To improve your time and expense tracking, you need software that provides smart timesheets, receipt capture, reminders, and more.
Are You Calculating Overtime Correctly?
Calculating overtime correctly through manual processes can be tricky, however with time tracking software you receive real-time data for success each time.
Is it easy to track overtime (OT) and comp time (CT) and avoid a disgruntled workforce? Could there be a simpler way to analyze your staff’s timesheets and mark qualifying entries as overtime, double overtime, or comp time automatically with proper overtime rates? If you are using paper and pencil, or an antiquated punch clock system, then the answer is no. However, if you’re ready to start using a time tracking platform, calculating overtime can be quite easy, and you’ll find you can even save your firm a lot of money.
When Have You Worked Overtime?
Under the FLSA, you have worked overtime if you work more than the standard 40 hours in a week. Some states calculate overtime differently, however, for example, California and a few other states have a daily overtime standard, which makes employees eligible for overtime once they have worked 8 hours a day, even if they don't work more than 40 hours a week.
What is Time Tracking Software?
Time tracking software makes life easier for everyone at your firm by simply streamlining workflows to HR, IT, and accounting teams. This not only makes calculating overtime and time in general easy, but it cuts out tedious administrative meaning more work can be focused solely on projects.
Time tracking software makes it possible to effortlessly capture every second spent on a project. This also includes phone calls, meetings, or site visits. When you use a smart time tracking platform such as BQE CORE, you only spend two minutes per day tracking time plus you gain greater visibility into work hours meaning no more surprising overtime.
Another great aspect of time tracking software? Boosting accountability and organization across projects. CORE’s real-time dashboards track and display both individual and collaborative project progress, offering transparency, teamwork accountability, and helping you spot at-risk deadlines early.
How is Overtime Calculated?
Now about that overtime. A major concern for employees and employers alike is making sure overtime is calculated properly, and that it’s kept in check and paid out properly. If you have worked overtime, you are entitled to the overtime premium for those extra hours. To decide the overtime premium, you must calculate your regular rate of pay. This includes all compensation you receive for your employment such as wages, commissions, performance-based bonuses and prizes, and shift differentials.
Calculating Overtime with BQE CORE
Overtime isn’t always the easiest to track or manage, especially if you’re doing it manually or with software that doesn’t give you the full insight you need. However, the Overtime Calculator in BQE CORE is a powerful utility that marks time entries as regular, overtime, and double overtime based on the rules configured by you to accommodate most hours and wages rules worldwide.
CORE’s overtime calculator analyzes existing time entries and automatically marks them as overtime, depending on your specified criteria- so you’re always in control. Typically, the calculator is used at the end of a pay period with the ability to define rules that are only applicable when viewing all data. As wage rules vary based on your location, this feature is flexible to accommodate the most complex overtime regulations and ensure your firm is always compliant.
Save Time with BQE CORE
BQE CORE is a 100% DCAA-compliant time tracking and project management solution that’s perfect for architects, engineers, and other professional services. CORE offers a wide range of functionality for time and expense tracking, billing and invoicing, and accounting. The platform’s built-in business intelligence gives you and your clients real-time visibility into project progress, employee productivity, costs, budgets, and more so you’re never in the dark when it comes to progress.
BQE CORE’s innovative time tracking features include pre-filled timesheets, easy-to-use timers, an overtime calculator, automated reminders, customizable invoice templates, and automatic billing. Smart, pre-populated timesheets with custom date ranges coupled with the ability to copy timesheets, help you save hours each week across your team.
The platform’s helpful reminders ensure on-time, exact time capture every reporting period, including regular hours, overtime, sick days, vacation time, and holidays. Automated invoicing makes your billing process quick and simple for everyone. CORE’s customizable invoicing templates fulfill the needs of every type of project and client, including recurring invoices, percent completion invoices, fixed invoices, and hourly invoices.
Built-in reporting lets you know exactly how much time is spent on a project/task, how many hours an employee worked, and how active or unproductive a team member was during a specific period. Having access to this precise information helps you improve project scheduling and resource distribution in future projects.
BQE Software has more than 25 years of experience and is backed by award-winning customer support so you know you’ll always have someone to turn to.
Book a demo today to see how BQE can help your firm calculate overtime correctly and see major returns in profit!