Loading...

Incorporating Analytics in Timekeeping Software

Incorporating Analytics in Timekeeping Software

Incorporating Analytics in Timekeeping

Timekeeping software is an essential part of running an effective and profitable business. The days of employees manually inputting data on time sheets or using paper time cards to log work hours are long gone. Enter digital timekeeping software, which HRMS calls the updated and streamlined version of old-school timekeeping methods. With each employee clocking or swiping into the system automatically each day, today’s timekeeping software is able to collect massive amounts of time and attendance-related employee data in real-time. This is where data analytics enters the picture.

Through the combination of digital time tracking software data and analytics software, any company can plan the deployment of its workforce, administer leave and scheduled time off while managing performance, and calculating payroll more accurately. While the data for all of this has always been there, the help of artificial intelligence (AI)-enabled data analytics tools, companies can work towards these tasks much more efficiently and thus, increase over-all profits.

Modern employee time keeping devices are powered by two of the fastest-growing technologies: artificial intelligence (AI) and data analytics. These two innovations have already made massive changes in the way several industries operate. In an extensive post by Maryville University on the outlook for data analytics graduates, they note that the top industries to take advantage of analytics by 2020 will be banking, manufacturing, federal/central government, and professional services. Not only that, since more than 5% of Americans are already working from home, you can already say AI- and data analytics-backed businesses are the future.

There’s no denying that digital timekeeping is the next logical step when it comes to fostering business growth no matter the size of the industry. Here at Hour Timesheet we understand how critical it is for employers to gain insights into how much time their employees spend on everyday tasks including breaking down billable hours and accounting for time by projects and tasks. This data lets them see the typical day of an employee, which can help streamline a company's workflow and create more achievable goals while immediately adding real-time analysis to assist with the ability to manage projects and estimate projects .

Good timekeeping software with an intuitive interface also allows managers to take care of employees’ interests allowing employees to track time daily, weekly or hourly online and in real-time. Popular software platforms like Intuit's QuickBooks desktop and online solutions like Hour Timesheet combine timekeeping with accounting software providing timesheet data to automatically sync between the two systems. Not only is it a more affordable way to manage a company’s invoicing and payroll, but it’s also a great way to keep track of an employee’s leave balance history. We recognize the importance of a timekeeping software like Hour Timesheet that can also track leave and work hours online and on a mobile time clock app. This is because it’s more accurate than the typical Excel spreadsheet. A cloud-hosted service time management provider such as Hour Timesheet allows workers to do their jobs remotely, without employers having to worry about tracking their work time, keeping tabs on leave and absence time, and making sure they’re working as efficiently as they would if they were in an office. Any dip in performance can be correlated to the data obtained from the employee timesheets.

Timekeeping software is a powerful tool that companies must use to improve their overall efficiency. It gives employees more control over the time they spend at work, and allows employers to accurately track how much time is spent on different projects. This allows the company to create a positive culture with an improved work/life balance.

Article solely for the use of hourtimesheet.com

Written by Alicia Clay

Indirect Cost Pools

You Can’t Manage What You Can’t Measure

A key aspect of complying with government regulations is creating processes and utilizing software tools that allow your organization to be compliant. Because we all know you can't manage what you can't measure, it is important to understand the basic categories of your organization's indirect cost pools and to establish a mechanism to efficiently track employee time against these pools.

Direct costs are traceable to the production of a specific good or service. Labor and direct materials, which are used in creating a specific product or service, constitute most direct costs.

Indirect costs are those cost necessary to keep your business in operation. Indirect labor costs make the production of cost objects possible but aren't assigned to a specific product.

Indirect Cost Pools

Overhead - indirect costs incurred that are not direct costs, but that can be attributed to a specific revenue-generating project or job.   Any indirect labor or expenses that can be attributed to a certain project can then be distributed across those projects based on the projects’ direct labor hours, direct labor costs, or direct material costs

Fringe costs - include employee related costs including payroll taxes, fringe benefits such as health insurance and compensated absences (vacation, holiday and sick time).

General and Administrative (G&A) Expenses. These are management, financial, and other expenses related to the general management and administration of the business. To be considered a G&A Expense, the expenditure must be incurred by, or allocated to, the general business unit. Examples of G&A Expense include:

  • Salary and other costs of the executive staff of the corporate or home office.
  • Salary and other costs of such staff services as legal, accounting, public relations, and financial offices
  • Selling and marketing expenses

UNUSUAL INDIRECT-COST

Two major types of indirect costs are accounted for in a very unique way in the government contracting environment.

