Your company discovered that salaried engineers routinely worked fifty to sixty hours weekly but recorded only forty hours on timesheets because “that’s what management expects from exempt employees.” During DCAA’s incurred cost audit, investigators found systematic underreporting of actual hours worked, concluded your labor distribution didn’t reflect reality, and questioned $1.3 million in direct labor…
Your international expansion strategy looked perfect on paper—establish a lower-cost engineering center in Eastern Europe, leverage manufacturing expertise in Southeast Asia, and tap research talent in your Canadian subsidiary. Then DCAA auditors arrived requesting access to your foreign subsidiary records, demanding timekeeping documentation from your overseas employees, and questioning cost allocations involving international affiliate transactions….
Each Hour Timesheet account has its own custom domain as part of the login URL. Your login page follows this format: https://[yourcompanyname].hourtimesheet.com For example: ABC Company would login at: abc.hourtimesheet.com Smith Industries would login at: smithindustries.hourtimesheet.com Johnson LLC would login at: johnsonllc.hourtimesheet.com How to Find Your Specific Login Page Check Your Welcome Email When your…
Discover why thousands of teams are moving from spreadsheets to modern time tracking software If you’re here, you’re probably searching for an Excel timesheet template to track employee hours. We get it—Excel is familiar, it’s free, and it seems like the obvious choice. But before you download another template, let’s talk about why an Excel…
Selecting the right accountant is a critical decision for any business, as the right professional can significantly impact financial health and compliance. Understanding your specific business needs, evaluating the qualifications and experience of potential candidates, and leveraging technology are key factors in making an informed choice. For businesses, especially those involved in government contracting, it…
Bookkeeping and financial reporting are critical components of any business, yet they are often riddled with common mistakes that can lead to significant setbacks. Inaccurate data entry, overlooked transactions, and failure to reconcile accounts can distort financial records, while misclassification of expenses and non-compliance with regulations like DCAA can escalate risks. To maintain accuracy and…
In today’s rapidly evolving business landscape, the integration of AI and automation in accounting is revolutionizing financial management. These advanced technologies are enhancing efficiency, accuracy, and compliance across various accounting processes, paving the way for more informed decision-making. As organizations increasingly rely on tech-driven solutions to streamline operations, the role of innovative software like Hour…
In today’s fast-paced business environment, financial fraud in timekeeping poses a significant threat to organizations, particularly those dealing with government contracts. Financial fraud can manifest through deceptive practices such as time theft, buddy punching, and fraudulent overtime claims, which can have severe financial repercussions and undermine trust and efficiency. Understanding the various forms of timekeeping…
Bookkeeping is a crucial component of managing a successful small business, ensuring that financial records are accurate and up-to-date. By mastering the fundamentals of bookkeeping, such as understanding assets, liabilities, equity, revenue, and expenses, business owners can make informed financial decisions. As technology continues to evolve, leveraging efficient bookkeeping software becomes increasingly important, offering features…
In the world of government contracting, ensuring compliance with DCAA (Defense Contract Audit Agency) standards is essential for maintaining successful operations. Small business government contractors are particularly challenged by the intricate requirements of DCAA compliance, especially when it comes to accurate time tracking. Understanding the importance of a DCAA-compliant time tracking system can safeguard businesses…
