How Important is Streamlined Timesheet Reporting?
Keeping track of employee hours is an essential part of running any business, but it is especially important in enterprise project portfolio management. Timesheet reporting helps determine exactly how much time and resources are being spent on all your projects and programs.
Today, sophisticated timesheet reporting software is used by project management offices (PMOs) to more efficiently allocate resources, prioritise demand, reduce bottlenecks, and identify any productivity pain points that might cause project delays or scope creep. When timesheet data is combined with powerful analytical tools, PMO’s can improve their efficiency and optimise the organisation’s overall return on investment.
How Do I Create Streamlined Timesheet Reporting?
Streamlined timesheet reporting means employees can accurately record their work effort without undue administrative burden. One of the best ways to achieve this is to implement an electronic, cloud-based timesheet system. Such systems eliminate the need for paper-based timesheets and reduce manual data entry, resulting in significant time savings and less error.
The timesheet’s interface should be intuitive and user-friendly, letting employees easily log their hours and any other relevant data. Additionally, it should be able to be customisable for different projects, tasks and teams, and integrate with any other software tools used by the business (such as project timelines and accounting systems).
With well-designed electronic timesheet recording in place, businesses expedite the timekeeping process and focus on the more critical aspects of project portfolio management.
What Does Streamlined Timesheet Reporting Do for my Business?
Accurate Timesheet data improves project resource management by:
- Increasing Visibility and Accountability – Timesheet reporting helps to measure productivity and progress across the organisation. It can be used to plan project needs and timelines in large portfolios, ensuring
- Helping to Calculate Resource Use and Costs – Analytical tools use timesheet data to provide up-to-date calculations of ‘Earned Value’ and effort involved in completing tasks, helping managers to make more accurate projections in future project proposals.
- Strategically Aligning and Prioritising Projects – Timesheet reporting software can integrate with cost management, benefit management, and other strategic planning tools to guide project prioritisation. Using this data to help align project approvals with strategic goals helps decision-makers focus on strategic value.
- Improving Real-Time Monitoring and Evaluation – Streamlined timesheet reporting that exchanges real-time data across all project activities allows rapid forecast revisions and strategic interventions during project delivery to prevent issues from escalating. As a result, the agility and resilience of the organisation is enhanced overall, and performance is consistently reviewed with up-to-the-minute reports and dashboards.
Streamlined Timesheet Reporting at Scale
When managing multiple projects, programs, or portfolios, the capacity to determine precisely what labour and skill sets are available at any one time is one of the most important functions of enterprise project portfolio management. Leading PPM solutions like PMO365, enable you to plan for current projects, anticipate future availabilities, and model ‘what-if scenarios’ (where plans may suddenly be forced to change).
With advanced modelling and up-to-the-minute reporting and dashboards, PMO365 provides an accurate picture of who and how many units of labour are required for each stage of project delivery. Real time, streamlined timesheet reporting integrates with all your enterprise software to put project managers in the best position to assess staff and resource availability.
Furthermore, if an issue arises in one project or programme, PMO365’s timesheet apps, in conjunction with powerful resource management and prioritisation tools, assist managers to quickly determine how much skill is available to help.
Next Level Enterprise Project Portfolio Management
The Timesheets App, as part of the PMO365 subscription library, is part of a comprehensive and tailored project management solution built from over 15 years’ experience in PPM for industry across Europe, Australia and the USA.
When combined with PMO365’s other project portfolio management components, it provides a complete and accurate picture of the entire project portfolio. Real-time data capture and integrations with virtually any Microsoft and non-Microsoft project application assist the PMO to realise optimum efficiency and strategic value.
Find out more about our Timesheets App and see how PMO365 will take your project resource management to the next level.
PMO365: The Project Management Office on your Microsoft 365 cloud.