‘Time is the scarcest resource and unless it is managed nothing else can be managed’. Let us help you start managing your time within projects.
In our prior blogs, we’ve spoken in-depth about the solutions to Timesheet Processing when you employ external contractors and need to use timesheets as a reference to them being paid.
For service industries, Internal Project Management of Time can be just as integral to business activities, however it is often overlooked by SME’s.
Why introduce Time Management?
How many businesses quote services at the beginning of engagement and then simply increase or decrease based on how you feel the service is going over time. This process is flawed and can often lead to misquoting against the work which has actually been completed.
In such a rapidly moving business landscape with rising costs all around us, time is vital for both the employer and employee. With the introduction of timesheets, internal controls are there for your costs (wages) and can also be used to maintain margin levels for your business from an income perspective.
As an overview, the benefits of Internal Timesheets for Project Management can be arranged in three categories:
- Allocation of resources
Throughout each organisation, there are different levels of expertise needed for each task. The process of juggling around resources to complete a task can often be daunting for a project manager.
The use of data can also identify which members of staff are suited to particular projects, so you can fully utilise their abilities for your business.
- Time Management
Especially with repetitive services, resources can be planned ahead of time in order to meet deadlines, using quantified data from similar projects.
Project managers are also able to monitor the progress of each task and anticipate if there are to be any delays to deadlines in advance.
- Evaluation
With job costings, it is imperative to be reflective after completion. Often, after implementing full timesheet processes, some projects are highlighted as being ineffective with lower margins. If you aren’t meeting margins consistently, this can lead to fundamental issues in your business plan.
If there are regular margin decreases, it could mean you need to review your allocation of resources, or potentially need to consider a fee increase – for which your quantified data can help provide justification to your client.
The accountability to using timesheets within a business is not to be overlooked, as the increased performance measurements can often highlight staffing issues before they decrease overall productivity.
What are the solutions?
Gone are the days of Project Management tools only being huge databases within their own application on your desktop. Nowadays there are a lot more software options which can adapt to changing business landscapes. Most of the software options available are based within your internet browser, with many also offering a mobile app alongside this if needed.
One advantage of this is that information is readily available to all relevant staff in real-time. Another key advantage is the increased accessibility for integrations to other software. Some examples of this integration are listed below:
- Xero, Quickbooks and Freeagent – the ability to raise invoices and payments across to your accounting software, to prevent the need for duplication of data
- Outlook or Google Calendar – any events raised in your Outlook/Google calendar can be reflected easily in your Timesheet
- Paypal, Stripe and Other Payment Services – reduce the data entry required to take payments for your projects
- Chrome, Edge and Firefox – track your time without leaving your current website, as plug-ins allow your time to be selected from a dropdown
- Slack – the ability to tag your messages to a project within a Slack conversation, or check if someone is currently available at a given time to accommodate a new project
- Zapier – this is a linking tool for thousands of applications that use repetitive tasks, so the possibilities really are endless!
How can we help?
If any of the above problems or solutions resonate with you, contact our Digital Advisory Team by emailing fintech@haroldsharp.co.uk or call 0161 905 1616.