In this world, where time is money, work hours have become the alarm clock waiting to ring. U.S. Workers, on average, work full time for 47 hours a week. And every business owner knows the importance of recording every employee’s work hours.
Whether you run a small business with just a few employees or an established company with a large workforce, time management is critical. Timesheets have become very helpful in managing hundreds of work hours and keeping the right tabs on the monthly logs.
All the companies are obliged to have a track of their employees’ work hours, but the method of recording it can be solely your decision.
Timesheets are the most no-nonsense and straightforward method which can be used by everyone in a company without any prejudiced knowledge. Here are a few points you have to keep in mind when selecting the right monthly timesheet template for your company.
What Are Timesheets?
Timesheets, in the literal sense, are a bunch of papers that are used to track the working hours of each employee in a company. Traditional methods used actual handwritten papers as timesheets, while now, various innovative ways have made the job easier. One of these methods is using a monthly timesheet template.
They are used by employers to track numbers like:
- The total number of hours worked.
- The number of leaves.
When these are tracked rightly, you can make precise adjustments and settlements while processing the employee’s payroll. The pay period of the employees differs from company to company.
Timesheets commonly come in forms like:
- Weekly and Bi-Weekly.
- Monthly and Bi-Monthly.
According to your business needs, you can choose any one of the forms which will make your end of the month calculations easier.
The Different Types of Timesheets
Weekly timesheets will have columns for seven days of a week. The employees can input their clock in and clock out times daily. To calculate the total work hours, you can simply use a time duration calculator. Finally, to calculate the final amount for the payroll, you can add a simple formula and get the right numbers.
When Should You Select Weekly Timesheets?
If you are in a business that requires you to track costs by job or projects, then weekly timesheets would be the right choice. You can also choose this if you have separate but same invoices for customers and employees. You cut down the duplicating time.
If you want to keep track of the number of hours your employees have worked per month, you can use a monthly timesheet template. Like in weekly timesheets, you can easily calculate the total work hours with the time duration calculator.
The main advantage of using a monthly timesheet template is it helps you calculate the total in weekly and summary areas.
Criteria to Select a Proper Timesheet Template
Template with Login And Logout
If you are a fairly small establishment with only a handful of employees, then tracking the work hours may seem quite simple. In that case, if you require only the clock-in and clock-out details of the workers, then you can choose a template with the relevant columns alone.
It can include the name of the employee, weekly categorized dates, the login & logout time, and the total pay for the entire month.
Template with Sick and Vacation
The sick hours and leaves are also an important category when it comes to calculating the payroll. Be it a small business or a big one, if you want to streamline the sick hours, vacations, and miscellaneous leaves, you can choose the template that will include extra columns and login & logout.
The timesheet will come with the employee’s name, weekly categorized dates, login & logout time, sick hours and vacation hours, and the total pay for the entire month.
Template with Lunch Break and Accrual
You can add the lunch break timings in the template as well, regardless of the type of company you run. Compared to the previous templates, this template will include lunch hours for the whole month.
If you want to add the overtime details, you can choose a template that will have separate columns for the employees’ overtime hours and the relevant payroll calculations.
No matter what type of template you choose, they will help you and your employees focus on the important tasks at hand. Timesheet sheet templates cut down the time taken to track working hours and instead help boost productivity and concentrate on other business areas effectively.