Paper Timesheets versus Time Tracking Apps

Paper Timesheets versus Time Tracking Apps

Many businesses continue to rely on the conventional paper timesheets for their employees to track their attendance. Paper timesheets require a lot of dedication in the creation process and it can also increase your monthly cost. So why not go for a simpler solution that will make things easier for you? Here’s a quick look at some reasons why you should stop using paper timesheets and start using time tracking apps.

 

1. Reduce Clerical Mistakes

Paper timesheets require writing out the details of employees attendance and sometimes the words or numbers don’t appear clear. However, with time tracking apps, names and time tables are so clear that you will not have an opportunity to mix up things.

 

2. Save Time

The truth is that paper timesheets can be poured over for hours by employers. This is simply inefficient and costly for the business because that time could be used for other business dealings instead. A digital timesheet is non-negotiable as the employer can see when the employee logged in and out of the computer.

 

3. Increase Visibility

The pendulum swings both ways and the employer can be at fault with messing up paper timesheets. The employer can be accused of adjusting the paper timesheets. There is room for debate with paper timesheets that no employee would welcome.

Time tracking apps are more reliable and they include audit trails. The employees have digital records to back up their claims as to when they signed in and signed out for the day. This can really help when an employee has a dispute regarding the hours that they were paid for. There is that added bit of proof that an arbitrary piece of paper cannot provide.

 

4. Added Features

An employer can do more with digital timesheets than a piece of paper can provide. They can delegate some of their managerial responsibilities to the program’s features such as approvals, reporting, automatic reminders and online scheduling. The entire workplace operation process is streamlined.

These reasons are just a few of the advantages that time tracking apps, such as TSheets, provides over paper timesheets. The choice of using a virtual process is a no brainer in this digital age.  

We love TSheets time tracking and think you would too. Employees can track time on any device, you can easily integrate with various payroll programs, and the customer experience team is phenomenal! There are tons of amazing features, try it free for 14 days by clicking here:

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What Is a Vendor Credit, and How Do You Record One?

What Is a Vendor Credit, and How Do You Record One?

Whether you’re getting a vendor credit for a refund or a return, you can record it in QuickBooks Online.

When you’re dealing with your company’s vendors, you’re probably accustomed to money flowing in one direction: theirs. Maybe you send them to purchase orders and they send you invoices. Or they send you bills and you pay them. Or you walk into a store and buy something your business needs.

Sometimes, though, vendors owe you money. Probably the most common scenario is a return of merchandise, products that you’ve sent back to the supplier for any of a variety of reasons. You may be issued a credit of some kind simply because you’ve been a loyal customer, and a vendor wants to reward you. You might also get a rebate for an item you bought.

In these cases, you’ll enter a Vendor Credit in QuickBooks Online, which you can apply the next time you buy something from that supplier. Usually, the process is pretty straightforward, but sometimes situations arise that may make it hard for you to know how to record a vendor credit accurately. We can help if this happens.

Simple Steps

Let’s start with a simple example. Let’s say you received a shipment of pens that you’d planned to use as promotional items for your salespeople. The ink on some of the pens had gotten smudged, so your company email address printed on them was illegible. The supplier issued you a credit of $50.00 for future purchases and sent you a reference number to use.

It’s easy to complete a Vendor Credit form in QuickBooks Online for a simple credit. But other situations are more complicated.

Here’s how it would work. Click the + (plus) sign in the upper right corner of the screen and select Vendors | Vendor Credit. A screen like the partial one pictured above would appear. These are the fields you would need to complete:

Vendor – Click the down arrow in the field in the upper left corner and select the correct vendor, or + Add New.

Payment date – Change the default date if it’s not correct.

Ref no. – Enter a reference number if applicable.

Under Account details, click in the field under Account, and open the drop-down list by clicking the down arrow on the right. Select the account you used when you created the original expense. Enter a Description and the Amount of the credit.

You can add a Memo in the box at the bottom of the screen if you’d like, and select any Attachments to include from your file directories. Otherwise, click Save and close or Save and new.

Additional Input

There’s much more to the Vendor Credit screen that you didn’t need to consider for this example. The row where you entered Account, Description, and Amount contains several additional fields that you may need to complete in some cases. They are Billable, Markup %, Tax, Customer, and Class. If you’re not sure when these fields are required, ask us to go over these concepts with you.

