Job Costing in Real Time

Filed Under: Report Time
August 21st, 2014 by Victoria

In it to win it? Answer that ultimate profitability question for any given project in real time with job costing. A revelation for every industry, job costing is especially useful in construction, landscaping, architecture, and other fields where a big dollar amount factoring in a wide range of expenses is billed to one client. When all’s said and done, the proof (plus the payday) is in the reporting.

More accurate, up to date, and to the point than ever before, TSheets makes job costing easy. It starts with time tracking. Extends to detail-driven reporting at every level. And even gets turbo-charged with QuickBooks syncing and more.

Start Off Smart
To use job costing to maximum effect, track specific job codes and service items from the very beginning. TSheets helps build in that base layer of accuracy and accountability at the start. The administrator can create and choose uniform codes and items for employees to track time to (or just take note of) that line up exactly with both the initial estimate and the eventual invoice.

So costs are tracked in the best way that works for business, and no expense (or stone, speaking of landscapers) is left unturned.

TSheets can provide the real world data you need to back up your job costing reports.

On the Right Path?
Do you ever really know how on track a project (even an employee) is at any given time? With TSheets, the answer is a most definite yes. Not only can you see who’s on the clock and where they are with GPS stamping, but you can check in on hours and notes billed to certain clients, projects, employees, and job codes.

To nail job costing, first track all costs involved in the job. Invoice all costs to the customer. Then produce detailed reports at the end of the day (or the beginning, or the middle) to precisely gauge the give and take in estimates and profits.

Backed by the power of real world data, adjust strategy accordingly to watch your company really take off.

QuickBooks Integration
TSheets also syncs with QuickBooks in easy ways. With one-click syncing and switching between accounts, you can create invoices and reports in either program, and share essential data quick-like. Watch our job costing with QuickBooks webinar to see more.

Bottom line, the purpose of any business is to make money. Job costing with TSheets ensures that every dollar going out and coming in makes sense. No sweat.

We’re Hiring: Office Coordinator

Filed Under: News
by Victoria

Position: Office Coordinator
Work area: Administration
Employment type: Regular full-time

Company Description
Founded in 2006, TSheets is one of the fastest growing tech companies in Idaho. TSheets is a web-based employee time tracking software used by thousands of companies and their employees around the world. In 2013, TSheets became the #1 rated and reviewed time tracking app in the Intuit ecosystem. We are a fun, fast-growing company with a great reputation for stellar customer service.

Essential functions
We are looking for an enthusiastic office administrator with excellent communication and organizational skills to help keep our team and our office running smoothly. The Office Coordinator will be primarily responsible for the office reception area and kitchens. They will also help keep the building presentable and assist with managing the building’s service vendor for repair requests from the building tenants. Candidates should have prior customer service experience and be able to manage multiple tasks. This person will work closely with all employees in a variety of support roles to ensure the office runs like a well-oiled machine.

Top things this person will do:

1. Manage the front reception desk and greet and direct visitors
2. Manage incoming and outgoing mail
3. Assist with building management and tenant communications
4. Anticipate needs and coordinate office supply and kitchen purchases
5. Assist with preparations for group meetings and conferences
6. Assist marketing with execution of various partner and customer programs, as needed
7. Assist finance with various accounting functions, as needed
8. Learn TSheets application and assist Customer Experience team with outbound and inbound customer communications, when needed
9. Perform other related duties and assist staff with any project-based work, as required

This position will also require full knowledge of the TSheets application to allow the Office Coordinator to assist the Customer Experience team with customer communications and support requests.

Requirements
- 1-2 years of experience in a customer service position is preferred
- Has at least a basic knowledge of Microsoft Excel, Word and Powerpoint
- Possesses strong communication and organizational skills
- Is a problem-solver and pays attention to details
- Is flexible and possesses an enthusiastic attitude to help out where needed
- Good team player that can work collaboratively across the company to achieve common goals
- Is motivated and enjoys working in a fast growth and highly entrepreneurial environment
- Experience in the technology/software industry is a plus

Qualified applicants can email a cover letter and resume to careers@tsheets.com.

About Us
Why join us? The TSheets team lives, eats and breathes our motto: Work really hard. Play really hard. We are a dynamic, close-knit team with strong convictions and core values. We also offer an extensive benefits package including comprehensive health benefits and a retirement plan. You will be joining a fun, creative, experienced, and bright team, who is passionate and cares about what we create.

So There’s a New App, Eh?

Filed Under: Ahead of Time Technology
August 19th, 2014 by Haley Chamberlain

After many weeks of waiting, it’s finally here! Our brand-spankin’ new iPhone app is here, and it’s fabulous. From our genius team of developers, straight to you, the new TSheets app for iPhone has a beautiful user interface, a shiny new TSheets icon, and GPS tracking that rocks. We on the Customer Experience Team are thrilled to see it out in the App Store, as we too were waiting with baited breath.

Now, at your fingertips, you will have the ability to add and edit your timesheets, sync in the background, as well as much more accurate GPS tracking. Breathe a sigh of relief, my TSheets Time Trackers, your time has come. (Pun intended.)

The updated TSheets iPhone app.

