Accounting & Timesheets: Free Template + Better Ways of Doing Things

Alright, my reliable and punctual accountant. Stop for a minute with all the scrolling and skimming through articles and give me 5 seconds to explain to you why you need accounting timesheets.

You need accounting timesheets to prove your worth to your superiors (and everyone else at the office, for that matter).

I'm sorry, but that's the truth.

This isn't some inflated ego type of thing; it's just that you need to show evidence of the hard work and effort you put into your tasks and clients.

Without accurate timesheets, it's easy for others to overlook the time and dedication you put into your projects.

And I know you're already juggling so much一other spreadsheets, invoices, and deadlines. Your hours go by like minutes; the last thing you need is another sheet to fill out.

Luckily, I've got good news: in this article, you'll get a free accounting timesheet template to help track time without pulling your hair out (or turning into Michael Scott from The Office, screaming, "No, God, please no!").

And if that template seems too plain and like too much work, I'll spill the beans on how you can track your time smarter without having to fill out timesheets or use a timer.

So, sit tight in your ergonomically perfect chair, and let me show you how to get your time back.

Let's roll.

First, here’s a free accounting timesheet template

As promised, here’s a free accounting timesheet template you can use to track your monthly hours. Please keep in mind this is a view-only file. If you wish to edit it, go to File → Make a copy to create your own copy of the template.

The template includes columns for dates, client information, task descriptions, start and end times, as well as overtime and total hours worked.

Now that’s out of the way, let’s talk about why you’re so hesitant about you and your employees using timesheets.

It’s not just you; accountants worldwide are against using timesheets

Have you ever said, “Death to timesheets”?

If you have, you are not the only one.

There’s an entire Reddit thread in r/Accounting that suggests timesheets are really a way for accounting firms to constantly monitor availability. Reddit accountants all seem to agree.

But what’s so wrong with using timesheets?

Well, if you work on a fixed salary or retainer, meaning your compensation doesn’t depend on how many hours you put in, the idea of tracking every minute of your day can feel… unnecessary at best, frustrating at worst.

After all, if you’re delivering accurate financial statements, balancing books, and meeting deadlines, does it really matter whether a task took 30 minutes or 2 hours? 🙄

Here are some reasons why most accountants, including yourself, dislike timesheets:

• Tracking time doesn’t influence your paycheck; you are judged on your output, not the clock.
• Filling out timesheets feels like unnecessary admin work that takes time away from actual accounting tasks.
• The value of your work as an accountant is in its accuracy and strategic insights, not in the hours logged.
• Timesheets can seem like an extra layer of unnecessary accountability.

Deeper reasons why accountants are against using timesheets

As you know, accounting firms often use timesheets as a way to justify their rates and billing to clients.

However, more and more accountants and accounting firms believe this system negatively affects individual accountants, especially when firms adopt fixed pricing agreements with clients.

As mentioned before, most accountants, including yourself, are typically salaried employees paid a fixed salary rather than being compensated on an hourly basis, especially if they work full-time positions in public accounting firms with a standard 40-hour week.

The problem arises when accountants need to work beyond their paid hours to meet client demands.

If that’s the case, that overtime should be taken into account when calculating utilization and realization rates. Or should it?

Utilization and realization rates measure an accountant's efficiency and value to the firm.

Utilization rates compare billable hours to total hours worked, while realization rates measure the collection of those billable hours, with higher rates indicating more value to the firm.

Accounting firms track billable hours to meet annual billable goals and ensure financial success, but it puts pressure on accountants to constantly bill more hours.

Accountants’ promotions and careers often depend on hitting these goals, so they are motivated to increase their billable hours at any cost. Plus, they will adjust their time entries to make it appear as if they’ve worked fewer hours on tasks like checking emails just to improve their utilization rate.

Accountants are essentially working for free to ensure they meet their billable hour targets, even though their salary doesn't change based on these extra hours worked.

This focus on maximizing utilization and realization rates can create additional problems, such as burnout, and the feeling that accountants are constantly chasing an unattainable goal to ensure a firm's revenue goals.

The (un)ethical aspect of using timesheets

Using timesheets can put pressure on meeting utilization and realization rates and, because of that, create an environment where everyone lies in their timesheets. Ouch..

