This doesn't work.
Generally, the good employees who actually deliver are usually the first to feel that this level of micromanagement is unacceptable, and they will leave for a company that doesn't do it. And the bad employees start actively making shit up or massively inflating their numbers in order to make it look like they're busier than they really are.
And then there are the good smartasses who figure out that they can write a two-point bullet list every week that says "1. Doing what you hired me to do: 39 Hours. 2. Filling out this report: 1 Hour." This ALSO encourages people to work EXACTLY 40 hours and no more. Believe me, I've seen it many times.
The right way to manage a remote team is to have easily defined metrics that are averaged over a month or more... not a week. Coders for example will have some dynamite days or weeks, and other times spent days just spinning on one problem. However, when averaged over a decent period of time they show actual value to the company. And the onus is upon the manager to... you know... manage. Instead of just filling out an Excel spreadsheet once a week for your upper management you can take the time to look at the metrics to identify where someone might be having a problem and actually then approach them to see if they need assistance. This method of management is sorely lacking in much of Corporate America because quite frankly it requires work on the part of the mid-manager... said mid-manager probably just wants to have something once a week that can be copy-pasted into an Excel spreadsheet.
I'll say that I manage a remote team and my team consistently exceeds its target quarter over quarter. My team spans most of the MidWest. If I asked for these kinds of reports then I know of at least two of my team members who would either go to another group or quit the company entirely in a heartbeat... and these two just happen to be two of my highest producers.
If you have to micromanage like you have shown here, then you're a shit manager who doesn't know how to hire properly or manage a team and you should be fired.