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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

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.

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.

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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.

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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.

Advice for Successful Grant Management for Nonprofit Organizations

Managing grant funds....the weak link

Managing grant dollars is one of the weakest links in the grant process chain. Directors tend to have detailed and documented process of researching and developing grant proposals. But frequently, that is where the process stops. Unfortunately, the inability of nonprofits to manage grant funds is the single most important reason why a funder may not fund them in the second or third year.

Track and document everything 

Most government grants require significant documentation of all expenditures related to grants. Grant giving organizations require recipients to submit detailed supporting documents before grant payments are made. A system that has the capacity to automatically generate grant reimbursement based on grant activity not only saves time but improves accuracy.

Understand indirect costs

Grants come with indirect costs. Understand whether operating funds for administrative burdens will be covered or if you need to dig up additional funding. Ask your team if your organization is prepared to reallocate its administrative budget to cover the cost and if so for how long. Cost allocation will allow your organization to share overhead expenses across different programs.

Know your stuff

Essential to successful grant management is an understanding of and adherence to the regulations covering grant management.  Regulatory compliance starts with federal guides for Cost Principles and Auditing from the Office of Budget and Management which subsequently impacts state and other local government grants and sets models of best practices for foundation and other private grantors.

Coordinate Your Task List and Staying on Schedule

Being able to quickly see what is coming up or quickly see a high-level view is critical to keeping the process running smoothly. SaaS based solutions can be utilized to track important deadlines and send email reminders of deadlines when they are approaching. This can be a great time-saver for the person who is organizing all the elements of a grant proposal and responsible for the final submission.

Keep a checklist

Implementing systems, policies and practices are essential items to consider and implement for success with any type of grant management.

·        Timekeeping system

·        Accounting internal controls

·        Cash Management that meets standards in the Cash Management Improvement Act

·        Budget Controls

·        Records Retention Policy

·        Procurement system and internal controls

·        Personnel System that complies with all laws and regulations

·        Property Management System

·        Travel policy

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Additional Resources

Nonprofits and Labor Laws

Managing Nonprofit Employees

Breaking down your nonprofit's obligation to pay overtime

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Employee Leave Management

Leave Management Types

Earned Leave - Leave hours are earned based on the number of hours worked on the employee timesheet.

Accrued Leave - Leave hours are accrued based on the employee's hire date. Accrual options are weekly, bi-weekly, semi-monthly and monthly.

Employee Leave Management Benefits

  • Provide leave balance detail on employee timesheet.
  • System-managed carry-over values from year to year.
  • System managed ceiling for each type of leave

Employee Leave Management Features

  • Balance is reduced after timesheet is submitted at the end of each timesheet period.
  • User receives error message upon entering time that exceeds current balance.
  • User may be allowed to “go into the negative” if feature is configured.
  • System will stop accruing leave once limit “ceiling” is reached.
  • System will reset balance to “carry-over” value each year.
  • Balance will reflect manual adjustments (if any).

DCAA Compliant Timekeeping Software

DCAA Compliant Timekeeping Software

Advice from the experts

Everything needs to be tracked

Time spent on overhead tasks, bid and proposals, training, leave (paid or unpaid) and yes, even uncompensated time

Timekeeping isn't just for hourly employees

All time worked should be tracked. Both salaried and hourly employees

Correction timesheets are okay

Budgets change, mistakes are made, people forget.. that's why a documented correction process is imperative.

Audit trails are the key

With the internet, all things are possible. Anywhere. Anytime. A detailed audit trail captures it all. The time, the place as well as the details.

Just saying it doesn't make it true

Any software can claim to be DCAA compliant but we don't just say it. We guarantee it. Our experts of 20+ years will make sure!

Having been in the industry for over 25 years, there are a number of key topics that continue to come up when talking with a customer about DCAA compliant time tracking software.  One common theme I hear time and time again is  centered around managing correction timesheets and enabling someone other than an employee to update a timesheet. There are many sources on the web and an unlimited number of resources that are waiting and willing to charge you for FAR training.  Go ahead, do a little "google research" or just ask one of our many referral partners.

Additional Resources

Measure Costs Right: Make the Right Decisions

How To Calculate And Track Overhead Costs

How do I Calculate Overhead Costs?

Federal Acquisition Regulation Full Download

Federal Timekeeping Policies for Government Contractors (chron.com)

Record-keeping Requirements under the Fair Labor Standards Act

Top 5 Advantages of Using A QuickBooks Cloud Hosting Service Provider

QuickBooks cloud hosting services make sense for a small business today

INDUSTRY ACCEPTED PRACTICE 

The practice of accessing your company QuickBooks data file using a 3rd party service has finally been accepted as an alternative to the costly expense of building and maintaining IT infrastructure.  “Hosting” QuickBooks desktop means that a hosting service installs and manages the QuickBooks software and the company data files on their own cloud-based servers.  With a cloud/hosted solution, you gain access to your company file from any PC, Mac, iPad, or mobile device 24/7 by simultaneous users.

REMOTE ACCESS

As your business grows, more users will likely need access to the company QuickBooks data. Businesses with multiple locations or a mobile workforce find that centralized access to data allows users to function as though they were all in the same office. Being able to run the QuickBooks software and access company file via the Internet allows users to work in a single company file no matter where they may be working from.

ELIMINATES IT COSTS

By choosing the hosted/cloud option, you don’t incur any upfront hardware or software costs (other than the cost of QuickBooks). Instead, you pay the hosting company a monthly fee per user to take care of things for you. Most providers will manage the data, software updates, upgrades, and equipment, as well as provide first level technical support their clients.

BETTER USER EXPERIENCE

Users experience more efficient and effective collaboration with simultaneous access available to multiple users.  Accounting professionals can work on client files seamlessly sharing data with the client even as the client may be working in the system.

SAFE & SECURE

Cloud/hosting service providers follow stringent security measures to ensure full safety for your QuickBooks data file. Most data centers provide 24/7 security and extreme care in disaster planning such as fire detection, backups, diesel generators and biometric security.

And of course...Hour Timesheet works great on your desktop or in the cloud. Come try our simple QuickBooks 1-click data sync today.

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Right Networks,
Swizznet,
Infinitely Virtual

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