  • IR&D consists of contractor research and development efforts not performed under contract or grant and not required for the preparation of a specific bid or proposal, either government or commercial. IR&D is funded and managed at the contractor’s discretion from contractor-controlled resources.
  • B&P is comprised of contractor efforts to prepare, submit, and support bids and proposals, either government or commercial, whether or not the bid is successful.

Contract Type Matters

To recognize the impact that changes in indirect cost rates have on both the contractor and the government, it is vital to understand the various types of contracts used in government work. In some cases, increases in indirect costs are totally or partially paid by the customer.

  • A cost-reimbursement contract is used when the cost of contract performance cannot be predicted with accuracy, such as in the development of weapons systems.
  • Cost-plus-fixed-fee (CPFF) contract, the contractor is reimbursed for his actual cost, subject to certain government requirements regarding allowability, plus a negotiated fixed fee.
  • A cost-plus-incentive-fee contract (CPIF) is a cost-reimbursement contract that provides for a fee that is adjusted by a formula according to the relationship of total allowable costs to target costs. The target cost, target fee, minimum and maximum fee, and the fee-adjustment formula are negotiated at the outset. The fee paid to the contractor is negotiated after contract performance and final actual costs are determined, using the formula and the minimum and maximum fees.
Additional Resources

DEFENSE CONTRACT AUDIT AGENCY INFORMATION FOR CONTRACTORS

Making technology work for you

Making Technology Work For You

Today’s technology moves so fast that it’s not easy to keep up with. It seems like new tools are surfacing every day to help business owners and entrepreneurs save time, money and boost productivity. New technology empowers business owners to achieve what they set out to do and allows them to be creative while maintaining a high level of productivity. Businesses that want to stay relevant know that they must incorporate new technologies into their company’s growth strategy.

The trick to making technology work for you and your team will depend on how it’s integrated. You can use these tips to help your employees to successfully embrace technology:

1. Highlight the Benefits

Technology can do so much to make our lives easier, but the process of learning new technology can still be daunting. To ensure team member buy-in, help them understand the decision to implement new technology. Identify the limitations or problems in the current tools or software. Help your users see how technology could solve these problems. Even though fear is normal in the face of change, we can’t let fear stop us from moving forward.

2. Find Your Champions

There are always employees who readily accept new technology. These are your champions! They can help convince reluctant coworkers where no one else can. Have them be available for questions and training to those who are slower to adopt. Some employees may not be convinced of the benefits of technology until they see someone else do it.

3. Provide Training

Training is critical to the successful adoption of new technology. You must ensure that team members of all levels of technological know-how have the access they need to learn at their own speed. Training can be looked at as a two-step process: You need training from external sources (free at Hour Timesheet), and then you need a core group of internal employees who are comfortable in the new system and can help others if needed.

REASONS YOUR BUSINESS SHOULD EMBRACE TECHNOLOGY

By embracing today’s new technology your company will reap the benefits that keep them ahead of their competitors who fail to embrace technology, including:

  1. Staying connected
  2. Encouraging timely and accurate input
  3. Ability to monitor employee productivity
  4. Improving manager productivity
  5. Improving employee accountability
  6. Access to advanced business reporting and analysis
Additional Links

HTS QuickBooks Online Marketplace Listing

HTS QuickBooks Desktop Marketplace Listing

HTS Android Download Link in Google Play

HTS iOP Download Link in Apple Store

FLSA Timekeeping Requirements

Who does FLSA apply to?

Unless exempt, covered employees must be paid at least the minimum wage and not less than one and one-half times their regular rates of pay for overtime hours worked.

What should the timekeeping record include?

Every covered employer must keep certain records for each non-exempt worker.  The law requires this information to be accurate. The following is a listing of the basic records that an employer must maintain:

  • Time and day of week when employee's workweek begins
  • Hours worked each day
  • Total hours worked each workweek
  • Total daily or weekly straight-time hours
  • Total overtime hours for the workweek

What type of record should be retained?

Each employer shall preserve for at least three years payroll records, collective bargaining agreements, sales and purchase records. Records on which wage computations are based should be retained for two years, i.e., time cards and piece work tickets, wage rate tables, work and time schedules, and records of additions to or deductions from wages.

