Travel to Danang for Business

Culture and Business in style

8 Best Practices to Make Time and Attendance Easy

8 Best Practices to Make Time and Attendance Easy

Time & Attendance Records Made Easier & More Proficient

 

Time & Attendance

Many businesses know that keeping time and attendance records could be very difficult. You have to keep up with who is off; paid vacation times; who’s late; and other such things. Additionally, from keeping stacks of files on one’s desk to having sticky notes everywhere, there got to be a better solution in keeping up with time and attendance records. And with that said, the following are eight, great practices that makes keeping time and attendance easy:

1. Get a cloud system to eliminate Excel and paper work trails

Having paper and spreadsheet trails are not reliable. Not to mention, the use of sticky notes can easily be lost somewhere. This is very important, or you may risk an oversight, that can cost severely with possible legal liabilities, such as with inaccuracies with payroll and IRS information.

2. Keep the system simple with few pages in the cloud based system

Having important information scattered any type of way, makes it hard to keep a tight operation. Therefore, there should be a system of a few pages, where all your viable information is kept in an organized matter. This can be done with having different color codes on a calendar page to indicate employee vacations, eliminate possible time conflicts, schedule employees, etc.

 

cloud based system

3. Have another sheet on the cloud based system to include a combination of important information

In the cloud based system, you should have one or a few pages. This is to organize viable information in an organized manner on one to a few pages. This is also a good way to cross reference, check on different expenses, payroll, timesheets, etc.

4. Make sure the attendance record is current, accurate, and complete

This could be done by having all your employees listed on one page in the cloud system. With this system, the business professional can easily track all the employees’ timesheets to ensure accuracy. It’s better to have this established, so that you don’t have to search the whole office for timesheets later on.

5. The cloud solution must be used for cost of ownership and better efficiency

The traditional system of operating business application on internal hardware which is expensive is becoming extinct. Cloud computing, aka Software as a Service (SaaS), has a lot more benefits in a more proficient and easier way. And this cloud computing is affordable. Companies that still use the old system are missing out.

 

Software that employees will love

6. Obtain software that employees will love

With employees enter their attendance through the Internet, you should have the system synchronized to accurately log that attendance data. The employees’ adoption rate and the accuracy of data would be dramatically improved. This will eliminate possible headaches when it comes to payroll.

7. Obtain software that’s easy for administration and reporting to operate

In many cases, attendance tracking software is hard to use. Because of that, it’s best to test different software, before purchasing it. This will ensure that you’ve bought software that eliminates potential problems.

8. Make sure your info is secure, safe, and available

When purchasing a cloud system, you are allowing a third party to safely keep your data. With that said, it’s best to find a vendor that’s proven to be trustworthy, and reliable. The vendor must have great integrity, availability, and security. The vendor must have environmental controls, physical security, firewalls, encryption, etc.

 

Time and attendance records

Conclusion

Keeping time and attendance records could be very difficult. With keeping tons of paperwork on the desktops and shelves to using traditional system of operating business application on internal hardware- it’s definitely no joke.

Luckily, we live in a time where viable information can be kept all together on a few pages on a cloud system. It will be done in an orderly manner, in which all information can be easily cross referenced. This is important, especially if there are any discrepancies with managing paid time off, creating employee schedules, and watching the details on labor data. With a cloud based system, you can always get your information, even if your computer gets damaged. Also, your info would be secure, safe, and available, with the right vendor.

 

 

Article provided by Neches FCU, an Equal Employment Opportunity Employer.
Neches FCU is a top Texas credit union, with an attentive team of professionals ready to serve their 45,000+ members. When its doors open, their single goal of “Ultimate Member Satisfaction” becomes evident in their focus creating a personal and positive environment for all clients.

 

The Top Best Practices for Your Accounting Firm’s Profitability

Some Best Practices for Your Accounting Business’ Profitability

 

Profitability

Profitability

Business profitability will always rank as one of the highest priorities within a business. A business can operate with superior customer satisfaction and service, but if it is not profitable, it will not remain open long. Fine tuning profitability for an accounting business is as simple as reviewing company policies.

