Tracking the time that you and your employees spend can be helpful for your business. If you bill clients for your time, then this data is very important, but even if you don’t bill clients for time, keeping track of your employees’ time can be helpful to understand the labor costs in your business. In this episode of MissionBusinessPodcast.com Bernard Roesch shares how you can track and use time in QuickBooks efficiently.
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Below are some of the ways you can use QuickBooks to track time more efficiently.
Why Time Tracking Matters?
There are two situations where you may use time tracking data;
- Tracking time and billing clients for the time.
- Tracking time so you can pay employees for their time.
Even if you don’t bill your clients directly for your time, this time tracking data can be helpful for running your business more efficiently.
Use QuickBooks For Time Tracking
QuickBooks has features to be able to track time and use that data in a number of ways.
- Time is entered into QuickBooks in the Timesheet module.
- The time can be entered manually, and include the client, item, activity notes, and the date and time records.
Once this data is in QuickBooks, you can use it to bill clients directly.
- You can mark time as billable when entering it in the time tracking section of QuickBooks. Then,
- You can create an invoice based on that billable time.
- The invoice will include the item, activity notes, and time records, so the client can see it directly on the invoice.
If you use different billable rates depending on the service being performed by your employee;
- You can set a different billable rate depending on the item.
- You can even set billable rates to be different depending on which employee is performing the service.
In addition to using time tracking data to bill customers, you can also use it to pay your employees.
- As part of the payroll process, you can select the time period, and then see the time records for each employee during that time period.
If you use QuickBooks for your payroll processing, the time tracking data integrates seamlessly into the payroll process.
Does Everyone Need To Access QuickBooks To Enter Time?
Getting time tracking data from your employees into QuickBooks is important. While you can have employees directly enter the information into QuickBooks, this is usually not easy, especially for businesses with a large amount of employees.
You can use a third-party service outside of QuickBooks to enable employees to enter their time.
- The third-party service can sync directly with QuickBooks, so that employees see the appropriate customers and items in the time tracking system.
- The employees then enter their time, and include the client, the item, and the time record.
- That data then syncs from the third-party time tracking system back into QuickBooks as if the employee entered that time directly within QuickBooks.
Set Up Time Tracking In QuickBooks For Your Business
If your business would benefit from tracking time directly within QuickBooks, contact Bernard today. You can also visit MissionBusinessPodcast.com and get access to a wealth of information that Bernard has been sharing with us in the past.
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