Do you know how important accurate data is to your consultancy? If not, then it might be the best time to let you know that accurate data is the glue that holds your business as one. Without it, everything would fall apart. For this reason, it’s important to work with all the tools that provide you with accurate information. The weekly timesheet (template) is one such tool. It’s crucial for the success of your freelancing business.
Learn how timesheet helps you to overcome the problem of inaccurate data.
1. The weekly timesheet encourages time tracking
Failure to track time is responsible for causing numerous problems in most freelancing businesses. Anything that you don’t track properly is likely to shortchange you. The weekly timesheet (template) offers you a chance to stay on top of things. It offers you more control, which your business needs. Otherwise, you would be spending time on issues that are of no use to you. In short, you would be wasting time by relying on wrong data.
Don’t limit yourself to tracking time. Instead, track everything in your business.
2. Identify what you need with the weekly timesheet
The timesheet can be a library of information. At times, however, it can provide you with more than you need. For this reason, it’s important to know when not to use or rely on the template. Earlier, you read that freelancers should track everything. That comes with a caveat, though. Identify the projects or tasks that need tracking. Use the template to keep track of such projects.
Otherwise, the tons of information you get may be useless to your business.
3. The weekly timesheet keeps you away from incomplete data
The weekly timesheet (template) allows you to access complete data. Most times, you find yourself dealing with wrong data because you relied on incomplete information. Learn how to make decisions that bring more results to your consultancy business. You’re likely to get better and more effective at using sophisticated tools to find accurate information. Train yourself towards that by relying on this template.
4. The weekly timesheet protects you from outdated systems and solutions
One of the biggest problems that freelancers face is the overreliance on outdated systems. Such systems would only expose you to inaccurate data, which kills your business. Technology evolves all the time. The weekly timesheet (template) evolves too. It tracks time and your activities regardless of the season or project you’re handling. Its effectiveness doesn’t change all the time like a chameleon. The template is not an outdated system. It’s worth relying on!
5. Transition from manual systems with the weekly timesheet
Manual systems can be some of the guiltiest culprits where inaccurate data is concerned. Your freelancing business can do without such systems. Many manual systems are inefficient; hence, more likely to hurt your consultancy. Where efficiency is concerned, you can’t compare them with automated processes. Therefore, embrace everything that the timesheet brings to your table and your business would thrive.
6. The weekly timesheet is perfect for reviewing data
What’s the use of data that you can’t review? Data only helps your business when you can access it easily and review everything it indicates. For this reason, use the timesheet to educate yourself. Use it for reviewing the data the program collected over the last week. Thereafter, use that information to set new goals – or stick with the same ones – for the upcoming week.
As shown here, the weekly timesheet (template) is capable of being a breath of fresh air in your freelancing operations. It’s capable of giving you access to accurate information, which you can then rely on to make huge improvements in your business. That should capture your interest. It should be enough to provide the inspiration you need to take your consultancy to the next level by providing all the accurate data you need for making business decisions.
Do you use a weekly timesheet to run a company?
Are you convinced that using a weekly timesheet template could bring in many advantages to your company? If not, then you need to ask yourself why. The entire business you operate depends on accurate data. Without that, you would have to contend with some serious problems capable of bringing your business down. That is just how crucial the decision you make to install or not install the timesheet system could have on your organization.
If that doesn’t convince you, then probably the following reasons would.
1. The weekly timesheet is ideal for billing
Billing is such an important aspect of the business. You have to bill the clients correctly. Failure to do that could lead to accusations of fraud. When billing, one question you have to answer is whether you’re charging enough. You can only answer that question accurately by examining available data, which is easily obtainable from the weekly timesheet. Learn how to prepare it from the weekly timesheet template in your possession. Look for one online.
2. The weekly timesheet tracks project costs
Next, learn how to track all project costs from the timesheet too. The time your workers spend on any task has an element of cost attached to it. Here, the cost touches on general overheads and hourly wage you pay each worker. It’s good to keep track of all these costs to prevent them from going overboard. Otherwise, you would have to disappoint the client by asking for more money, delay the completion, or top up from your own finances thus incurring losses.
Learn to use budget spreadsheets to monitor project costs.
3. The weekly timesheet compares efforts and performances
The weekly timesheet template would also help you to compare efforts. Normally, that would be hard to do without something that captures information accurately. Planning doesn’t always go the way you hoped. The timesheet helps you to differentiate between the two. It helps you to determine whether everything is progressing the way you planned. The timesheet is the reality that proves or disproves of all the planning you undertook.
4. The weekly timesheet is ideal for estimates
How much time will your future projects take? The answer to this question revolves around planning. The client will ask you and expect an honest answer from you. The answer has to be based on reality. Once again, you can obtain all the information required to answer the client accurately from the weekly timesheet template. Use this information to provide clients with all the estimates they need.
5. The weekly timesheet highlights non-productivity
Non-productive activities can be so crippling. They interfere with productivity. They mess performance. They lead to massive letdowns, which may annoy the clients you hoped to impress. Stay on top of the situation by investing in good systems, such as the weekly timesheets. Do your workers spend time productively or non-productively? Use this data to understand the causes of these non-productive activities.
6. The weekly timesheet prevents work overload
How much work do your employees have on their hands each week? Are they overburdened with tasks they are unable to handle properly? If that’s the case, you would need to understand why all that’s happening. It’s all part of the management responsibilities that await you. Do not put them under any form of surveillance. Instead, let them know that you hold each worker responsible for how they use their time in the office.
7. Tax benefits from using the weekly timesheet
Lastly, the weekly timesheet template serves a tax purpose too. You may not be aware of this fact, yet. You can earn tax credits based on how effective your business is at tracking efforts your employees put into programs that qualify for tax credits. Furthermore, the timesheet ensures that you provide accurate and reliable information to the government regarding taxation. It also improves administrative processes, which can be both long and tedious.
Study the weekly timesheet template to understand why you need it.