Organisations live by goals and planning. Any organisation which does not capture how it is spending its time, will not be able to plan for the future. Timesheet is an automated way to capture hours being spent in an organisation. Essentially it becomes a tool to capture the present and past to plan better for tomorrow.
Advantages of Timesheet
- Know your cost. Costing of projects can shape the profitability and margins
- Optimal Resource Utilisation. Analyse where people are spending their time. Basic analysis can show resource utilization at organisation level.
- Timesheet analysis can let us know how hours are billable in the organization. This help is calculating revenue leakages.
- Service industry usually bill the customer on agreed hourly rates. Billable hours computed for each customer can be used to send invoices to customers
- Portfolio Management. It can tell where the current investment are divided and when can an entity be profitable
Professional Service Automation(PSA)
Companies are now using project management tools and timesheets as resource billing techniques to bring transparency in project costing and profit margins. This helps in accurate billing to the clients that too on a timely basis. PSA gives insights in improving efficiency in terms of resource utilisation, increasing revenue by billing more productive hours and reducing potential revenue leakage using preventive mechanism.
Future is more oriented towards planning the projects well ahead of time and having alternate allocative resources to keep a check on a potential revenue leakages essentially converting all billable time into money.