There’s also another section under Account Details you may need to address: Item Details (click the arrow to open if necessary). You would only enter information here if you’re returning items to a vendor. Fields displayed there include Product/Service, Qty (quantity), Rate, and Sales Amt (amount). We don’t recommend that you do this the first time on your own; let us help.

Using Your Credit

How do you redeem this credit? QuickBooks Online reminds you to use it.

QuickBooks Online records your Vendor Credits and reminds you that they’re there when you go to pay that vendor again.

The next time you enter a transaction that involves—or will involve—sending that vendor some money, you’ll see a record of that credit to the right of the Check or Expense screen, for example. In the image above, a small box has opened as soon as the vendor’s name was selected. You can Add that credit to the current transaction or Open it if you want to see the original screen.

Not everyone uses Vendor Credits. Some businesses find workarounds. But we recommend you at least understand when and how they’re used so your bookkeeping is accurate and precise. We’d be happy to spend some time with you going over your financial relationship with vendors, and how QuickBooks Online helps you document it.

 


Looking for a QuickBooks Expert?

QuickBooks ProAdvisor Houston TxWorking with a QuickBooks ProAdvisor is the best way to learn how to use QuickBooks to help your business grow and flourish. You won’t find a better way to get the support you need anywhere else.

As a small business owner, we realize that you may not have the budget to hire a QuickBooks expert. If you’re looking for a more economical way to get set up on QuickBooks, we provide cloud bookkeeping programs to match any business requirement. Here are our Quickbooks ServicesQuickBooks SetupQuickBooks Training, and QuickTune-up.

You can feel confident in knowing that our STAC Bizness Solutions team are Certified QuickBooks ProAdvisors. Meet Our Team.

If you would like to learn about all the benefits that STAC offers, just give us a call and we’ll provide you all the details. Call us at (844) 424-9637.

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7 Best Practices for QuickBooks Online

7 Best Practices for QuickBooks Online

Even if you’ve been using QuickBooks Online for a long time, it’s good to step back and evaluate your actions.

“Best practices” aren’t enforceable rules. They’re simply guidelines businesses commonly follow in one area or another. If you’re in retail, for example, one best practice might be to always ask customers checking out if they found everything they were looking for. This serves two purposes: It conveys a feeling of concern for the customer’s shopping experience, and it may also lead to increased sales.

QuickBooks Online has many best practices, some of which may serve multiple purposes, including these:

  • They keep your company data safe and clean.
  • They provide insight on your financial status.
  • They save time.
  • They can lead you to better relationships with customers and vendors.

Are any or all the following common practices for your business?

1. Reconcile accounts regularly.

One of QuickBooks Online’s most useful features is its ability to connect to your financial institution’s websites and download cleared transactions. QuickBooks Online also offers tools to help you keep your accounts reconciled online like you used to do every month when your paper statement came. Reconciling accounts can help you uncover errors. It gives you a truer picture of your cash flow, and it improves the accuracy and timeliness of some reports.

It’s not a particularly pleasant process, but you should be reconciling your accounts regularly in QuickBooks Online. We can help.

2. Clean up your lists.

Some lists in QuickBooks Online aren’t overly long. You don’t have to worry about, for example, Payment Methods, Terms, or Classes. Your lists of customers and vendors, products, and services, on the other hand, can grow unwieldy over the years. This means it can take more time than it should be scrolling through lists when you’re using those entities in transactions. It also puts unnecessary stress on your company file. If you can’t delete any, at least make them inactive.

3. Never leave QuickBooks Online open when you leave your work area.

This goes for everyone, even people who work alone and don’t access their company files away from their work areas. The obvious reason is to keep someone else from getting in and authorizing payments, for example, or otherwise compromising your financial information. It also protects the integrity of your data file in case your internet connection suffers some kind of outage.

4. Keep track of 1099 vendors.

Whether your company uses 10 vendors or a hundred or more, you may have to supply at least some of them with an IRS Form 1099 at about the same time you’re preparing W-2s for employees. Your 1099-related tasks will be much easier if those individuals and/or companies are earmarked. If you think vendors might need 1099s when you create their records in QuickBooks Online, click in the box to the left of Track payments for 1099 in the lower right corner. Not sure? Ask us.

