A Timesheet is a system used to document the amount of time you spend working, quite simply a timesheet is time recorded on a sheet for auditing purposes, most typically associated with accounting (for payroll) and human resource (for attendance). Smart business use electronic systems nowadays, rather than having paper copies clogging up their filing cabinets! Most project managers will have a Timesheet as part of their document set for ensuring tasks are tracked effectively in order to make sure that milestones and deadlines are met.
There are many benefits to using a timesheet including:
It is a legal requirement that records are kept by the self-employed, in order to complete tax returns, self-assessment etc. Keeping a Timesheet is a good way of providing evidence of work undertaken and subsequent payments received, should an audit of the business take place. It is also useful if there is a workforce, to ensure accurate payments to staff.
Tempo Accounting provide timesheet records as part of their their suite of accountancy tools which have been specifically designed with contractors in mind. Tempo Accounting will provide you a free consultation to discuss the most tax efficient accounting solution for you and the smart accounting tools that they provide to support your contract. Tempo Accounting's smart accounting tools can be used via your computer or mobile which means you can record receipts and accounts as you generate them during the day, meaning less accounting fuss and hassle in the evenings and at weekends.