Here, in all their glory, are just a few of the fabulous features that our new app boasts:

– Clock in/out to track time against tasks.
– Add timesheet notes throughout your shift.
– Daily, weekly and pay-period hourly totals.
– Edit/adjust timesheet information on the go.
– Record GPS information during your shift.
– View timesheet history in a list view or on a map.
– Works offline.
– Syncs to your paid or free TSheets.com account.

This new app is highly intuitive, and will only add to your time tracking happiness. As always, we are here to help you learn to navigate your new TSheets app for iPhone. I guess you could say, you carry us around in your back pocket.

The Difference Between APR and Interest Rates

Filed Under: Business Help
August 18th, 2014 by Victoria

And Why it Matters for Your Small Business

By Meredith Wood of Fundera

Being a small business owner comes with a lot of hats. As you well know, you can often serve as the HR manager, the accountant, maybe even the janitor. All of this in addition to creating a fantastic product or service for your customers.

That’s why it’s crucial you continually search for products to make your life easier (e.g. a solution that helps automate the payroll process) and educate yourself on areas you aren’t as familiar with.

For those who don’t come from a strong finance background, obtaining financing can be an intimidating part of running your business. Borrowing capital comes with its own set of rules, standards, and terminology—and the cost to business owners of not understanding this vernacular can be substantial.

One distinction that we find to be routinely confusing for small business is the difference between APR and your loan’s interest rate. Let’s break down what these terms mean and how they impact your business:

What is an interest rate?

As a basic definition, a loan’s interest rate is the proportion of the loan that is charged to the borrower, expressed as a percentage. But in practice, the interest rate on a line of credit is a vague term that can mean different things depending on the particular stipulations of the loan. There are simple interest rates, compound interest rates, flat interest rates, and more. For small business owners looking to take out a short term line of credit, the most important distinction is between the loan’s interest rate and APR.

What is APR?

If you’ve ever bought a car, taken out a student loan, or applied for a mortgage on a house, APR is probably the terminology for a loan’s interest rate that you’re familiar with. Essentially, the APR or annual percentage rate of a loan is the annual cost that is charged to the borrower for the length (or term) of the loan, expressed as a percentage rate. On longer term loans, the APR typically, but not always, includes any fees or other costs associated with the transaction.

Why does it matter?

When you take out a long term loan (i.e. any line of credit with a borrowing period of more than a year) the difference between the loan’s APR and interest rate can be negligible or even non-existent. In fact, for many longer term loans, the APR is the only interest rate calculation ever expressed.

But when a borrower takes on a line of credit for a shorter period—such as with a Merchant Cash Advance or alternative line of credit—this small change in terminology becomes much more than just semantics. Because the given interest rate is expressed in the scale of the borrowing period, a seemingly reasonable interest rate on a short term loan can quickly double or triple—or even more—when expressed in terms of APR!

How do I calculate the difference?

A 10% interest rate on a 6 month loan may sound more expensive than a 5% interest rate for just one month, but that’s not necessarily the case. That’s why, when comparing the terms and interest rates of various short term loans, it’s important to make sure you’re comparing apples to apples. The best way to do this is to re-calculate the interest rate into what’s called the loan’s effective APR. Essentially, the question you’re asking when calculating a loan’s effective APR is this: if the borrowing period for each of these loans were one year, what would the respective interest rate for the year be? The formula is fairly simple:

APR = i x n

Where i = interest rate (expressed as a decimal)
and n = number of periods per year

So let’s compare those two rates above in terms of their effective APR.

Loan A: 10% interest rate on a 6 month loan

i = 0.10
n = 12 / 6 = 2

APR for Loan A = 0.10 x 2 = 0.20 or 20%

Loan B: 5% interest rate on a 1 month loan

i = 0.05
n = 12 / 1 = 12

APR for Loan B = 0.05 x 12 = 0.60 or 60%

Yes, you read that correctly. That friendly little 5% interest rate, when calculated in terms of effective APR, suddenly jumped to sixty percent! That means not only would you be required to pay back Loan B much sooner (in just one month compared to six), but the effective annual rate of interest would be three times that of Loan A! Now which of these is looking like the better deal?

And with typical interest rates for alternative loans reaching as high as 50%, these numbers can become even more daunting. Not to mention that not all alternative loans include additional brokerage costs and fees within the given interest rate. That’s why for those that qualify, an FDIC insured, regulated bank loan is almost always the best bet.

But if your credit isn’t great or your business needs quick access to capital, a traditional bank loan isn’t always an option. If you find yourself in the market for an alternative loan for your business, be sure to do your homework. Ask questions about additional fees, and be sure you’re comparing interest rates in terms of effective APR. That way, you can feel confident in choosing the best available option for your business’ bottom line.

Meredith Wood, of Fundera.

Meredith Wood is the Editor-in-Chief at Fundera, an online marketplace for small business loans that matches business owners with the best funding providers for their business. Prior to Fundera, Meredith was the CCO at Funding Gates. Meredith is a resident Finance Advisor on American Express OPEN Forum and an avid business writer. Her advice consistently appears on such sites as Yahoo!, Fox Business, Amex OPEN, AllBusiness, and many more. Meredith is also the Senior Financial and B2B Correspondent for AlleyWire.