Timesheet

A timesheet (or time sheet) is a method for recording the amount of a worker's time spent on each job. Traditionally a sheet of paper with the data arranged in tabular format, a timesheet is now often a digital document or spreadsheet. The time cards stamped by time clocks can serve as a timesheet or provide the data to fill one. These, too, are now often digital. Timesheets came into use in the 19th century as time books.

Time sheet
Contemporary time sheet

Use

Originally developed for an employer to calculate payroll, timesheets can also be used for management accounting. Timesheets may track the start and end time of tasks or just the duration. It may contain a detailed breakdown of tasks accomplished throughout the project or program. This information may be used for payroll, client billing, and increasingly for project costing, estimation, tracking, and management.

Some companies provide web-based timesheet software or services that provide a means to track time for payroll, billing and project management. One of the major uses of timesheets in a project management environment is comparing planned costs versus actual costs,[1] as well as measuring employee performance, and identifying problematic tasks. This knowledge can drive corporate strategy as users stop performing or reassign unprofitable work.

Time cards

ADP Model 4500 timecard reader
An ADP Model 4500 timecard reader

Factory workers may often have a "time card" (also known as punch card) and "punch in" by inserting their card into an automatic timestamp machine (called a time clock or bundy clock) when starting and ending their work shift, though other card technologies such as swipe cards have become more prevalent.

Advantages

Time tracking can lower costs in three ways: by making payroll processing more efficient, by making costs visible so you can lower them, and by automating billing and invoicing.

Time tracking can increase revenue through automating billing, which tends to make it easier for a company to get correct invoices out for all hours worked by consulting staff. This speeds up payment and eliminates the hassles of 'dropping' bills.

By lowering costs in three ways, and increasing revenue in one way, timesheet management technologies that are web-based can improve the health of companies.

In project management, timesheets can also be used to build a body of knowledge about how much effort tasks take to develop. Machine learning is being used to automatically find patterns in timesheets — then using this information to recommend more accurate project plans in the future. For example, if developing a training plan has historically taken a month, then it can be assumed that creating a new one will take a month. Also, most timesheet software has the ability to track resource costs and project expenses to allow for better future budgeting.

For the HR function, the time spent on activities by individuals can be analyzed over a period of time and categorized into broad types. Based on the outcome roles could be realigned.[2]

See also

References

  1. ^ Measuring Project Health Neville Turbit, January 1, 2008
  2. ^ "Timesheet – its purpose, use and importance". itknowledgeexchange. Retrieved 19 December 2014.
Astrarium

An astrarium, also called a planetarium, is the mechanical representation of the cyclic nature of astronomical objects in one timepiece. It is an astronomical clock.

Chongqing shooting

The Chongqing shooting was a mass shooting murder that occurred in Chongqing, China on April 5, 1993. Chen Xuerong, a worker at the Chongqing machine factory, who was angered by a mistake on his timesheet, armed himself with a hunting rifle and searched for his boss with the intent to kill him, but upon finding that the latter was not present he shot dead three of his co-workers.Pursued by security guards, Chen escaped the factory grounds by jumping over a wall, and once out on the street fired at a family of four passing by on a motorcycle with sidecar, fatally hitting a man and two women, and wounding the fourth. He next injured a soldier in a van, and then killed another man, on whose bike he fled. At a junction Chen stopped and hijacked a taxi, after killing the driver, and injuring his passenger, and eventually killed himself by driving down a 30-meters deep ravine, about 40 minutes after firing his first shots.

Chronometry

Chronometry (from Greek χρόνος chronos, "time" and μέτρον metron, "measure") is the science of the measurement of time, or timekeeping. Chronometry applies to electronic devices, while horology refers to mechanical devices.

It should not to be confused with chronology, the science of locating events in time, which often relies upon it.

Common year

A common year is a calendar year with 365 days, as distinguished from a leap year, which has 366. More generally, a common year is one without intercalation. The Gregorian calendar, (like the earlier Julian calendar), employs both common years and leap years to keep the calendar aligned with the tropical year, which does not contain an exact number of days.

The common year of 365 days has 52 weeks and one day, hence a common year always begins and ends on the same day of the week (for example, January 1 and December 31 fell on a Sunday in 2017) and the year following a common year will start on the subsequent day of the week. In common years, February has four weeks, so March will begin on the same day of the week. November will also begin on this day.

In the Gregorian calendar, 303 of every 400 years are common years. By comparison, in the Julian calendar, 300 out of every 400 years are common years, and in the Revised Julian calendar (used by Greece) 682 out of every 900 years are common years.

Comparison of time-tracking software

This is a comparison of notable time-tracking software packages and web hosted services.