Company Leadership and Management

Design a corporate management structure that has one managing partner and a small management team making a majority of the decisions for the company. By keeping most of the partners in the accounting firm focused on clients and staff, you generate larger profits. Make sure that there is a well-defined vision for the firm so that all partners and employees have a goal.

Metrics to consider:

– Percentage of administrative personnel compared to other full time employees
– Fees and overhead expenses associated with each person in the firm
– The billable hours contributed by the managing partner
– Income of each equity partner
– Spread in ages of all the partners in the firm

Firm Growth

 

Business Growth

Business Growth

The growth of the firm should be closely examined. CPA firms are often focused on the top-line. However, if client retention is good and a marketing plan is in place to gain new clients, these efforts will reflect positively on the bottom-line.

Metrics to consider:

– Marketing expenses in comparison to revenue
– Current and future growth rates
– Cost of fees and services offered
– Client retention and referral rates
– Fees per partner in the firm

Billing Rates

 

Professional billing rates

Professional billing rates

One problem that many accounting firms face is not properly billing clients for their time. While this is not to say that bills should be overinflated, they should be accurate. Accountants should bill more aggressively without gouging for their services. Overall, accounting firms should strive to bill at higher rates for fewer clients instead of lower rates for multiple clients.

Metrics to consider:

– Partner billing rates in comparison to industry rates
– Net billing rate of the entire firm
– Realization

Managing Firm Talent

 

Manage talent better

Manage talent better

Consideration should be placed into the acquiring, training, and retaining firm talent. Overturning employees can be very costly for the firm. Developing talent and retaining them for the benefit of the company will increase profitability.

Metrics to consider:

– Hiring practices including the hiring of college graduates to reduce costs
– Employee training costs
– Employee retention and turn over costs
– Employee compensation packages
– The use of a non-equity partner

Managing Talent Time

 

Better Time management

Better Time management

One of the most important things that partners and employees give to the company is their time. The old cliché “Time is money” stands very true. It is very important for the firm to make sure that all talent within the company is devoting the majority of their time to profitable tasks.

Metrics to consider:

– Equity partners billable hours versus hours worked
– Managing partner billable hours
– Professional staff billable hours compared to time worked
– Utilization of time versus work load

Partner Performance

 

Improving personal performance

Improving personal performance

Partners, as a whole, make more money than standard employees within a firm. It is very important that each and every partner is performing their duties and is contributing to the success of the firm. Partners have a higher accountability to the success of the firm, and this should reflect in their actions and compensation rates. Partners that are not contributing actively to the success of the firm should have their compensation and position with the firm reevaluated.

Metrics to consider:

– Reviews of performance by other partners in the firm
– Reviews of performance by management and staff of the firm
– Employee to partner ratio in the firm
– Other contributions to the firm outside of billable hours

Compensation System

 

Increasing compensation

Increasing compensation

It is important to review all aspects of the compensation system, especially for the partners. Make sure that all partners have equal access to clients and that one partner is not hoarding billable hours or clients. It is also very important that performance reviews are conducted annually to ensure that pay and other compensation is being distributed according to performance and contribution.

Metrics to consider:

– Compare compensation between lowest to highest compensated partner
– Establish a compensation system that provides rates based on performance and status

A review of all of these areas within an accounting firm can eliminate expenditures that are not necessary and increase profitability. Fine-tuning these areas will also help the firm run a more efficient office that retains better employees and has a steady growth rate.

Hi, I’m a Tax Pro based in Maine.

I love to publish about Tax and Accounting matters. I’m a business person at heart, and enjoy people who want to put up businesses and contribute to the economy.

As a side note, if you are going to eFile 1099’s and other tax forms this year, consider using http://www.efile4biz.com.

These guys will file 1099 online, and other tax forms, in addition to printing and mailing the paper docs to your sub-contractors. When it comes to data security in the online software industry, they’re an industry pioneer and are ahead of the pack.

Check out more info on e-Filing and business topics here: Linkedin, Twitter and Instapaper.