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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Taking Your Company Paperless

Going paperless has been the way of the future in business over the past decade. People might have scoffed at the idea a few generations ago, but millennials and those who conduct business with them demand innovative solutions not only for the environment but also to cut down on the mundane drudgery of work place repetition.

And with the way things have been moving, people no longer feel like cogs in a wheel but rather integral team players with technological know how. So if your business has not moved completely digital yet, the following are just a few of the many reasons why you should be going paperless.

Boost in Efficiency

People don’t want to be doing the same task at work all day. With paper processes, the middle man is always the employee, who faithfully sits by the phone filling out papers for a client. Or the employee is busy digging in the company store room for files.

Logging onto the computer, whether for cloud accounting or client information, is leaps and bounds easier than putting people on hold or telling them that you will phone them back. You can be on the same page as the client in minutes rather than days by having their digital information at one’s fingertips on CRM. The same goes for talking between departments. It is much more efficient to send emails back and forth delineating the various degrees of urgency than to try to play telephone tag with employees in varied departments. Time is at a premium, so when a person can log on or fire off an email, time is saved from chasing down files and individuals that may not be easy to find.

Disaster Recovery

There’s no telling when a disaster might strike; maybe a flood, theft or a fire breakout could easily cripple your company. What will happen to the documents that are paper-based? Most probably, you will lose them because you don’t have a backup, or if you do have copies, wouldn’t they be likely stored in the same premises too? Going paperless can help avoid this problem. Once you store everything on the cloud, you will not have to worry about the data that you lost in the paper forms because they will all be available on the cloud and you can access them at any time.

Creative Solutions

Digital apps and programs like QuickBooks are often designed to integrate together. This is a virtual dream, literally, when it comes to helping the departments to coordinate. Without such products, people are stuck doing the same processes with paper over and over. The rewriting and photocopying of such pages can really only go so far.

To go digital, one needs to be savvy with employing people in the know-how. These teams can help to train others on processes as well as put them in place. But once paperless systems have been implemented, very few employers will regret the transition. It shows up on the bottom line quite apparently over the years as well.

Need help getting your company to paperless?  Contact STAC Bizness because we can help with establishing your company’s accounting, payroll, and human resource operations in a paperless world.  Join our newsletter for more free tips for running your business.

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Preparing for 2017 Taxes: 5 Things You Can Do Now

Preparing for 2017 Taxes: 5 Things You Can Do Now

Your income tax obligation needs to be on your mind year-round. Here are some ways you can get a jump on your 2017 taxes.

Summer’s over. The kids are back in school. And soon, there’ll be only three months left in 2017. If you haven’t started thinking about how to minimize your income tax obligation for this year, there’s still time.

Whether you’re a small business or an individual taxpayer, year-round tax planning is more than just a way to make tax preparation an easier, faster process. By keeping taxes in mind as you go through every 12-month period, you’ll be able to see where you might take specific actions early that will have an impact on what you end up owing. Make it a habit, and you’ll find that it just comes naturally to consider the tax implications of purchase and sales decisions.

Create a System

Effective tax planning requires more than just saving receipts and organizing tax-related documents in physical or digital file folders – though that’s a good start. Create a system in early January that you can maintain throughout the year (of course, a lot of your information will be stored in your accounting or personal finance application, if you use one). But you should be saving statements, receipts, sales forms – anything related to your income and expenses that will eventually feed into IRS forms or schedules.

Evaluate Your Expense-Tracking

Businesses: How do you—and your employees, if you have them—keep track of daily expenses? You may have forms like purchase orders and bills for the big ones, but you probably buy things on occasion that are just documented by paper receipts. How do you categorize and organize these so you won’t miss any when it’s time to complete a Schedule C? Is there a better way?

Do any of your employees make trips on behalf of your business? You really should consider subscribing to an online service that automates the process of creating and approving expense reports. If you’re not aware of these options, ask us.

