Timesheet templates, on the other hand, are often free or cost very little. Unlike Homebase, some timesheet software isn’t affordable for small businesses that already have tighter profit margins. With a pre-made timesheet, all the information is already there. Using a timesheet template is much easier than creating one yourself, especially if you have to figure out which elements to record in order to stay compliant and streamline your payroll process. They mean you don’t need to create your own timesheet documents from scratch but can dedicate your time to what matters most. Timesheet templates give you the foundational systems you need to keep work on track and stay compliant with state and federal labor laws. There are several advantages to using a timesheet template for your time tracking needs. A standard timesheet template includes elements like: A timesheet template is a document with a predefined page layout that allows businesses to record employee working hours, breaks, and time off more easily.