A TimeBill is a record that tracks time entries for employees and contractors. These entries detail the hours worked on specific tasks or projects, allowing businesses to accurately calculate labor costs, manage billing, and monitor project performance. It is especially useful in industries like consulting, professional services, and project-based businesses where employee time directly impacts billing and revenue generation.
Key Features of the TimeBill Record
- Employee Tracking: TimeBill records are linked to specific employees or contractors, making it possible to attribute labor costs directly to the individuals who performed the work.
- Project Association: Each TimeBill can be associated with a specific project, task, or job. This is essential for companies that need to measure profitability on a per-project basis.
- Billable and Non-Billable Hours: The TimeBill record allows you to differentiate between billable and non-billable hours. This distinction is critical for client billing and internal reporting, ensuring that only the appropriate hours are invoiced.
- Cost Calculation: One of the most important functions of the TimeBill record is labor cost tracking. The labor cost associated with each time entry is used to calculate the overall project costs, aiding in budgeting and profitability analysis.
Use Cases for TimeBill
- Project Costing: TimeBill records help businesses track how much time (and associated cost) employees are spending on projects, leading to more accurate project cost tracking and profitability analysis.
- Client Billing: For service-based businesses, TimeBill entries provide the foundation for client invoicing, ensuring that all billable hours are accurately captured and reflected on invoices.
- Resource Management: By using TimeBill records, managers can monitor how resources are being utilized, ensuring projects are progressing efficiently and that time is being allocated effectively.
In summary, TimeBill in NetSuite is a versatile tool that enables businesses to efficiently manage labor costs, improve billing accuracy, and track project performance, making it essential for any organization reliant on time-based work.