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Timesheet software is a type of accounting software that is used to keep track of timesheets. Commonly seen in business applications, timesheets are used to maintain the hours of small and large teams alike. Employees and staff use timesheet software by inputting their work hours into an electronic system, which automatically records and keeps them on file. While timesheet software can be used for mainly time tracking functions, many timesheet software include different functions, allowing companies to efficiently manage time of their employees.
Benefits of Timesheet Software
Many companies are increasingly relying on timesheet software for a number of reasons. First, timesheet software reduces the need for paperwork or timesheet books. This enables additional benefits, such as reducing the chances of error caused by human miscalculation. Electronic systems, as opposed to manual time tracking methods, are able to accurately keep track of employee hours, maintain records up to several months or years. Timesheet software allows companies to become more organized, keeping numerous employee timesheets on file.
One reason why companies utilize timesheet software arises from the number of features included with the software. Many timesheet software products today come with extra functions, beyond the standard time tracking feature. One feature included in timesheet software is integration with other systems. Accounting systems allow companies to directly send timesheets to accounting departments while billing systems are used to create invoices using the timesheets within the system. Another integrated feature available is payroll systems, which allow employees to be paid according to the hours worked. These features allows for versatility and flexibility, making timesheet software a valuable choice for companies.
Tips for Purchasing Timesheet Software
Timesheet software are available in a number of different platforms. One of the main types of platforms is desktop-based software, where companies purchase software, installing the program into their systems. When purchasing desktop-based software, companies should make sure whether the software is compatible with the operating system used. Another type of platform is web-based applications, where employees log their hours through an online system. The main benefit of web-based timesheet software is that there are typically no hard drive requirements, allowing employees to quickly access the application through a website.
An important consideration, especially for growing companies, is whether the product is able to support multiple users. Timesheet software is variable based on the number of users they’re able to maintain. Smaller-scale timesheet software can only support a few users, while larger, mainstream products are designed for companies with large teams. If the company is rapidly expanding and constantly adding members to their team, then they may want to purchase timesheet software that will accommodate this need.
For companies purchasing timesheet software, their main concern is the cost of the product. Timesheet software is available at a wide range of prices, ranging from free, simple versions to more complicated products capable of supporting multiple users. When choosing timesheet software, purchasers should consider the different factors involved in the decision. Some of the factors to keep in mind include the features included, the complexity of software and whether comprehensive technical support is available.
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