5. Classify everything with care.

Every time you have to create a record or transaction where categories are involved (i.e., Classes, Customers and Vendors, Territories), check and double-check that you’ve assigned them the correct classification. Errors here can result not only in problems with daily workflow, but your reports will not be accurate.

6. Create a meaningful group of Classes, and use them faithfully.

They’ll help you make better business decisions.

To create your list of Classes, click the gear icon in the upper right and select All Lists | Classes | New.

7. View reports on a regular basis.

There are some advanced financial reports in QuickBooks Online that we should be creating for you on a regular basis, either monthly or quarterly. These include Profit and Loss, Balance Sheet, and Statement of Cash Flows. The mechanics of creating them aren’t difficult, but analyzing them is. You should be running reports on your own at frequencies that you think would be helpful, like A/R Aging Detail, Unpaid Bills, and Sales by Class Detail.

If you’ve been using QuickBooks Online for a while, you could probably come up with your own list of best practices. If you’re new to the site, consider scheduling some time with us to go over more of them. Develop good habits from the start, and there won’t be nearly as much need for troubleshooting down the road.

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Tax-Deductible Expenses: Are You Recording All of Them?

Tax-Deductible Expenses: Are You Recording All of Them?

2017 income tax preparation seems a long way off. Make it easier by tracking all the deductions you can take.

You’ve heard it said before: Tax planning should be a year-round process. It’s so true. Your life will be a lot easier early next year when all your tax forms start rolling in.

Forms like 1099s and W-2s do a lot of the tracking for you. You only need to transfer data over to your IRS tax forms and schedules. But what about the daily stuff, the expenses you incur as a part of your workday that no one else is documenting? There are a lot of tax-deductible costs that can really add up when it’s time to file.

The IRS has two criteria for evaluating the validity of business expenses. First, is it ordinary? Is it something that other companies in your trade or profession would commonly buy? Second, is it necessary? Is it “…helpful and appropriate?”

Warning: Some expenses that you think might be deductible are not. Obviously, you can’t claim the costs of personal items. The IRS specifies two other types of expenses that can’t be deducted: Capital Expenses and those used the calculate the Cost of Goods Sold. Questions? Ask us.

Pulling together all that numbers required for the IRS Schedule C can be challenging. Let us know if you have questions.

Here are some examples of expenses that you might not consider, but which should be recorded as they occur so you don’t forget about them come tax time.

Advertising and promotion

Some of these expenses are obvious. For example, you might report printing costs for brochures, ad space bought, and postage for mailers and other business correspondence. But there’s much more that fits into this category. Think about everything you do that helps promote your business, like expenses related to:

  • Business cards
  • Team sponsorships
  • Your website (including start-up and maintenance fees)
  • Graphic design
  • Workshops/Webinars

Insurance

Do you have any kind of business insurance, like liability or malpractice? Your premiums are deductible.

Car and truck expenses

Understandably, you can only deduct expenses for miles driven for business purposes. If you have a vehicle—either owned or leased—that you also use for personal driving part of the time, you’ll need to track those two separately.

There are two options for calculating business mileage: Actual Expenses and Standard Mileage. To calculate the latter, you’d multiply the number of business miles driven by 53.5 cents for the tax year 2017, then add tolls and parking fees. The Actual Expense method is more complicated; it involves many costs and recognizes depreciation of the vehicle. Check with us if you’re planning to claim expenses for a car or truck, as there are additional rules governing this deduction.

Postage and office supplies

Yes, they’re deductible if you need them for your business.

Meals and entertainment

Familiarize yourself with the rules for this one. They’re complicated, and the IRS looks closely at such deductions.

Business use of your home

Ditto. There are all kinds of regulations, restrictions, and exceptions here, even if you use the simplified method that the IRS introduced a few years ago. Further, the home office deduction can be an audit red flag.

The rules are very specific and very rigid. For example, even if you use your home’s land line for business, you can’t deduct it. Add another line for business, and you can.

Professional and legal fees

If you pay an individual or firm for services provided to help you operate your business, those fees are often deductible. This includes lawyers, accountants, and tax preparers, of course, but as always, there are exceptions. You can’t usually, for example, deduct attorneys’ fees if you were getting legal help to buy business assets.

Dealing with Details

As you can see, there are many allowable business expenses that require meticulous record keeping. You can, of course, do this on paper or in a spreadsheet. There are cloud-based applications specifically designed for this purpose. If you’re interested in checking these out, let us know. We’re always available to help you plan for future tax filings.

