Inventory valuation: the number that decides your profit
How stock is valued changes reported profit and tax without anything physical changing. FIFO against weighted average, what cost includes, and the write-down nobody wants to make.
Employee time tracking earns its keep when it answers a question you actually have — payroll, billing, or where the week went. Start from the question, not from the software.
Employee time tracking is one of those practices that gets adopted before anyone has said what it is for. Somebody suggests it, a tool gets bought, everyone starts filling in a grid, and six months later nobody looks at the data. The tracking that survives is the tracking that feeds a decision: an hourly payroll, an invoice to a client, or a genuine question about where capacity goes.
So before choosing anything, write the question down. "How many hours did Ana work in July" is a payroll question and needs daily totals. "How much of this month went to Acme" is a billing question and needs hours by client. "Why does every project overrun" is a planning question and needs hours by activity, sampled for a few weeks, not tracked forever.
Check the rules where you operate before designing anything. In the EU, working-time records are a legal obligation, not a management preference, after the 2019 CJEU ruling; the UK, the US and others have their own record-keeping and retention rules for hourly staff. The design below is generic — the retention period and what must be recorded are not.
Compliance is a design problem. Daily entry takes under a minute if the sheet is open and the dropdowns are short; weekly reconstruction takes twenty minutes and produces fiction. The fix is not reminders, it is making entry small: fewer projects on the list, fewer categories, no mandatory description field. If your list of projects does not fit on one screen, the list is the problem.
Be explicit about what the data is used for, too. People fill in timesheets accurately when they know it drives an invoice or their pay, and vaguely when they suspect it is surveillance. If the reason is capacity planning, say so, and share the pivot with the team — the fastest way to get honest hours is to give the people entering them something back.
Ettex Sheets is a reasonable home for this: import an existing XLSX with formulas intact, use dropdown validation for project and category, conditional formatting to flag missing days or over-long weeks, pivots for hours by person and by project, and cell comments with threads when a manager queries a line. Everyone edits the same sheet live rather than mailing versions around, version history means an altered week is traceable, and export to CSV or XLS hands payroll the file it wants. If entries arrive from people who should not see the whole sheet, collect them through Ettex Forms instead — each submission timestamped in one inbox — and pull the submissions into the sheet weekly.
The boundary, plainly: Ettex has no stopwatch, no automatic capture of what you were doing, no GPS or screenshots, no payroll engine and no billing integration. This is manual entry into a well-structured sheet with review and export. That covers a large share of small companies; if you need running timers on a phone or hours flowing straight into payroll, buy a dedicated time-tracking product.
Time and absence data feed a larger question at budget time. Headcount planning uses actual capacity to decide how many positions each team gets, what they cost and when they start.
Not everyone doing the work appears on payroll. A contingent workforce — contractors, freelancers and agency staff — is often tracked nowhere at all, which is how its total cost stays invisible until someone adds it up.
It depends where you operate. EU employers must keep objective, reliable records of daily working time following the 2019 CJEU ruling, and many countries require records for hourly and overtime-eligible staff. Check your national rules, including how long records must be retained.
Quarter-hour increments are enough for payroll and client billing. Minute-level precision suggests accuracy the underlying memory does not have, and it slows entry.
For a team of up to a few dozen, yes — one row per person per day, dropdowns for project and category, a weekly pivot and an approval step. Dedicated tools pay off with running timers, mobile entry, or automatic payroll and invoicing.
The person accountable for the work, weekly, before the data is used. Approval by payroll after the fact catches arithmetic but not the wrong project code.
Make daily entry take under a minute: a short project list, few categories, no mandatory prose. Reconstruction happens when entry is expensive, not because people are careless.
No. The moment hours become a score, they stop describing reality, and you lose the payroll and billing data you actually needed.
Employee time tracking is worth exactly as much as the decision it feeds. Pick the question, capture seven columns, approve weekly, lock what is paid — and stop collecting anything nobody reads.
How stock is valued changes reported profit and tax without anything physical changing. FIFO against weighted average, what cost includes, and the write-down nobody wants to make.
Staff turnover is easy to calculate and easy to misread. How to work it out, why voluntary and involuntary must be separated, and what a replacement actually costs.
Business interruption cover replaces lost profit while you cannot trade. How the sum insured is calculated, why the indemnity period is the number that matters, and what is usually excluded.