Dictionary Definition
timecard
Noun
1 a card recording an employee's starting and
quitting times each work day
2 a card used with a time clock to record an
employee's starting and quitting times each day
User Contributed Dictionary
English
Noun
Extensive Definition
A timesheet is a method for recording the amount
of a worker's time spent on each job.
Use
Originally developed for an employer to determine payroll, timesheets are not just for payroll anymore. Timesheets may record 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. This project
management data can make complex cost relationships visible,
thereby allowing lower costs. This knowledge can drive corporate
strategy as users let their competitors perform the
unprofitable work.
Time cards
Factory workers often have a "time card" and "punched in" by inserting their card into an automatic timestamp machine (sometimes known as a bundy clock) when starting and ending their work shift.Advantages
Time tracking can lower costs in 3 ways: by making payroll processing more efficient, by making costs visible so you can lower them, and by automating billing & 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 3 ways, and increasing
revenue in one way,
timesheet management technologies that are web-based can improve
the health of companies.
In the project
management world, timesheets can also be used to build a body
of knowledge about how much effort tasks take to develop. 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.
Disadvantages
- Prone to human error.
- Repetitive.
- Rounding errors (12:27:34 is not the same as 12:30)