This Podcast Is Episode Number 0324, And It Will Be About Effective Strategies For Contractor Timecard Issues Employees need to fill out timecards. The most practical reason is that all employees want to get paid, early, often, and regularly. For those of you that are parents, do you remember when you brought home your newborn baby? They need food, water and diaper changed. You learned all about "Goldilocks and the Three Bears" Some children who are born on a HOT summer day seem to get "overheated" quickly and do not suffer quietly. If you have employees, you may notice in some similarities to raising children because in some cases you the contractor take over where your employee's parents left off. They want their paychecks (allowance) on a regular basis, and it had better not bounce at the bank due to insufficient funds. If any of your construction worker's paychecks do happen to bounce or they are not able to cash it at the bank because your construction company does not have enough money in the payroll account then most likely you will find whatever tools and equipment they have easy access to at the nearest pawn shop. In almost all cases, in addition to visiting the local pawn shop if an employee does not get paid "On Time," they may contact your local state agencies and even Federal agencies for assistance. Please understand payday is "Results Driven," your results, not theirs and "No Excuses Allowed." Purpose Of All Timecards: 1. Pay Employees 2. Fill out Government Forms 3. Job Costing for a better bottom line As the employer, you need to have the timecard as the foundation for making sure employees get paid. Employees need to fill-it-out their timecard and total it, including anyone on salary. You can create your timecard, or you can download our FREE timecard form and modify it to fit your needs. Timecard needs to be something more than a few numbers scribbled on the back of a paper bag or the nearest Home Depot receipt (those are already full of footprints and coffee stains). After all, timecards (timesheets) are entered into QuickBooks, save and file them. Do this even if you are using a 3rd party payroll processor. You may need to reference the information later. Timecards should have the following - the more the detail, the better: Company Name Period Payroll Covers Employee Name Days of Week worked Hours Worked with Start / Stop and lunch breaks Total Regular Hours Total Overtime Hours Special Hours Quarterly tax returns for Washington State Employment Security and Washington State Labor & Industries cross-reference each other to review the same employee wage data in different ways. Quarterly tax returns for Washington State Employment Security Quarterly Reports want employee wage detail, including: Name Social Security Numbers Hours Worked Gross Wages Washington State Labor And Industries Wants Summary Data Including: Labor code worked under Total hours per classification Total wages per classification Washington State Labor And Industries set the rate for each contractor based on their experience rating. Example of Washington State L&I Contractor Rates
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About The Author:
Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 206-361-3950 or firstname.lastname@example.org
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