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Finance Timesheet

Harvest provides a comprehensive solution for finance timesheet needs, ensuring accurate billing and compliance with financial regulations through seamless integration and detailed reporting.

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How much revenue is your team leaving on the table?

Most agencies run at 55-60% utilization. Even a small improvement means significant revenue. See what closing the gap looks like for your team.

Number of people who track billable time
$
Blended rate across roles (junior, senior, lead)
55%
Percentage of total hours that are billable. Industry average is 55-60%.
75%
A realistic target for service businesses is 70-80%.
Monthly revenue gap $0
Revenue at current utilization $0/mo
Revenue at target utilization $0/mo
Extra billable hours needed per person/day 0h
Annual revenue opportunity $0

Start tracking team utilization

Walk through the entire flow below. Start a timer, check your reports, and create a real invoice — all in three clicks.

Go ahead — start tracking!

One click and you're timing. Try it right here: start a timer, add an entry, edit the details. This is exactly how it feels in Harvest.

  • One-click timer from browser, desktop & mobile
  • Works inside Jira, Asana, Trello, GitHub & 50+ tools
  • Duration or start/end — your call
  • Day, week & calendar views to stay on top of it all
  • Friendly reminders so no hour gets left behind
Acme Corp
Website Redesign
Homepage layout revisions
1:24:09
Content Strategy
Blog calendar planning
1:30:00
SEO Audit
Technical audit report
0:45:00
Brand Guidelines
Color system documentation
2:15:00
Logo Concepts
Initial sketches round 1
1:00:00
Today's total 6:54:09

The Imperative of Finance Timesheets: Ensuring Accuracy and Compliance

Finance timesheets are indispensable tools for ensuring accurate billing, precise project costing, and maintaining financial integrity. Inaccurate timesheets can result in significant financial and reputational risks, with improper payments reported by federal agencies reaching $236 billion in fiscal year 2023. Additionally, small businesses face a regulatory burden of $6,975 per employee annually, which is nearly 60% higher than for larger companies. Compliance with key regulatory frameworks like the Fair Labor Standards Act (FLSA), Sarbanes-Oxley Act (SOX), and CFR 200 is essential to mitigate these risks.

The FLSA mandates precise tracking of employee hours and wage records, while SOX requires systematic documentation of financial records for publicly traded companies. Non-compliance can lead to severe penalties and financial losses, emphasizing the need for robust finance-specific timesheet tools. Harvest addresses these challenges by offering audit-ready records and integration with financial systems to streamline data management and enhance compliance.

Essential Features and Integration for Financial Timesheet Tools

When selecting a financial timesheet tool, essential features such as detailed time tracking, expense reporting, and audit trails are critical. These features ensure that billable and non-billable hours are accurately logged, supporting compliance with regulations like the FLSA and CFR 200. Integrations with systems like ERP, payroll, and accounting software are also vital. Harvest excels in this area by integrating with platforms like QuickBooks and Xero, eliminating manual data entry and ensuring seamless data synchronization.

By integrating with these systems, Harvest enhances accuracy and productivity, providing real-time financial insights that are crucial for effective budget management and project profitability. This seamless integration not only improves operational efficiency but also helps finance teams reduce costs and streamline processes.

Navigating Financial Compliance and Record-Keeping

Financial compliance and meticulous record-keeping are paramount for any organization. The FLSA requires employers to maintain specific records, including time worked and wages paid, for at least 3 years. For publicly traded companies, SOX mandates the establishment of internal controls over financial reporting, with senior finance leaders certifying the accuracy of these reports. Harvest supports compliance by maintaining audit-ready records and offering detailed reporting capabilities.

Moreover, Harvest's customizable cost allocation and real-time reporting features allow organizations to manage their budgets effectively, ensuring that labor costs are allocated properly and projects remain profitable. By offering these capabilities, Harvest helps organizations navigate the complex landscape of financial compliance, reducing the risk of non-compliance and associated costs.

Best Practices for Implementing a Finance Timesheet System

Implementing an effective finance timesheet system involves several best practices to ensure accuracy and compliance. First, establish clear policies and guidelines for time tracking and recording. Employees should be encouraged to log their time daily, reducing errors and supporting productivity. Harvest facilitates this with its one-click timers and flexible manual entry options.

Next, leverage automated tools to minimize human error and streamline processes. Harvest's automated reminders and approvals ensure that timesheets are submitted on time, maintaining data accuracy. Regular audits and training programs further enhance compliance, helping organizations identify and correct errors proactively. By following these practices, organizations can effectively manage their finance timesheet systems and ensure regulatory compliance.

Finance Timesheet Management with Harvest

Explore Harvest's finance timesheet features, ensuring compliance and accurate billing through seamless integration and detailed reporting.

Finance timesheet interface in Harvest with compliance features

Finance Timesheet FAQs

  • Essential features for a finance timesheet tool include detailed time tracking, expense reporting, audit trails, and integration with financial systems like ERP and payroll software. Harvest offers these features, ensuring accurate billing and compliance with financial regulations.

  • Timesheet tools integrate with financial systems like ERP, payroll, and accounting software to ensure seamless data flow and synchronization. Harvest integrates with platforms like QuickBooks and Xero, eliminating manual data entry and enhancing accuracy and productivity.

  • Compliance requirements include precise record-keeping as mandated by regulations like the FLSA and SOX. Harvest supports compliance by offering audit-ready records and detailed reporting capabilities, helping organizations adhere to these regulations effectively.

  • Yes, timesheet reports can be customized for different projects and departments. Harvest offers customizable cost allocation and real-time reporting, allowing organizations to manage budgets effectively and ensure proper allocation of labor costs.

  • Best practices include establishing clear policies, promoting daily logging, using automated tools, and conducting regular audits. Harvest supports these practices with its one-click timers, automated reminders, and flexible approval processes, ensuring accuracy and compliance.

  • Harvest integrates with QuickBooks to provide seamless data transfer between time tracking and accounting systems. This integration ensures accurate financial records and efficient billing processes, reducing manual data entry and potential errors.

  • Yes, Harvest allows you to track expenses with receipt capture, providing accurate financial records. This feature supports compliance and detailed project costing, ensuring transparency and accountability in financial management.