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Getting to Know QuickBooks Online Reports

Getting to Know QuickBooks Online Reports

They’re one of the rewards you get for your conscientious accounting work: reports. Are you using them to make better business decisions?

What do you see when you log on to QuickBooks Online ? Your most important business numbers represented by real-time charts. Profit and loss. Income and expenses. Sales. And all of your account balances.

This is a great way to start your workday. You know where you stand financially, and you know what areas of your company file need attention, fast.

But QuickBooks Online’s home page only tells part of the story. You also need more in-depth, customizable reports. In the short term, reports help you further determine any necessary accounting work. Long-term, they’ll provide insight to help you make smarter decisions as you plan for your company’s future.

Critical Overviews

Creating reports in QuickBooks Online is easy. Customizing them is a bit harder. And analyzing them, depending on their complexity, can be more of a challenge.

We’ll start with some of the simplest, most important ones: Accounts Receivable. Where do you stand with customer payments? Who isn’t paying on time? How much is outstanding? To find them, click Reports in the toolbar pane. Click All Reports (over to the right, near the top), and then Manage Accounts Receivable. The list of related reports will open.

QuickBooks Online displays descriptions of each A/R report and links to the Run and Customize functions in its directory.

Click the Customize button under Open Invoices. The customization options will appear on the pane to the right of the screen. You can modify:

  • The Report period, Number format, and the appearance of Negative numbers
  • Columns (Transaction Type, Due Date, Open Balance, etc.)
  • Aging method (Current or Report Date)
  • Filter (Customer, Territory, Sales rep, etc.)
  • Header/footer (Show logo, Report title, Date prepared, Alignment, etc.)

QuickBooks Online comes with commonly used options already selected. Changing them helps you zero in on the precise cross-section of data you want to see.

This is a partial list of the Column options in QuickBooks Online. You can also customize in multiple other ways.

When you’ve finished making changes, click Run report to see it displayed with your own data.

If you’d like to save that report (including the modifications you just made), click Save customization in the upper right corner of the screen. In the window that opens, create a new name for the report that you’ll recognize, and enter it in the Custom report name field.

Want to build a group of related custom reports? Click Add this report to a group and type its name into the New group name field. Click Add. That report will now appear in the list of reports you’ve created when you click the down arrow in the field below Add this report to a group.

Would you like to share the custom report with other QuickBooks Online users? Click the down arrow in the field under Share with, and select All or None. When you’re done here, click Save. You can click the icons in the upper right to email the report, print it, or export it to Excel or PDF format.

Reports in other categories—like Review Sales, Business Overview, and Review Expenses and Purchases—work similarly.

Note: There’s one category named Accountant Reports. If you’re very familiar with double-entry accounting, you might attempt to run and analyze these yourself. Most likely, you’ll need some help with these critical financial reports that should be created periodically. We’d be happy to assist with this.

 

The Reports page toolbar

Saving Time

You can always go to the All Reports screen and drill down to the report you want to see. QuickBooks Online provides a better, faster way to access many of them. The toolbar pictured above appears when you’re browsing through lists of reports. Click Recommended to see what QuickBooks Online deems the most important data for you to see regularly.

Once you’ve started working with reports, the ones you access most often will appear when you click Frequently Run. Those reports that you modified and saved will be listed under My Custom Reports. Management Reports are geared toward company managers, of course.

We encourage you to familiarize yourself with QuickBooks Online’s reports and modification options. And as we said, we’re on hand to run and analyze the site’s more complex report options on a regular basis, or when you have a specific need, like when you apply for financing. Together, we can get the information you need to complete your daily work and do more long-term planning.


Looking for a QuickBooks Expert?

QuickBooks ProAdvisor Houston Tx

Working with a QuickBooks ProAdvisor is the best way to learn how to use QuickBooks to help your business grow and flourish. You won’t find a better way to get the support you need anywhere else.

As a small business owner, we realize that you may not have the budget to hire a QuickBooks expert. If you’re looking for a more economical way to get set up on QuickBooks, we provide cloud bookkeeping programs to match any business requirement. Here are our Quickbooks ServicesQuickBooks SetupQuickBooks Training, and QuickTune-up.

You can feel confident in knowing that our STAC Bizness Solutions team are Certified QuickBooks ProAdvisors. Meet Our Team.

