Project Timesheet

Term Definition
A project timesheet is used to track time and expenses on a project. A timesheet improves project execution, decision-making and compliance with labor and government regulations. A project timesheet can be manual, electronic or part of integrated time tracking software. Project timesheets enable you to track items such as employee's time, project costs, profit margins, the current state of progress on the project, and material costs. In other words, a project timesheet is a record that you can look back on to find out how much time and money you spent on a project, which can help you to accurately quote similar projects in the future.

Small to mid-sized companies use spreadsheets to track work, expenses, and leave time. The information is then reentered or manually imported from spreadsheet files into the company's accounting, payroll and project systems. This process is highly error prone and can result in significant payroll and billing errors and lost or duplicate entries; consolidating this kind of data later frequently results in conflicts and errors that are often difficult to identify or address. A time tracking software that is integrated with your accounting system and provides point of entry data validation, policy-based approval, and notification setup will eliminate such errors. Studies have shown that eliminating duplicate systems, manual processes and entry/approval errors can save you up to 3% of total payroll costs and increase your billable hours by as much as 4%.

Software enables you to automate, track and connect people, projects and financial processes, and eliminates spreadsheets and in-house legacy systems to facilitate compliance with corporate governance, employment and accounting regulations.

Average timesheet time and expense tracking review takes 6 minutes. With an automated time and expense tracking software system, timesheets, and time and expense reviews take approximately 1 minute; an 80% reduction in review time. Average cost to manually process an expense report is ~$40 to $80. Automating the process helps reduce expense management costs by 80% and monitors time and expenses by project, preventing budget overruns.

Area of Application
Project Management
Time and Expense