Timesheet software provides a wide range of reports that offer valuable information and data to help businesses monitor and manage their team members' time and productivity. These reports can be generated by the software and analyzed to gain valuable insights. Here are some crucial reports available in timesheet software and why each one is important:
Time Reports
Detailed Time Reports provide a detailed breakdown of the hours worked by each team member on specific tasks and clients. This analysis helps managers identify any inconsistencies or discrepancies and determine if any additional time off or overtime is needed. Additionally, the report can be included with client invoices to ensure transparency in billing.
Project and Task Reports
Allocation and Dates
The Project Allocation and Dates Report is a snapshot of the start and anticipated end dates of projects, as well as the team members assigned to each project and their allocated dates.
The reports provide a clear overview of the timeline for each project, enabling managers to plan workload, monitor project progress and allocate resources efficiently by considering availability.
Billing Reports
The Billing Report showing how many hours to bill clients for, for which team member and at what rate and currency.
It simplifies the invoicing process by combining individual timesheets and applying the appropriate billing rate based on your project settings (be that individual team member rates, task-based rates, a set-hourly project rate or a fixed fee). For businesses operating globally, the report will display each client's preferred currency, making billing effortless.
Project Billing and Cost Reports
The Project Billing vs Cost Report provides billable totals for each project and the corresponding team member costs. This report assists project managers in evaluating the efficiency of each project, identifying individual team member costs that make up the project costs, identifying opportunities for cost reduction or improvement, and determining pricing strategies for future projects.
Project Profitability Report
The Project Profitability Report provides a condensed overview of the billing vs cost report, and shows the total billing amount, cost, profit, gross profit margin, and markup for each project. This report is valuable for project managers as it allows them to evaluate the profitability and essential key performance indicators (KPIs) of each project.
Team Member Reports
Team Member Cost vs Billing
The Team Member Cost vs Billing Report provides billable totals for each team member and the corresponding team member costs. This report assists managers in evaluating the profitability and billability of individual team member costs, identifying opportunities for redistributing tasks and making informed decisions about resource planning, hiring and compensation.
Team Member Cost & Payroll Reports
The Team Member Cost report combines timesheet information and determines the overall payment owed to each team member, whether they are on the payroll or a contractor.
This report aids the finance department in properly handling payroll and verifying invoices from contractors. Additionally, for businesses with team members in different countries, the report provides the figures in the desired currency of each team member.
Team Member Capacity and Availability
The Team Member Capacity and Availability Report shows which active projects team member's are working on, for how many allocated hours, the percentage unused capacity and how many hours they have available for new projects.
The report helps in planning new projects by providing insight into the availability of team members. Project managers can assess the capacity and availability of their team members and make informed decisions about resource allocation for new projects. It also allows project managers to monitor the workload of team members, ensuring that they are not overwhelmed with too many projects or tasks.
Team Member Utilization
The Team Member Utilization Report provides insight into the utilization rates of each team member.
This rate is crucial as it directly affects the revenue generated and serves as a measure of the efficiency of task allocation.
Assessing the utilization of team members, agencies can determine if task allocation aligns with their intended goals. For example, by analyzing utilization rates, agencies can identify instances where senior employees are spending too much time on client work rather than management and junior team members' development.
By analyzing historical utilization rates, they can adjust and set target utilization rates, for their forecasting models make more accurate revenue projections.
Timesheet Approval and Audit Trail Reports
These reports provide a detailed history of timesheet approvals and a history of changes made to every project and team member.
Timesheet approvals allows for transparency and serves as evidence of an adequate review process.
By tracking all changes to projects, team members and allocation, users can identify who made the modifications and when they were made, which helps in detecting any unauthorized or erroneous changes. Additionally, having the reason for the changes documented in the audit log provides a clear record of decision-making and ensures the integrity and accuracy of rate and allocation management.
Conclusion
The reports provided by your timesheet software are essential tools for effectively managing your projects and team members. They offer valuable insights and support various business functions, resource planning and task allocation, project management, and administration. These reports enable businesses to make informed decisions that boost efficiency, productivity, and overall performance.
Choose wisely! With the right timesheet software like Teami, you can easily see all these important project and team member reports in just a few clicks.
