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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

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.

DCAA Compliant Time Tracking Software

What Makes Hour Timesheet

a DCAA Compliant Time Tracking Software Solution

DAILY EMAIL REMINDERS
1

DAILY EMAIL REMINDERS

Hour Timesheet will send daily email reminders to those employees who don't input time on a daily basis.

REASON REQUIRED
2

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.

CORRECTION TIMESHEET PROCESS
3

CORRECTION TIMESHEET PROCESS

Hour Timesheet includes a correction timesheet process providing alerts (emails) to supervisors and site admins when correction timesheets are created.

DETAILED AUDIT LOG
4

DETAILED AUDIT LOG

Hour Timesheet includes a detailed employee timesheet audit trail that captures all entries, edits and corrections. The detailed audit trail captures an IP address and a time and date stamp of each entry made to the time card.

CUSTOM SETTINGS
5

CUSTOM SETTINGS

Hour Timesheet includes the option of having an 8-day timesheet for those hourly employees needing to track 9-10 hour days without charging to overtime.

Need some help with setting up your accounting software to integrate with your DCAA Compliant Time Tracking Software Solution?  Ask one of our many referral partners.

Check out our  DCAA Compliant Time Tracking Software Solution listing in the Apps for QuickBooks Desktop Marketplace website.

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

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Additional Resources

Can managers change employee timesheets?

Google Play Timekeeping App Listing

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.