What type of timekeeping is best?

Employers may use any timekeeping method they choose. For example, they may use a time clock, have a timekeeper keep track of employee's work hours, or tell their workers to write their own times on the records. Any timekeeping plan is acceptable as long as it is complete and accurate.

What about employees on irregular work schedules?

Employees on Fixed Schedules: Many employees work on a fixed schedule from which they seldom vary. The employer may keep a record showing the exact schedule of daily and weekly hours and merely indicate that the worker did follow the schedule. When a worker is on a job for a longer or shorter period of time than the schedule shows, the employer must record the number of hours the worker actually worked, on an exception basis.

Hour Timesheet Homepage Logo

Tired of Deltek Timesheets?

So you have been using your Deltek timekeeping system for some time now and you are fine with how it has been working for you....

Stop settling for "fine", it is time for a better solution that helps you end the needless timesheet day processing scramble and the endless timesheet headaches!

Are you tired of reminding employees that timesheets are due?

how about a system that sends daily reminder to both employees and supervisors.

Are you tired of your employees charging to expired project codes?

how about a system that restricts access to ended codes.

Are you tired of old timesheets remaining unprocessed in your Deltek timekeeping system?

how about a system that ensures all timesheets are accounted for when processing?

Are you tired of workarounds for employees on non-standard work schedules?

how about a system that allows for an 8-day timesheet and is DCAA and Labor Department compliant?

Are you tired of employees and supervisors not adhering to your timekeeping policies?

how about a system that allows you to easily customize to ensure adherence to company policies..from state to state..or even group to group?

Are you tired of paying too much for time and attendance software?

how about a system that will provide the best solution, while saving you money....guaranteed?

Contact us today and if we can't show you in 5 minutes our solution is better than your current "fine" solution...we will give you 3 months free.

QuickBooks Integration Q&A

QuickBooks Integration Q&A

Common questions and answers for Hour Timesheet and QuickBooks Integration

Question 1. How does QuickBooks sync data with Hour Timesheet?

Answer. Hour Timesheet utilizes the Intuit Web Connector to sync company data with QuickBooks Desktop. While logged in to Hour Timesheet as an Admin you will click the Request for Import button. This will import your company data (selected by you) into your Hour Timesheet account.
03/25/2018

Question 2. What data does QuickBooks bring into Hour Timesheet?

Employees: The sync tool will import all “active” QuickBooks employees and vendors (optional) into your Hour Timesheet account. Only vendors that have a First and Last Name field value in QuickBooks will be imported.

Customers/Jobs The sync tool will import all “active” QuickBooks Customer and associated Jobs into your Hour Timesheet account.

Service Items The sync tool will import all “active” Service Items from QuickBooks into your Hour Timesheet account.

Classes The sync tool will import all “active” Classes from QuickBooks into your Hour Timesheet account.

Payroll Items The sync tool will import all “active” Payroll Items from QuickBooks into your Hour Timesheet account.

Question 3. How do I add a new data in Hour Timesheet (employees, customers, jobs, etc)?

Answer. New data will need to be entered into your QuickBooks company file first.  Once the new data is entered, you can use the sync tool to import your additional information in Hour Timesheet.

Question 4. How will my employees receive their Hour Timesheet login credentials?

Answer. Hour Timesheet will send an email invitation to each employee with the link and login ID to the Hour Timesheet account included in the body of the email. Once the employee accesses the link, the employee will be prompted to create an initial password to login to Hour Timesheet.

Question 5. Can my employees track time against customers and jobs, service items, classes and payroll items?

Answer. Yes, your employees will be asked to select from a list of authorized charges. Employee authorized charges (EOC) are defined by the admin at the employee level.  This feature enables the employees to only see EOC’s that are assigned to each user.

Question 6. How do I delete information in my Hour Timesheet account?

Answer. Once you mark the data (employee, customer, job, etc.) as inactive in QuickBooks, the data will be updated in your Hour Timesheet account upon performing the data sync.

Question 7. How does Hour Timesheet identify billable vs non-billable items on the timesheet?

Answer. By default, any EAC that includes a service item will be marked as billable time in QuickBooks. The user also can mark individual line items as billable or non-billable on the timesheet.

Question 8. Can employees add comments to a timesheets?