HD2IOA

HD2IOA is the callsign of a time signal radio station operated by the Navy of Ecuador. The station is located at Guayaquil, Ecuador and transmits in the HF band on 3.81 and 7.6 MHz.The transmission is in AM mode with only the lower sideband (part of the time H3E and the rest H2B/H2D) and consists of 780 Hz tone pulses repeated every ten seconds and voice announcements in Spanish.

While sometimes this station is described as defunct, reception reports of this station on 3.81 MHz appear regularly at the Utility DX Forum.

Intercalation (timekeeping)

Intercalation or embolism in timekeeping is the insertion of a leap day, week, or month into some calendar years to make the calendar follow the seasons or moon phases. Lunisolar calendars may require intercalations of both days and months.

Invoice

See also Voucher: an invoice is within the European union primarily legally defined by the EU VAT directive as an accounting voucher (to verify tax and VAT reporting) and secondly as a Civil law (common law) document.An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer.

Payment terms are usually stated on the invoice. These may specify that the buyer has a maximum number of days in which to pay and is sometimes offered a discount if paid before the due date. The buyer could have already paid for the products or services listed on the invoice. To avoid confusion, and consequent unnecessary communications from buyer to seller, some sellers clearly state in large and/or capital letters on an invoice whether it has already been paid.

In the rental industry, an invoice must include a specific reference to the duration of the time being billed. So in addition to quantity, price, and discount, the invoice amount is also based on duration. Generally, each line of a rental invoice will refer to the actual hours, days, weeks, months, etc., being billed.

From the point of view of a seller, an invoice is a sales invoice. From the point of view of a buyer, an invoice is a purchase invoice. The document indicates the buyer and seller, but the term invoice indicates money is owed or owing.

Minute

The minute is a unit of time or angle. As a unit of time, the minute is most of times equal to ​1⁄60 (the first sexagesimal fraction) of an hour, or 60 seconds. In the UTC time standard, a minute on rare occasions has 61 seconds, a consequence of leap seconds (there is a provision to insert a negative leap second, which would result in a 59-second minute, but this has never happened in more than 40 years under this system). As a unit of angle, the minute of arc is equal to ​1⁄60 of a degree, or 60 seconds (of arc). Although not an SI unit for either time or angle, the minute is accepted for use with SI units for both. The SI symbols for minute or minutes are min for time measurement, and the prime symbol after a number, e.g. 5′, for angle measurement. The prime is also sometimes used informally to denote minutes of time.

Project accounting

Project accounting is a specialised form of accounting that corresponds to the ever-evolving needs of project delivery, which helps adequately track, report and analyse financial results and implications. This includes the practice of creating financial reports specifically designed to track the financial progress of projects, which can then be used by managers to aid project management.Traditionally, project accounting and its principles were largely used to track and report predominantly large construction, engineering and government projects. Today, project management delivery methodologies have expanded into several other sectors, including financial, technology and legal. Subsequently, project accounting has needed to follow to cover these areas to ensure corresponding financial tracking and financial implications are understood and considered.

The need for project accounting arose as a specialised field from the nature of projects being treated as separate temporary individualised entities set up for the purpose of delivering one or more business products. As the nature of each project may be different to the business-as-usual activities run by the business; existent management accounting and financial accounting skills were recognised as insufficient to accurately advise on the treatment and financial reporting of a project. Hence, a new field emerged within the accounting sphere – project accounting.Project accounting therefore includes:

A separate accounting system or cost centre to track and report project specific transactions, with project revenues, costs, assets and liabilities identified and allocated to the project.

Frequent reporting, with the frequency often increasing as the project approaches completion.

A layer of simplified reporting, including key performance indicators relevant to whether the project is on or off track. For instance traffic lights on a dashboard.

A process for identifying project related transactions in the main accounting system and allocating or apportioning these to the project accounting system.

Forecasting of costs to complete the project. Key stakeholders are often not only focused on the costs incurred to date, but also those committed and the expected final cost.Projects differ to the day-to-day business-as-usual (BAU) activities in that they frequently cross organisational boundaries, may last for anything from a few days or weeks to a number of years, during which time budgets may also be revised many times. They may also be one of a number of projects that make up a larger overall project or program.Consequently, in a project management environment costs (both direct and overhead) and revenues are also allocated to projects, which may be subdivided into a work breakdown structure, and grouped together into project hierarchies. Project accounting permits reporting at any such level that has been defined, and often allows comparison with historical as well as current budgets.Project accounting is commonly used by government contractors, where the ability to account for costs by contract (and sometimes contract line item, or CLIN) is usually a requirement for interim payments.Percentage-of-completion is frequently independently assessed by a project manager, program management officer (PMO) and project accountant. It includes the continuous recognition of revenues and income related to longer-term projects. By doing this, the seller is able to identify some gain or loss relevant to a project in every accounting period that is ongoing active. Funding advances and actual-to-budget cost variances are calculated using the project budget adjusted to percent-of-completion.Where labor costs are a significant portion of overall project cost, it is usually necessary for employees to fill out a timesheet in order to generate the data to allocate project costs.The capital budget processes of corporations and governments are chiefly concerned with major investment projects that typically have upfront costs and longer term benefits. Investment go / no-go decisions are largely based on net present value assessments. Project accounting of the costs and benefits can provide crucially important feedback on the quality of these important decisions.An interesting specialised form of project accounting is production accounting, which tracks the costs of individual movie and television episode film production costs. A movie studio will employ production accounting to track the costs of its many separate projects.

