This article takes a look at what you can do with time sheet software , and uses the Costrak timesheet system as the only example.
You have to create user accounts for everyone who will input time into the timesheets.
Charge rates have to be set up for the users, a charge rate is a data entity that must be assigned to each user. Each user can have only one charge rate. Typically, you will create rates for the principals, seniors, Juniors, specialists etc. If you have five juniors, you’d assign the Junior charge rate to all of them. however, you can create different grades of junior if you wish.
Departments , which can represent departments in a Company, or Directors/Partners in say a firm of accountants can be created or you can accept the default departments.
Security groups are used to grant different levels of access to users access, you can accept the default groups, or configure your own security structure.
Record all clients in database: You would create a data record for each client of yours in the clients database, inputting Business name, address, telephone number, contacts names, email address.
Projects for each Client record: Generally with timesheets, you create projects for each client even if its only 1 item. With Costrak Timesheets, all time and material postings must be made to a client project rather than direct to the client. Hence, you could have a client called ‘Sun spot properties Ltd’, and under that client account have a project called ‘Oxford Street Tower Design’ and another called ‘Knightsbridge Flats design’.
Capture all working hours: This means that all members of the team including the principals record every working minute in the timesheets. Thus assuming you take weekends off, Saturdays and Sundays would not ordinarily have timesheet entries. With Costrak timesheets, you enter the time spent per day on projects and then save the input.
Billing: having captured all the hours worked by the firm, and material expenses, you will need to bill this out to the client. With costrak timesheets, you select the blocks of time you wish to bill out, this results in the creation of a list of time an material expenses to be billed out. Plus, the clients timesheet balance is reduced by that same amount. You can then use the listing to generate a proper invoice on your preferred accountancy package or billing tool.
Reports are available. You can have a break down of postings to each individual client, or to each project per client. You can create a summary of hours worked by each user over a selected period. With these reports you can maintain control over work in progress an monitor performance. Even when you use fixed price quotes, this system can help when you review your fixed price quotes, and give you targets for the next set of quotes.
This article has presented an overview of how timesheets, and in particular , costrak timesheets, work.
In later articles , we will examine in more detail the individual components of the timesheet system.