Timesheet Billing
Timesheet Billing
Term Definition of Timesheet Billing Timesheet billing is used by individuals, organizations and professionals that render services to clients that include the billable hour. A timesheet is a method for recording and tracking the amount of an employee’s time spent on each job. A timesheet approved by a project manager improves project execution, decision-making and […]
Term Definition of Timesheet Billing
Timesheet billing is used by individuals, organizations and professionals that render services to clients that include the billable hour.
A timesheet is a method for recording and tracking the amount of an employee’s time spent on each job. A timesheet approved by a project manager improves project execution, decision-making and compliance with labor and government regulations. According to one definition, it is a document or a program that tracks the number of hours you work, either in one week or on a particular project. In other words, a timesheet is a record that you can look back on to find out how much time you spent doing something.
Timesheets and Timesheet Billing
Timesheets were originally developed for employers to track the number of hours worked for payroll. However timesheets are no longer used just for payroll. Timesheets are used to record the start and end time of tasks or simply the duration of the task. Timesheets may contain a detailed breakdown of tasks accomplished by the individual(s) who worked on the task. The information can be used for project costing, job estimation, tracking, management, client billing and payroll.
Timesheets are also a critical element of client billing in project management and professional services. Timesheet Billing time is tracked with a timesheet and then billed to the client. In project management, the timesheet enables the project manager to track the time and labor expenses related to the project. Timesheet billing entries must be accurate and timely in order to expedite recovery of expenses, eliminate billing errors and/or backlog.
Tracking time can reduce an organization’s costs by making payroll processing more efficient, by making costs visible so you can lower them, and by automating billing and invoicing. Tracking time can also increase revenue through automated billing. Automated billing facilitates client invoicing by providing access to accurate data for all the hours worked by consulting staff. This in turn expedites the invoicing process avoiding the timesheet billing backlog. In turn, timesheet billing insures payments are received much faster and the inconvenience of missed bills is eliminated.