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It was in the late 1970s that spreadsheets emerged as a database tool to compile and organize research and scientific facts, business and customer data, employee payroll and time tracking in Excel, and financial logs and tax calculations. Today, smart business owners no longer track employee payroll hours with a daily timesheet template Excel.
Why? Because a time and expense tracking spreadsheet created in Excel is simply a holder of data, along with some lightweight calculating and reporting abilities. A full payroll application should also include an integrated time tracking system that can:
- Track employee time daily, weekly, and monthly
- Handle withholding tax and automatic direct deposit
- Manage employee expenses, sick days, and vacation time
- Generate payroll reports for a complete view of employee earnings
Why cut corners when it comes to the accuracy of your employee timekeeping and payroll operations? If you've been using a daily time tracking spreadsheet Excel or a weekly timesheet template Word because they are a free part of your Microsoft Office bundle - then you've been missing out on some of the latest software tools for business and project management automation.
A really robust and useful time and expense tracking spreadsheet can be developed in Microsoft Excel or Word, but that would take a true expert in both Microsoft and data science. And, if you do download a weekly timesheet template free, it will likely not contain the more complicated features of multiple employee timesheet calculators.
Think of your employees that are inputting into a makeshift time tracking in an Excel spreadsheet that was created by you or a past employee. It is so easy to mistakenly change formulas and/or number formatting - which can cause errors in calculating employee time and pay.
Leaving your payroll accuracy to chance is serious business. According to The American Payroll Association, "an error rate of between 1-8% of total payroll in companies that use traditional timecards, and roughly 40% of small businesses incur an average of $845 a year in IRS penalties as a result of mismanaged payroll processes."
Daily Time Tracking Spreadsheet Excel Free
So, you've gone online to download a daily time tracking spreadsheet Excel free as a way to eliminate the cost of buying a time tracking app for you and/or your employees. The question now arises, is this daily time tracking spreadsheet free going to be payroll compliant? According to ADP, a global leader in payroll processing and payments:
"Payroll compliance means adhering to all federal, state, and local regulations that govern how employees are paid. Employers that violate any of these laws may face penalties that could negatively affect their bottom line or even put them out of business."
Just some of the government guidelines that affect employee time tracking and payroll dispersion include FICA Compliance, Federal income tax compliance, along with state and federal payroll compliance. If you are or plan to compete for government contracts, then a weekly timesheet template free that you have downloaded will likely not meet these government requirements.
Every state has a handful of laws to protect employees from companies that are not paying a full and fair wage. A timesheet template free can result in payroll mistakes and delays that put your company in jeopardy of legal penalties and/or fines. Let's take this concept one step further.
If your employee tracking is consistently wrong resulting in paychecks that are wrong, an employee can construe this as intended and/or malicious bad acts. And, as a business owner, you can't simply blame these mistakes on an HR employee who decided to use a timesheet template free.
It is the company leadership that is responsible for the cost of doing business. This includes mistakes in your time clock system, payroll, system, or payroll check delivery system. It is the employer who bears the responsibility for having an employee time tracking and payroll system that is dependable and accurate.
Monthly Timesheet Template Excel
Many professionals and consultants that operate a small business in their field of expertise need accurate monthly timekeeping so they can bill their clients for all the time and expenses spent on their project or case. Using a monthly timesheet template Excel will not be as transparent as a complete project management solution that includes time and expense tracking along with client invoicing and vendor billing.
You can go through all the hardships of creating an Excel monthly timesheet template with formulas, yet still not have a good final form to show clients how you arrived at the bill you are presenting. And, as a freelancer or professional consultant, all your time is valuable. A monthly timesheet template Google sheets or a simple monthly timesheet template will not have all the billable options like costs per hour of time, retainer or up-front fee payments, project milestone-based payments, and other ways that consultants typically do business.
You may have trouble coming up with a good monthly timesheet template Google Sheets, even though it is free. Some users have found that it doesn't have a wide range of data visualization options and the formulas are limited for complex accounting and business needs.
And since your Google sheets monthly timesheet template free is in the cloud, it is susceptible to hacking and data leaks. Even your monthly timesheet template excel free will have some privacy limitations, unlike project management and time tracking apps like BigTime which have encryption, version history control, controlled access, and privacy features already built-in.
Consider the costs associated with the time and effort you or one of your employees would spend on creating a monthly timesheet template for Excel 2022. In the end, you have limited features and yet it has cost you thousands of dollars in time, effort, and hassle to create.
Google Sheets Time Tracking Template
A simple timesheet template Google Sheets will use to track your employees' worked hours on a particular task. But, a Google Sheet timesheet does not have the value that project software automation has. Consider BigTime, a proprietary employee time tracking app that can stand alone or work as part of a total project management automation (PSA) program.
Managing both the time spent by your employers and the expenses incurred for each client will result in a measurable return on your bottom line. As data is entered into your PSA, you are able to visualize KPIs that are important to your business. Consider these types of metrics that can be reported when using an employee time tracker that is part of a business automation solution compared to a formatted sheet similar to what Google sheets time tracking template offers:
- Schedule time allotted for a task vs schedule adjustments
- Estimated Project Time vs Time already used
- Actual Hours Worked by Employees vs Estimated Hours
- Daily Productive Time/Absenteeism/Overtime
- Return on Time Investment
As you can see, it would be impossible for an employee to learn how to make a timesheet on Google Sheets that could generate this type of reporting, simply because a Google Sheet timesheet does not handle these types of formulas.
Project Time Tracking Excel Template
Another option for business owners that believe they can cut costs on business software is to download and use a project time tracking Excel template. But, a daily time tracking spreadsheet template that is free can be prone to errors. Why? Because the way the data is entered is typically not controlled. This means employees use the wrong time format entry, copy and paste errors, or make a mistake and unknowingly overwrite other data.
Don't take chances with your critical business financial data by using a simple project plan template Excel free download that has been created by an open-source developer. These downloads could open backdoor access to your computer system or have hidden viruses or spyware.
A project time tracking spreadsheet that has been developed by an unknown third party simply may not have the security features that are found in a time tracker that is built for small business owners, consultants, and professionals. These project management dashboard Excel template free are often outdated versions of Excel.
In the end, expect you and your employees to be frustrated with an Excel template for tracking hours by tasks. Also, they are prone to invoicing mistakes, and data that is redundant or incorrect, all of which leads to angry employees or customers.
Free Excel Timesheet Template Multiple Employees
Why search for a free Excel timesheet template for multiple employees when a time tracking app is built for any number of employees, clients, tasks, or projects? A multiple employee timesheet calculators is a single Excel spreadsheet that tracks the clock-in and clock-out time of all employees in each seven-day period. But, that's about all it does!
You can download or create an Excel timesheet template with formulas if you have the experience and knowledge. But, do you want to take the chance of your system crashing, hanging up, or freezing, just when you need to start working on the next payroll. It is not uncommon for a monthly timesheet template for multiple employees to contain bugs that don't become evident until it's too late.
For the continuity of your business and for the sake of your employees, instead of using a multiple employee timesheet Excel template, visit BigTime online. Here you will discover the many benefits of using our business automation tools to track employee time, create client invoices, and manage every detail, every expense, and every hour spent on billable work by you and your employees.