If you would like to learn about all the benefits that STAC offers, just give us a call and we’ll provide you all the details. Call us at (844) 424-9637.

Hire a QuickBooks ProAdvisor

To schedule an initial consultation with us, please click the button below.

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Need to Set Up Users in QuickBooks Online?

Need to Set Up Users in QuickBooks Online?

Your employees probably don’t need access to every corner of QuickBooks Online. Here’s how to set limits.

One of the best attributes of QuickBooks Online is that multiple users can access it without having software installed on their PCs. No more paying up front for a boxed copy that you’ll store on your hard drive. You just pay a monthly subscription fee.

Unless you assign specific access rights to your users, though, they’ll be able to see and do everything that you see and do on the site. You undoubtedly trust your employees or you wouldn’t have hired them, but it’s just good business practice to restrict individuals to their specific work areas. You probably did the same thing if you ever ran a manual accounting system.

QuickBooks Online makes this easy. Once you’ve set up individuals for a specific set of screen permissions, that’s all they’ll see when they log in with their user names and passwords. Here’s how it works.

Several Levels

Click the gear icon in the upper right of the QuickBooks Online screen, then select Manage Users under Your Company, then click New. This mini-interview will open.

QuickBooks Online’s mini-interview will walk you through the steps required to assign access rights to employees.

As you can see, four access levels are supported. You’ll probably select Regular or custom user most often because you can drill down and set permissions at the screen level. The Company administrator is you, of course, unless you’ve assigned this role to someone else. The user at this level has access to everything.

You can also let someone see Reports only, with the exception of payroll reports and those that contain contact information about customers, vendors, and employees. If you have employees who submit time sheets but don’t otherwise work in QuickBooks Online, you can let them in to do Time Tracking only.

Tip: There’s a fifth option here. You can grant us access to your QuickBooks Online company data, making it easier for us to monitor and troubleshoot your accounting information. Let us know if you want to take advantage of this.

Paring Down Access

Click the button in front of Regular or custom user if it’s not already highlighted, and then click Next. This third screen in the mini-interview deals with Customers and Sales and Vendors and Purchases Access Rights. Click All or None if appropriate.

This screen in the mini-interview helps you restrict user access in Sales and Purchase areas.

If you’re allowing Limited access in these two areas, be sure to read the fine print explaining what is and isn’t allowed. When you’re satisfied with your selection, click Next. On the next screen, you’ll set administrative rights for that user by indicating whether he or she can manage other users’ access rights and work with your subscription status and other company information.

You’ll supply the individual’s email address and name on the following screen. This will be used to send an email inviting the user to sign in using an existing Intuit Business Services user name or one he or she creates. Click through the next screen and click Finish when you’re done. The mini-interview will close, and you’ll be back at the Manage Users page.

Your User Overview

The Manage Users page displays a list of all users who have been invited or are active.

The Manage Users screen

The table here lists all users’ names, email addresses, access rights, billable standing, and status. If you haven’t received a response to an invitation (Invited), you can click the Resend button to issue another email. When he or she responds, Invited changes to Active. Click on a row to highlight an individual, and you can Edit or Delete him or her, and see an audit log of Activity.

You or your appointed Master Administrator should set up access rights before any new employee is admitted to QuickBooks Online. Let us know if you’re having trouble with this element of the site, and if you’d like us to join your list of active users. It’s a lot easier for you and us if we can get in there and see what problems you’re having — and resolve them.

 


Looking for a QuickBooks Expert?

QuickBooks ProAdvisor Houston TxWorking with a QuickBooks ProAdvisor is the best way to learn how to use QuickBooks to help your business grow and flourish. You won’t find a better way to get the support you need anywhere else.

As a small business owner, we realize that you may not have the budget to hire a QuickBooks expert. If you’re looking for a more economical way to get set up on QuickBooks, we provide cloud bookkeeping programs to match any business requirement. Here are our Quickbooks ServicesQuickBooks SetupQuickBooks Training, and QuickTune-up.

You can feel confident in knowing that our STAC Bizness Solutions team are Certified QuickBooks ProAdvisors. Meet Our Team.

If you would like to learn about all the benefits that STAC offers, just give us a call and we’ll provide you all the details. Call us at (844) 424-9637.

Hire a QuickBooks ProAdvisor

To schedule an initial consultation with us, please click the button below.

Schedule an Initial Consultation