 | The primary function of every accounting activity is to provide relevant financial information that encourages sound business decisions. Accounting is usually associated with general terms such as cost or managerial accounting, but an increasing number of business leaders are directing more attention to Time Accounting. |
Time Accounting is the process of distributing labor and applying organizational rules to all recorded employee data.
Labor distribution assigns employee's time to defined categories. Distribution transactions can be as broad as department transfers or as specific as allocating time by individual projects or tasks. This is a vital portion of time accounting because it clearly outlines where your labor dollars are being spent.
Rules dictate how the raw employee data is manipulated and establishes a compensation value for all time captured. Configurable labor rules should be applied to every employee transaction and automatically account for rounding, overtime, shift premiums, and differentials. It is important to make sure your rules engine is flexible enough to apply rules to every type of employee: hourly workers, pieceworkers, and both exempt and non-exempt salaried employees.
Legiant Timecard has helped hundreds of businesses successfully automate their Time Accounting systems. We push real-time information to enable you to quickly adapt to opportunities and address problems. Our ability to eliminate all manual calculation and significantly reduce your administrative burden allows you to focus on maximizing the return on your greatest controllable expense: Labor.
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