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TimeSheet Basics

April 3, 2018 by OSYB Staff

If you are a small business owner with staff paid on an hourly basis, it is important to have an effective time keeping system in place.  Intuit QuickBooks shares a free timesheet template for employers that maintain a staff with hourly rates.

What role does your timesheet play in your business:

  • effective way of paying your employees accurately
  • provides an insight into the productivity levels of your staff
  • provides data on the staff costs of doing business
  • provides valuable staffing costs for submitting project quotes to clients

Whether you use a spread sheet or an application your timesheet should include these components:

  • time tracking mechanism
  • hourly rate
  • a calculator

Keep in mind that ultimately employers are responsible for paying their employees accurately, and tracking and paying per federal and state law.  Failure to pay employees can result in major financial consequences including state and federal fines and wage and hour lawsuits.  Even if you are not interested in the benefits of using timesheets for business evaluation, maintain effective timesheets in place to avoid the consequences of poor time tracking.

For free time sheet and more details:  Free Timesheet Template

Image Credit:  Deposit Photos