Replicon (company)

Replicon, Inc. is a software company providing cloud time tracking applications including timesheet and expense management software, using SaaS, for automating employee time tracking, project time tracking, expense tracking and resource scheduling.

SMIL Timesheets

SMIL Timesheets is a style sheet language which is intended for use as an external timing stylesheet for the Synchronized Multimedia Integration Language, and is meant to separate the timing and presentation from the content inside the markup of another language (for instance, an SMIL Timesheet can be used to time an SMIL-enabled slideshow).

SMIL Timesheets 1.0 was released as a W3C Working Draft on 10 January 2008. However, due to the lack of SMIL adoption, other alternatives have been implemented, including the use of CSS Animations to externally time and animate HTML pages into interactive slideshows.

TSheets

TSheets is a web-based and mobile time tracking and employee scheduling app . The service runs in a web browser or on mobile phones. TSheets is an alternative to a paper timesheet or punch cards.

Time-tracking software

Time-tracking software is a category of computer software that allows its employees to record time spent on tasks or projects. The software is used in many industries, including those who employee freelancers and hourly workers. It is also used by professionals who bill their customers by the hour. These include lawyers, freelancers and accountants. The tool could be used stand-alone or be integrated with other applications like project management software, customer support and accounting to name just a few. Time tracking software is the electronic version of the traditional paper timesheet. Tracking time can increase productivity, as businesses can track time spent on tasks and get a better understanding of what practices causes the employees to waste time. Time tracking software enhances accountability, by documenting the time it takes to finish given tasks. The data is collected in database and could be used for data analysis by the human resources departments. Features offered by time-tracking software include:

Automatic generation of invoices to the professional's clients or customers based on the time spent.

Tracking of cost overruns for fixed cost projects.

workforce management packages which track attendance, employee absences, human resources issues, payroll, talent management, and labor analytics.

TimeSheet (software)

TimeSheet is a Time-tracking software developed by BusinessRunner.net in Netherlands. TimeSheet can be helpful in several situations but especially for freelancers who are getting paid by the hour or users who want to optimize or track their daily workflow.

TimeSheet automatically logs tasks based on user-defined rules, so user spends less time for managing.Reports can be exported to Excel or XML

Time clock

A time clock, sometimes known as a clock card machine or punch clock or time recorder, is a device that records start and end times for hourly employees at a place of business.

In mechanical time clocks, this was accomplished by inserting a heavy paper card, called a time card, into a slot on the time clock. When the time card hit a contact at the rear of the slot, the machine would print day and time information (a timestamp) on the card.

One or more time cards could serve as a timesheet or provide the data to fill one. This allowed a timekeeper to have an official record of the hours an employee worked to calculate the pay owed an employee.

The terms Bundy clock, bundy clock, or just bundy have been used in Australian English for time clocks. The term comes from brothers Willard and Harlow Bundy.

Timekeeper

A timekeeper is an instrument or person that measures the passage of time.

Tomorrow (time)

Tomorrow is a temporal construct of the relative future; literally of the day after the current day (today), or figuratively of future periods or times. Tomorrow is usually considered just beyond the present and counter to yesterday. It is important in time perception because it is the first direction the arrow of time takes humans on Earth.

YVTO

YVTO is the callsign of the official time signal from the Juan Manuel Cagigal Naval Observatory in Caracas, Venezuela. The content of YVTO's signal, which is a continuous 1 kW amplitude modulated carrier wave at 5.000 MHz, is much simpler than that broadcast by some of the other time signal stations around the world, such as WWV.

The methods of time transmission from YVTO are very limited. The broadcast employs no form of digital time code. The time of day is given in Venezuelan Standard Time (VET), and is only sent using Spanish language voice announcements. YVTO also transmits 100 ms-long beeps of 1000 Hz every second, except for thirty seconds past the minute. The top of the minute is marked by a 0.5 second 800 Hz tone.The station previously broadcast on 6,100 MHz but appears to have changed to the current frequency by 1990.

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