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The Benefits & Features of Electronic Timesheets

August 9, 2016 / Ed Jameson / Blog Posts
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The Benefits Features Of Electronic TimesheetsIf you’re a government grantee or contractor and decided to use electronic timesheets, you’ll need to choose a timekeeping software.

When it comes to deciding on the best software to use, there are certain programs that get the job done for government grant and contract accounting.

Some are better than others, and some more expensive. Luckily for you, Jameson has seen nearly everything when it comes to DCAA compliant timesheets, and we’ve done the homework for you.

There are certain features the software must have in order for it to be compliant with the regulations imposed by DCAA. Before reviewing the chart, we just want to state again (as we have in past blogs), timesheets and their application are critical components of a compliant accounting system; the software is only as good and accurate as the employee who is entering the time. It’s important to put in place policies and procedures to hold employees accountable for entering their time properly. Timesheets must become a part of your culture as the discipline of completing them is critical to their actual effectiveness.

Here are the key features your time tracking software should have in order to be DCAA compliant:

COMPLIANCE METRICSOFTWARE ATTRIBUTES
Work descriptions should be clear.Users can enter time against projects; projects can be set up with an unlimited number of hierarchical task levels, allowing for precise descriptions of cost objectives
Work hours should be recorded daily.Daily reminder email notification to be sent to employees each day, at a specific time
Projects should be closed when cost limits are reached.Period of performance end dates are enforced; access to setup and modify projects and assign tasks can be limited
Only the employee has access to record their hours worked.Through unique user ids, only the employee has access to time entry and edit
Changes to hours recorded must be initialed, authorized, and dated by the employee and supervisor, and must include a reason for the change.Employees are required to enter a reason for changes they make to their timesheets by enabling the Require Reason for Changes option in timesheet templates
A verifiable audit trail is in place.DCAA compliance
Reports of labor edit errors should be generated and distributed for review and corrective action. Reasons should be endorsed by employee and supervisor.DCAA compliance
Automated timekeeping systems should be secure and reliable.DCAA compliance

If you’re going to have to suffer through the compliance requirement, you might as well get something else out of it. With that being said, here are the most common timesheet applications that allow you be compliant with all of the regulations.

Time-Tracking Software:TSheetsSpring-AheadUnanetReplicon
Price:$$$$$$$$$$

In the end, you’ll need to make a decision with your company’s best interests in mind – with the ultimate goal being to create a compliant accounting system. When you get audited, and you will, you’ll want everything in order. And, if electronic timesheets aren’t for you – perhaps you’re a smaller company or you want to control the actual sign-off, that’s fine too. You can read more on Manual vs. Electronic timesheets here.

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Ed Jameson, CPA, Managing Partner

I’ve been in practice for over 40 years helping our small business clients procure, manage, and survive audits on more than $6 billion in federal government contract and grant funding. We’ve been featured presenters and panel moderators at Tech Connect’s National SBIR/STTR conferences since 2010, and I’ve presented at the DOD’s Mentor Protégé Summit and present regularly for several state and local organizations.