Answer. Yes, there is the ability to input general comments and daily comments in Hour Timesheet.

Question 9. I exported my employee's time into my company QuickBooks file, but now I need to make an adjustment to a timesheet. How do I do this?

Answer. Hour Timesheet does not allow processed timesheet data to be edited. Hour Timesheet will display a link on the timesheet that will allow the user to create a “corrected” copy of the timesheet. The detailed audit trail will show the log of all changes made to the revised timesheet.

Question 10. Can multiple supervisors approve a timesheet

Answer Yes. Hour Timesheet will allow for multiple supervisors to approve a timesheet.

Question 11. We have a daily requirement for our employees to enter timesheet data. Does your software include daily reminders?

Answer Hour Timesheet includes the option to turn on daily notifications to serve as reminders for those employees who forget to enter time daily.

Question 12. I track my employee leave balance info manually in an Excel spreadsheet because QuickBooks doesn’t include all of the options I need to track my employee leave. Can Hour Timesheet manage leave for my employees?

Answer - Hour Timesheet has a full-function leave management feature that will allow accrued and earned types of leave tracking.

Visit us in the marketplace

QuickBooks Online

QuickBooks Desktop

DCAA Compliant Timekeeping Key Requirements

Adequate DCAA timekeeping practices are critical to securing a contract award.

Often deficient DCAA timekeeping compliance is the reason government contractors fail an audit. Below are the key requirements and best practices incorporating a DCAA compliant timekeeping software solution into your organization and your payroll processes..

Web-based timekeeping systems are acceptable by the defense contract auditing agency provided the key requirements are followed.

01. Company timekeeping procedures must be documented in a policy or procedure handbook provided to all employees. All key elements of an adequate time keeping system must be addressed.

02. Every employee must record all of his/her time daily. Recording hours worked in advance or days after the fact such as at the end of the week is not acceptable.

03. Time must be charged by day and by project or job code as well as by indirect cost accounts (overhead, G&A, B&P, etc).

04. All employees must record 100% of time worked on projects to the proper job codes whether working on a government contract or commercial work.

05. Employees must record all indirect time not identifiable to a given project to proper indirect cost accounts (overhead, G&A, B&P, etc).

06. Employees must record all pto, vacation, sick, holiday and other leave time to the proper accounts.

07. All job codes that appear in the timekeeping system should be initiated by accounting or the system administrator. Project codes must be provided to employees authorized to work on a given project.

08. All timesheet entries must be the employee’s own. Time must be recorded based on work completed, irrespective of whether the time is billable or non-billable.

09. Under no circumstance may an employee work on one project and record time to a different project.

10. Under no circumstance may an employee work on indirect tasks and record time as direct costs to a project or vice versa.

11. Correction timesheet entries should be made by the employee. Correction timesheets are approved by the employee’s supervisor. Under unusual circumstances where the employee cannot make the changes to timesheets then accounting or the administrator may make such changes with the employee’s consent. All corrected timesheet data must be recorded in a detailed audit trail.

12. All employee timesheet data must be approved by the employee’s supervisor.

13. Employees should be provided documented DCAA compliance & timekeeping training whether by formal or informal means.

14. Time sheets must be maintained for a period of at least 2 years.

15. Monitoring of employee timekeeping compliance should be conducted by audit or floor checks randomly throughout the year.

$3/user with NO setup Fees, NO support fees and NO contract.

Start your 30-day free trail now.

Top Timekeeping Tips

Top Employee Timekeeping Tips

Insight into how your employees spend time is critical. That's why employee timekeeping software tools make so much sense.

Knowing how much time your employees spend on overhead tasks, project, training, and unpaid leave is invaluable data for your business's future.

Employee timekeeping is not just for hourly employees

Nonexempt employees need to track hours for FLSA compliance but having salaried employees keep a timesheet is helpful too. Exception-based time tracking helps employers track attendance and improve the overall management of daily resources

Internal policies & approval workflows are the keys to a successful employee timekeeping software implementation.

Software tools are a dime-a-dozen, but it's how you use the software that defines your success. It's important to document your timekeeping policies and required approval workflows before you invest in a time & attendance tool.

Don't be afraid of internet-based employee timekeeping software tools.

A detailed timesheet audit trail will flag when a user inputs timesheet data into your system from anywhere but the office. The activity log shows the IP address as well as each entry into the user's timesheet with a non-editable time and date stamp.

