People provide their labor to businesses in exchange for wages, and they trade their unpaid leisure time for paid work time to make a living and to be able to purchase goods and services. Businesses, in turn, use this labor to produce goods and services demanded by consumers. Employers often use measuring labor cost in…
What is a Leave Management System? A Leave management system is the process used to handle any kind of time off request and to track time that employees are away from work. Leave management is one of the simplest yet crucial HR activities that often consumes a significant portion of the HR team’s time. To…
What is cost accounting? What are its objectives? Are you finding it difficult to manage your expenses? You might be well aware that to run a business successfully, it is important to know to control your expenses. For this purpose, it’s important you keep a record of all your operating costs. This is where cost…
Government contractors that are hoping to get awarded projects from the government have to comply with the regulations set in place by the DCAA. The Defense Contract Audit Agency outlines exactly how businesses should be tracking their time and documenting accounting when working on a government project. The DCAA will audit companies, and ensure they…
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. What is digital timekeeping…
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…
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…
FLSA Timekeeping Requirements Who does FLSA apply to? One of the FLSA Timekeeping Requirements is that hourly 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 are the timekeeping recordkeeping requirements? Every covered employer must keep certain…
When a business undertakes a government contract, part of the agreement is for their timekeeping and accounting procedures to comply with the Defense Contract Audit Agency (DCAA). DCAA-compliant contracts require daily time tracking, precise records, detailed reporting, and specific manager approvals, all for DCAA audit purposes. Ensuring DCAA compliance can be a lengthy and confusing…
QuickBooks Integration Q&A Common Q&A for Timesheet integration with QuickBooks and Hour Timesheet Question 1. How does QuickBooks sync data with Hour Timesheet? Answer. We utilize the Web Connector (provided by QuickBooks) to sync company data between QuickBooks Desktop and Hour Timesheet in real time. The version of QuickBooks Online offers a direct sync between…