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Using Timesheets or QuickBooks Pro Timer to Track Your Time
How many of you track your time? Do you record it in QuickBooks? Can you see your customer profitabilities? Do you put a value to your time? This is the first thing you need to do as a business owner to become more successful and it is also one of the hardest things to stay on top of.
When your start tracking all of your daily time along with details of what you did in the notes section of the timesheet, you begin to realize where you spend the majority of your time in a day. In my own QuickBooks file, I have my own company set up as a customer with sub-accounts. Some of those sub-accounts would be Marketing, Paid Time Off, Education, Admin Time, Letters/Contracts, etc. I also have a sub-account called "Insert Company Your Company Name Here" which I use when I work on my own company's bookkeeping. Breaking it out this way has helped me with my hiring process, figuring out the administrative cost of running my company, enabled me to determine how many more new clients I could take on, and has assigned a value to my unpaid time.
If you are an individual bookkeeper, you can enable the timesheets in QuickBooks and use them to keep track of your time and run reports. If you have more than one person in the office like my firm, you can use the QuickBooks Time Tracker, which comes on your QuickBooks Installation CD. You will need to get licenses to load the software on each computer for each employee that needs access to it, and it is a little more cumbersome to maintain, but you may already be performing some of these tasks to generate invoices to your clients. You would need to set up a timer file for each individual employee and export your customer list into the timer files - don't forget to include yourself. The next step would be to export the time out of the timer and import it into your QuickBooks file either on a weekly or bi-weekly basis depending on where your billing or payroll falls.
Stay tuned, in future articles I will be going more in depth on how to further utilize the recording of your time. Search for articles, "How to Put Value to Your Time With Zero Dollar Checks" as a bookkeeper owner and how to streamline your invoicing process all from recording your time.
About the Author Laurie O'neil, an Advanced Certified QuickBooks Advisor, is the founder of Innovative Financial Services, LLC a national bookkeeping firm located in Hartford, CT who offers advice to other freelance bookkeepers and business owners. For more information go to http://www.infinancialservices.com
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