Timesheets are one of the fundamental building blocks of payroll. Without them, you simply can’t calculate your employees’ hours, earnings, and any payroll deductions.
What’s more, your business needs to keep track of certain information about your employees, like their names, social security numbers, W-2 forms, and more. Having this information readily available is vital to ensure your payroll processes run smoothly and that you comply with the ever-changing tax requirements.
Fortunately, timesheets are a lot easier to compile than you’d think. All you need are a few free tools from Microsoft and some time off work. Let’s take a look at how you can get started.
Set Up Regular Time Slots
One of the first things you need to do to get started is to set up regular time slots. You do this by choosing a time, for example, Monday through Friday, 9 am to 5 pm. Then you add the slots. So, if you want to get timesheets by the end of the month, you would set up four slots, one for each day of the month.
Setting up regular time slots is important because it gives you a benchmark for tracking your hours. When you know you have to submit your timesheets at a certain time, you can plan your work-life balance accordingly. For instance, you might want to take a less hectic route to work so that you have more time to prepare the documents. Also, what if you find that some days are busier than others? Timing your slots to fit your business needs is key.
Download An App That Calculates Timesheets For You
Now, you don’t need to run around looking for a calculator or spending hours copying numbers into a worksheet. Timesheets are something that many businesses struggle with because of how tedious the process is. That’s why there are so many apps designed to help you with this process. These apps take the drudgery out of entering hours and earnings, provide a more accurate reflection of your employees’ work, and ensure you are always in compliance with payroll regulations.
In most cases, you will only need to install the app once on your phone. From there, you can access all the timesheet information you need through the app. To get started, just search for the app store on your phone and download the one that suits your needs.
Learn How To Use The App Properly
Once you’ve downloaded the app, you have to learn how to use it properly. Even then, it’s not always easy to get the most out of this type of software. However, proper use of the app means ensuring that you enter the correct information for each employee, following the proper formats, and keeping track of all the necessary documents. In most cases, you will find that using this type of software isn’t complicated, but it can be rather tedious if you don’t know how to go about it.
Create A Template For Regularly Generated Timesheets
If you’re entering a lot of timesheets, it’s a good idea to set up a template. Templates save you a lot of time in the long run and make the process much easier. What’s more, you can create a template that is specific to a certain employee so that you don’t have to re-enter the information for every timesheet. This is a tedious process and one that many businesses avoid for fear of making a mistake. Luckily, with templates, this is no longer the case. When you’ve created the template, you can simply click on the employee’s name and fill in the details of their next scheduled timesheet. This process saves you both time and energy and ensures that you never miss a timesheet again.
Make Sure You Have The Necessary Documents
In addition to setting up regular time slots and using an app to automate the process of entering hours and earnings, you need to have certain documents ready when timesheet submissions are due. Without them, your timesheet may not be considered valid and you could find yourself facing some serious problems. What’s more, the documents you’ll need vary from state to state and may change from year to year, so being unprepared could cost you a lot of money.
Luckily, you don’t have to have all these documents ready at once. Instead, you can prepare as many as you need over time. The main thing is to make sure that you have them when you need them. Some of the documents you’ll need include:
- An official business license, depending on where you are located
- A proof of insurance
- A W-2 form or 1098 form
- A federal ID card (called a CAC card in California)
- A birth certificate
- A marriage license (if you’re married)
- A passport
- A visa
- An election certificate (if you’re voting in an election)
- A license plate-frame or sticker
- A dealer’s certificate (if you’re buying or selling vehicles)
- A title deed
- A tax bill (at least for sales taxes)
- Receipts (at least for purchases made with a credit card)
- Photographs (of the documents listed above)
Once you have these documents, you can begin entering the necessary information into the timesheet. In most cases, this will only take you a few minutes. However, it can be a lot more time-consuming if you don’t have the documents already prepared.
The documents you need vary from state to state and from year to year. To keep up with these varying requirements, make sure that you are always prepared. You can get help from a professional who specializes in preparing tax returns for clients.
With the above information, getting timesheet information from Speedway Llc isn’t difficult. First, you’ll need to set up regular time slots. Next, you’ll download an app that calculates timesheets for you. Finally, you’ll need to make sure you have all the necessary documents ready when timesheet submissions are due.
Above all else, make sure that you are always prepared. Preparing tax returns and payroll all year round is a lot of work, and it can be difficult to keep up with the varying requirements from state to state and year to year. So, rather than risking serious trouble, it’s better to be safe than sorry. Being prepared means having all the necessary documents on hand and having the technical know-how to use an app correctly.