About 'peachtree payroll software'|Accounting Software For A Web/Video Startup
Timekeeping is something that all small businesses need to think about. It is the key to managing your employee expenses, project expenses and administrative expenses. However, many small businesses do not put a lot of thought into how their timekeeping system is set up. This is unfortunate as a poorly maintained and structured timekeeping system can make businesses vulnerable to fraud and internal control problems. Below you will find four tips that will make your timekeeping system more effective. Tip #1 - Automate Your Timekeeping System In the past a hand written time sheet was a viable option. However, today a handwritten timesheet is a liability issue waiting to happen. Handwritten timesheets are difficult to verify and can be ineffective when trying to determine if a client is being overcharged for work done on their case or if an employee is padding their timesheet. To cut down on fraudulent entries and entry errors it is a good idea to automate or digitize your time entry system. Office workers can use a punch in/out machine to record when they arrive and leave. Field workers can utilize computerized time keeping tools offered by common bookkeeping software programs like Peachtree and Quicken. Finally, there are a few iPhone apps and mobile device apps that you can use to track your time. Tip #2 - Make Timekeeping as Easy as Possible The most common timekeeping mistakes occur when transferring information from one source to another. For example, mistakes are made when transcribing client information and hours from a planner to a time sheet and when transferring hours from a time sheet to the accounting system. Transfer errors can be reduced by simplifying the process and by limited the number of transfers required. One way to do this is to integrate your timekeeping methodology with your accounting system. For example, if you want to keep a manual time sheet you can set the time sheet up so that it is an electronic time sheet as opposed to a written time sheet. The employee will access their time sheet, enter their information and submit it. This information will automatically be integrated with the AR and payroll modules of your accounting system. Your bookkeeper will then verify the information and process payroll and AR reports. Tip #3 - Train Your Employees During orientation it is important to train employees how to keep track of their time and how to complete their time sheet. You will want to go over what forms are used, where data is entered and how to submit their time for pay. You will also want to write out the instructions for time keeping and add these instructions to your employee handbook/manual. Tip #4 - Create Company Policy In order to reduce fraudulent time keeping schemes from infiltrating your company you need to develop a written company policy that explains what happens when employees make fraudulent entries on their time sheet. You will need to outline what constitutes a fraudulent entry, what punishments are associated with the infraction and what steps will be taken when fraud is suspected. You will then need to have all your employees read this policy and sign a form stating that they have read the policy, that they understand it and that they agree to the terms outlined in the policy. |
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