In the long run, accountants are afraid that this silent culture of time tracking dishonesty can snowball, and that the accountants will learn how to cut corners and lie in other aspects of their work.

We at Memtime believe accountants need to track their time

Considering aforementioned, should you or your accounting firm use timesheets?

Well, we at Memtime believe you need to track your time for multiple reasons.

Here are some pros of using accountant timesheets:

1. You’ll be able to identify your productivity patterns, see how your time is spent on different task types and where you could use improvement.
2. When you track time spent on client projects, you can better estimate the effort you need to put into similar tasks in the future.
3. Time tracking can show you if you need more resources or technology to manage your workload.
4. Even with fixed salaries, time tracking should help you bill clients accurately, based on time spent on projects. It can also track profitability for fixed-price contracts.
5. By tracking time spent on specific client projects, you can determine which clients are most (or least) profitable.
6. You can use time tracking data to show your efficiency and accomplishments during performance reviews.
7. You can use this data to spot your overtime and stop working outside your standard working hours.
8. A time tracking app can help you become better at prioritization, showing you how much time you spend on routine vs. high-priority tasks.

As you can see, with time tracking, you can learn to manage your workload better, increase efficiency, and make improvements that actually contribute to your firm’s profitability.

But that all happens if you use a reliable time tracking tool. Not all time tracking solutions work the same, and they can’t give you the same results.

That’s why we believe you should rely on automatic time tracking to help you.

How automatic time tracking can benefit you & your accounting firm 

Most automatic time tracking tools are easy to use, and they remove all the previously mentioned ethical dilemmas associated with manual timesheets.

Here’s how using one of these tools can truly benefit you:

Your automatic time tracking tool of choice: Memtime

You have to forgive me for rooting you + Memtime partnership, but Memtime is THE tool that can change your life.

In the accounting world, you have ledger legends, those who balance books and make flawless financial statements.

In our time tracking world, we have Memtime, a maverick that keeps your time tracking seamless and quiet.

This is how it all works: you work (on Windows, Linux, or macOS), and Memtime tracks all your computer activity. No manual input. No distracting notifications popping every 10 minutes or so.

Here’s what makes Memtime worth your time:

• Memtime runs in the background and tracks your computer’s activity (in programs, browsers, and documents).
• It displays all your activity in 1-60 minute intervals.
• It can even capture every minute of your phone calls made with specific VOIP services (like sipgate, pascom, and FRITZ!Box) and display them in a chronological timeline.
• It allows you to create time entries, log them into your project management software, so you can sync tasks and projects (here’s a list of tools Memtime integrates with, including Xero, QuickBooks and FreshBooks and other accounting tools).
• Memtime stores all activity data locally, on your computer, ensuring it stays private and secure. Your data and productivity insights never leave your device; you’re in complete control, and no one (not even your boss!) can access it.

And if you are interested in pricing, we have several plans available, starting at $11 per user per month for the Basic plan and up to $21 per user per month for Premium, billed biannually.

So, do yourself a favor and just try it.

Try Memtime for two weeks, free of charge; it’s on us. Just click the button below, and you’ll be able to download Memtime in less than 10 seconds.

If you like the tool, you can pitch it to your team and manager and book a call to request a team trial. We’ll answer your team’s questions and give you a tour of the app so your colleagues can see just how seamlessly Memtime works.

To conclude

I hope you understand now that timesheets are not the bane of your existence or the source of all accounting evil. At worst, you can consider them a minor inconvenience. After all, you’ve got the template to get started, and let’s be honest, it’s better than having no template.

But the thing is, you don’t have to settle for manually entering your time on tasks for the rest of your prosperous career.

You can rely on Memtime, our automatic time tracking app that saves you from endless hours of manual input.

With Memtime running in the background, you can focus on what you do best without worrying about time tracking data. Your hours are captured for you.

I once again encourage you to try Memtime, and see how your workload and efficiency change. 

It’ll take a week for you to see what Memtime can do, but trust me, once those insights start rolling in, you’ll wonder how you ever lived without Memtime.

You've got nothing to lose except maybe those extra hours you’ve been working for free. 😉

No excuses. Try Memtime now.