Know Your Tax Forms

Individuals and businesses file some of the same forms and schedules, but some, of course, are different. Your previous years’ tax returns can be good resources for you. Refer to them occasionally as you go through the year and do some comparing, especially if you must pay quarterly estimated taxes. You may not remember from year to year what’s deductible and what’s not. Revisiting your returns will jog your memory and remind you.

 

Consider Generosity

Are you having a good year? You’ll have an idea of how your financial health is if you’re keeping up with income and expenses. You don’t have to wait until the end of the year to do any charitable giving that you’re going to do (although it’s usually best to hold off until the fourth quarter).

Learn How Changes Will Affect Your Taxes

This is so important for individual taxpayers. Did you get married or divorced, or have a child? Did you move? Buy or sell a home? Get a raise or, conversely, lose regular income for some reason? Did you have educational expenses? All these life events—and more—can change your income tax obligation.

Businesses often experience major changes, too, and your financial state at the end of the year is way harder to predict than it is for an individual with W-2 income. Stay on top of the impact of deviations in income and expenses created by events like the introduction of new products (or the loss of existing ones), personnel fluctuations, and major acquisitions.

Comprehensive Planning

Tax planning should be an element of your overall financial planning. If you have a business or household budget, you’re way ahead of the game. You can compare your actual income and expenses every month to those you built into your budget. A budget can be a tremendous tool as you plan for the current year’s taxes. If you’ve never created one, or if you’ve never stuck to one successfully, we can help you with this.

We’d also be happy to work with you periodically throughout the year on taxes. We can get you set up with financial software if you’re not already using it and advise you on ways to work toward minimizing your 2017 obligation now.

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2017 SEVA BEAUTY CONFERENCE

2017 SEVA BEAUTY CONFERENCE

As a small business consultant, I consider it part of my responsibility to stay abreast with the industries that I advise. This means learning the latest technology that our clients might need as well as the most recent issues that they are facing.

This year has been no different than other years. I attended the same training sessions and conferences necessary to keep me up-to-date with the constant changes in business laws and regulations; bookkeeping and payroll processes; new apps; QuickBooks updates; and accounting operations. As one can imagine, it is a constant curve of upward learning, but this knowledge is absolutely integral for all of our clients. It is important that we are on the same page when it comes to industry standards. They might not have time to keep up-to-date with the latest in their field, so this is where a small business consultant comes in.

My goal is to provide insightful advice which enables my clients to make informed financial decisions. That is why in addition to attending conferences for my profession, I also like to attend industry specific conferences. These conferences help me gain more particular insight into new products, skills, and potential issues our clients may be dealing with in their industry. There is nothing like understanding the industries in detail. A generalized approach would not give me the industry-specific know how to have personalized plans to help each of our clients with their business solutions.

This month I attended the 2017 Seva Beauty Conference. Talking with our clients face-to-face was amazing. I was able to speak with several salon owners and learn about what is working for them and what they are struggling with concerning growth. I enjoyed this rich qualitative data that I can now use as valuable lessons and share with my clients.

It was also nice to learn about the new products, services, and techniques. When our clients have questions for me regarding their operations, I will not have to waste time asking them to explain the basics of what certain processes are. Of course, each business is a unique entity, so I welcome dialogue with them that is not only clarifying, but also necessary to ensure that I understand exactly what a particular term means to their business.

I was glad to network with not only the franchise owners but also with the other franchise suppliers. Connecting with suppliers allows my firm to discuss potential partnerships to streamline processes for our clients further. This part of networking is essential as there is no use having another framework in place when customers cannot get their hands on products that are in demand in the salons.

The training sessions for this conference were particularly insightful and informative. Some of the sessions helped us gain further insight into the human resource issues with running a salon. We can then come up with some ideas for solutions that STAC Bizness Solutions can assist with going forward.

All in all, I had a particularly productive year of conferences and training. I look forward to passing this knowledge directly onto my clients through innovative solutions and technological advances.

Here are some of our pictures of the SEVA Beauty Conference.  A special “Thank You” to our current clients.

Want to hear more about what I learned?  Contact me today to discuss your personal salon or spa needs.

 

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