Many entrepreneurs may wonder why they need to think about timesheets and time tracking before they have hired at their first employee, but Edmonton bookkeeping recommends that entrepreneurs have these systems in place ahead of time, so that when they are ready to scale up their business, they know how they are going to do it and have the tools in place.
One of the first things that entrepreneurs should be thinking about, is that all employees are going to need to submit timesheets all the time. Even staff that get hired on as a salaried employee should be submitting timesheets all the time. This is extremely important especially if an entrepreneur will use their Edmonton bookkeeping company to help with payroll processes. It is going to not only help an entrepreneur guard against time-stealing, it is also going to protect the employees to ensure all hours that they worked are accounted for. Also, for salaried employees, they should be submitting timesheets so that if they have taken days off, or vacation, it is accounted for properly. Especially if vacation time is accrued, is going to need to be accounted for in a timesheet, so that the Edmonton bookkeeping company can ensure that is being paid out accurately.
Entrepreneurs may find that the programs they use for clocking in a notable have a variety of different capabilities, depending on the nature of the business. For instance, it may be important to ensure that an employee is actually on-site as they clock in because they are working on a job site away from the business owner. They may choose to have a software that implements GPS, to ensure that they are actually at the job site when they clock in. Or if an entrepreneur is not always going to be at the business that employs clock in, having software that necessitates an employee to take a picture of themselves to clock in to verify they are actually at the workplace. These are all things that business owners should think about ahead of time, and have software in mind for when they need to hire their first employee. This is also going to help Edmonton bookkeeping company ensure payroll is done accurately.
Business owners may wonder what the best payroll program to use is, however, if an entrepreneur already has accounting software that they are using like QuickBooks, there is already capabilities within accounting software to handle payroll. Or, if an entrepreneur is going to be getting their Edmonton bookkeeping company to handle payroll for them, there is no need for a business owner to get a specific or separate software. However, business owners should know that there are programs out there that handle payroll specifically, and sometimes they also can help an entrepreneur with time tracking and timesheets.
It is important for business owners to have the systems already in place for how to manage employees when they are hired, so that it can be a seamless transition when they get hired. It is important to have these things thought about, instead of hiring a staff member and finding out the hard way that time tracking software is needed.
Edmonton Bookkeeping | Implementing Timesheets In A Business
As entrepreneurs are new in their business, they may not be thinking about systems that are going to be needed when they hire staff, but Edmonton bookkeeping says that this is extremely important for entrepreneurs to think about. To have templates and processes in place for when a business owner hires a staff member for the first time will help a business owner ensure it is done accurately. There is many different processes that an entrepreneur will need to create to manage the hiring, termination, and payment of employees. Since millennialís are entering the workforce, and they are staying with employers for half the time of the current average, business owners should be prepared for hire turnaround of staff in their business.
One of the first templates that entrepreneurs should think about, is the template needed to hire staff. There is a lot of specific information that is needed such as social insurance number and date of birth. In order to help an entrepreneur ensure that they are not forgetting to ask an important question, and also to ensure that they can get their Edmonton bookkeeping company to enter this information into their accounting software, using a template is the most efficient way of ensuring all information is gathered.
It is also important that as long as entrepreneurs need people in their business, they are going to need to replace those people. Whether it is because they are leaving or an entrepreneur needs to terminate them, having a form and termination letter for when staff leave is going to ensure that an entrepreneur is meeting their legal obligations and adhering to the labor standards while ensuring that these outgoing employees are getting what they are legally entitled to.
The next thing an entrepreneur will need to think about before they hire their first employee is how they are going to get paid. Typically, most business owners start off their new staff as hourly, which means they are going to pay them for all of the specific hours that they are going to be working. They need to ensure that they know how many hours they are going to need that employee to work, and if they work more, that may trigger overtime hours at a higher hourly rate. If they hire an employee on salary, they need to be able to commit to paying that person the same every week and every month. Therefore, when an entrepreneur makes a commitment to hire their first staff member, they need to ensure that have the money in their business to meet that commitment.
These are all of the important considerations that an entrepreneur needs to think about prior to needing employees in their business. By creating these systems ahead of time, entrepreneurs can ensure that there able to scale up their business whenever it happens in their business. Whether they grow quickly or not, a business owner is ready.