Microsoft Excel is for spreadsheet data, not for employee timekeeping

Yes, you can keep your employees timesheet data in Excel but is that really efficient? Don't be afraid to use the tools available to your organization to make you more productive. Rely on the experts...not Excel.

BOTTOM LINE... it's just smart business.

Features such as daily timesheet reminders, employee leave management and time card approval processes make Hour Timesheet the perfect choice for your organizations's timekeeping software needs.

QuickBooks Timesheet Integration

Why Use Hour Timesheet instead of the QuickBooks Timesheet feature?

Detailed audit trail of all timesheet entries - Hour Timesheet contains an activity log that tracks the username, IP address and a time and date stamp of all entries made to the timesheet. The QuickBooks timesheet feature does not.

Multiple supervisor signatures - Hour Timesheet allows for multiple manager signatures to any employee timesheet. Employees in a cross functional (matrix) organization can have each manager approve the timesheet. The QuickBooks timesheet feature does not.

Authorized charges - Hour Timesheet includes the ability to limit employees to only see charge codes they are authorized to charge to. Limiting what the employee can see on the timesheet eliminates the possibility of employees charging to wrong codes. The QuickBooks timesheet feature does not.

Reason required - employees who don't enter time daily can be prompted to enter a reason for the tardy entry. Hour Timesheet also requires the user to enter a reason for editing a previously entered data on a timesheet The QuickBooks timesheet feature does not.

Correction timesheet process - Hour Timesheet includes a correction timesheet process providing alerts (emails) to supervisors and site admins when correction timesheets are created. The QuickBooks timesheet feature does not.

Visit our listing in the Intuit Marketplace

Data Integration with QuickBooks Timesheet

With a click of a button Hour Timesheet syncs all of your QuickBooks Timesheet data to/from QuickBooks. Enter new employees, job codes, service items and class list in QuickBooks and use the sync tool to populate the same data into Hour Timesheet. Once time cards are submitted and approved by supervisors, all employee time data is populated back into QuickBooks Timesheet entries.

Question? What kind of data does the Web Connector sync with Hour Timesheet?

Answer: Employee List, Vendors (1099's), Customers & Jobs, Payroll Items, Service Items, Classes

Enter data ONCE in QuickBooks. Use the import tool inside Hour Timesheet to populate your site.  The import tool can be used to update your data ANYTIME you add new data to QuickBooks.

After timesheets are completed, Hour Timesheet will import the data back into your company QuickBooks file by using the import tool as an admin from within Hour Timesheet.

Question: What does Hour Timesheet Send to QuickBooks?

Answer: The Timesheet Export process will populate the weekly time cards in your company QuickBooks file with the following data.

Employee Name, Date of Entry, Hours by Day/date, Customer, Job, Service Item, Class, and Payroll Item charged to on timesheet.

$3/user with NO setup Fees, NO support fees and NO contract.

Start your 30-day free trail now.

10 Signs You Need Web-Based Timekeeping Software

Web-based timekeeping software

Top 10 reasons you need Hour Timesheet

1.0 You spend more than 5 minutes each week tracking down missing employee timesheets

2.0 You manually enter employees time into your 3rd party payroll software

3.0 Your employees have trouble with basic math

4.0 Your non-exempt employees work over 40 hours a week

5.0 Your employees bill rate varies from job to job

6.0 Your workforce telecommutes

7.0 You’ve been known to look for an employee only to remember 2 hours later that they took the day off.

8.0 You have that questionable employee who is never around when need him

9.0 Your tired of killing trees and wasting paper on printed timesheets

10.0 You would rather go to the dentist then process payroll.

Sound familiar? If so, our experts with over 20 years in the Web-based timekeeping industry experience are excited to hear from you. We understand organizations aren't cut from the same mold, that's why Hour Timesheet lets you define your integration needs. Choose from QuickBooks, Paychex, ADP or Deltek....our software lets you connect with just about anyone, anywhere.

Additional Resources

Green Business, Greener Pastures: Ways Business Owners are Helping the Environment While Saving Money

6 Reasons Why Going Paperless Benefits Your Business

 

"Absolutely the best web-based timekeeping software on the market today"

$3/user with NO setup Fees, NO support fees and NO contract.

Start your 30-day free trail now.