wages, type of worker, deductions, tax-related information, etc. to accurately calculate pay and reduce the risk of payment errors.
5. Get financial oversight
In the construction industry, the ability to control costs throughout a project is crucial. Cost management requires sound estimates and constant monitoring throughout the entire construction project. With timesheet tracking, you can capture and apportion time and then analyse it in the cost ledger. This helps you monitor costs by showing you how much of the initial budget is being spent and easily identifying unbilled time and tracking project costs and profits.
6. Improve quotes and estimates
Accurate, upfront cost estimates are important in the construction industry for helping you control project costs. When you’re able to capture accurate records on how long each type of job or task takes, you’re able to adjust and improve your quotes and estimates. Time tracking software gives you insight into the types of jobs, tasks or projects and the time they took to complete, letting you improve quoting accuracy. Combine that data with RedSky’s estimating and surveying software designed specifically for the construction industry and you’re on the road to improving your bottom line.
In House Payroll vs. Outsourcing
When it comes to payroll management, you have two options: in-house payroll or outsourcing. Since payroll management can seem like a daunting task, you may think outsourcing is the way to go. Outsourcing is when you leave the payroll to a third-party company that specialises in payroll management. In-house payroll is when your company takes on the payroll management duties, typically through a timesheet tracking or reporting solution.
The downside to outsourcing is the extra money it will cost. Additionally, it can take longer to resolve any issues, you have less control over the security of data and it could take longer to gain access to information and reports.
When you manage your payroll in house using payroll software for the construction industry, you’re able to save money, manage the security of sensitive employee information and resolve any issues that might arise. Plus, quality payroll solutions are designed to mitigate potential inaccuracies, helping to prevent HMRC from intervening. In-house payroll solutions can handle PAYE, the Construction Industry Scheme (CIS), limited company ‘outside IR35’ engagements and ‘inside IR35’ engagements.
Save Time & Money with A Construction Timesheet Software
When you’re looking to save time and money, improving productivity and job costing payroll software is one way to do all of that. There are many timesheet captures and payroll solutions available, but RedSky’s solutions are specific to the unique needs of the construction industry. With our timesheet software, you can easily capture time and apportion it to jobs. Plus, we make it easier for you to manage timesheets and payroll in-house, which saves you money. Here are just a few of our features that can help your construction company streamline your payroll administration, quickly and easily:
- Automatic calculation of PAYE and NI
- Irregular and one-time payments, such as holiday credits, fares, travel, etc.,
- Automatic update of cost and nominal ledgers with detailed audit trail
- Year-end P35 and P60 form printing and electronic P35/60 via XML to HMRC
- Link to Subcontractors Ledger
- Optional overhead recovery by trade applied to contract costs
- HR processes
- Timesheet and expenses management