For freelancers, sole proprietors, and people with small businesses, hours often have to be manually recorded. Using loose sheets of paper for this, notes in your smartphone, or simply keeping track in your head is not practical. This can lead to unjustly lost hours, which is of course undesirable. Using time tracking in Excel can be a simple yet effective solution for this. Want more information on how to set this up exactly? Feel free to read on, and we’ll explain various things about this topic.
Similar to its capabilities for schedules, calendars, and Gantt charts, Excel offers specialized templates for time tracking. Are you in search of an Excel time tracking template? The following screenshot illustrates where and how you can locate such a template:
Excel provides an array of time tracking templates, increasing the likelihood that you’ll find one that suits your needs. If none meet your requirements but you still wish to have a time-tracking template in Excel? You have the option to create one yourself. Like many projects in Excel, this can be accomplished in numerous ways. However, it is crucial to consider the ‘time format’ setting for cells when focusing on time tracking. I’ll briefly illustrate this with an example.
If you’re setting up your own time tracking system in Excel, utilizing the cells’ time format can be advantageous. In the example below, columns B, C, and D utilize the time format. To convert these time-formatted values into a monetary sum or a number of work hours— as displayed in column E and cell D11— you must multiply these values by 24.
To convert this into a monetary figure, you should additionally multiply the number of hours by your hourly rate. For cell D11, the formula illustrates exactly how this works.
Not interested in managing your own time tracking and prefer to delegate this task? That’s possible with Bouwmeester Consultancy! We can develop a fully customized time-tracking solution based on your specific requirements. Besides time tracking, we can handle a variety of other projects centered around Microsoft Excel. If you’re interested in our services, feel free to reach out to us for a no-obligation consultation.