According to Bloomberg, 8 out of 10 new businesses will fail within the first 18 months. Those small and medium-sized businesses that succeed have to be doing something right. More often than not, having a strong product, incredible work ethic and some understanding of how to run a business make for their success. One important part of this success comes from knowing when to take advantage of something that saves time and money. For many of these businesses, online timesheets are just the thing. Let’s talk about the ways they can save your business from unnecessary hassle.
Reducing Your Time Involvement in SMB
One of the greatest things about online software that specializes in timesheet solutions is that it saves you time. With many small businesses, the owner of the company is the one responsible for handling all of the time cards. When traditional methods of reporting time are used, there is a great deal of overhead that requires your time and attention. Whether it be inputting hours or preparing the right information for tax season, the entire process is time consuming and takes you away from other parts of your business that deserve your attention. With timesheet software offered online, you can remove the hassle of working with a physical system and have everything automatically recorded online. Whether you provide a station at your office or rely on everyone recording their own hours via smart phones and PC’s, you allow your employees to do the hard work for you. All that is left is verifying their time and signing off on the hours online.
Reducing Short-term And Long-term Costs
First, let’s consider that every hour you spend on recording timesheets has a value. Does it cost more for you to do the work when you pay yourself, or will it cost more to have a company do it? Many online timesheet companies understand the pay crunch small- and medium-sized businesses are in. As a result, they provide a range of well-priced solutions that should fit well with the amount you are willing to pay. By relying on this online service, you cut any costs having to do with maintaining physical records and software. In addition, if you are a medium-sized company and are thinking of hiring someone for payroll, you can cut the potential job and the cost of the salary by relying on an online timesheet solution instead.