Investors get asked a similar question: “When is the best time to invest?” They always answer with: “The best time would be at birth, the second best time would be today.”

Ok, kidding aside, there are some rules about when would be a good time to invest in a timesheet system like TimeControl and they have everything to do with the cost/benefit perspective. If you are an organization of 4 or 5 people, then you probably know what everyone is doing with their time already. Getting the benefits from a formal timesheet system is more complex.

Once you get to a size where that kind of information isn’t as readily available, you’ve got to start thinking of a timesheet. Another way to look at this is to think of where the timesheet data will be used. If you’re going to claim R&D tax credits from the government, then formal documentation of the expenditure of time is a must regardless of your size. So, the value of the tax claim has to be factored into your decision and the return on investment is easy to see.

Same thing goes for those doing formal project management. If your business is such that you need to do better tracking of how the tasks are being progressed, then a formal timesheet system makes more sense.

If you are thinking of your cost/benefit from an efficiency perspective, we’ve created a Return on Investment calculator that lets you factor in some of the cost and benefit numbers and show you the break-even point of going with TimeControl.

The spreadsheet is downloadable by clicking here or by visiting the TimeControl Buyer’s Guide area of our website.