In a previous post I described the most common types of bonuses that employees receive. Now I’m going to show you how to apply those bonuses within the Timesheets software.
Keep Track of Bonuses With Expense Tracking
It’s easy to record bonuses, probably a lot easier than figuring out which bonus scheme to use.
Bonuses are essentially a type of expense which is one of the record sheets you have access to within your account.
When we think of bonuses, we often think of end of year, maybe Christmas. But bonuses can come at any time and in forms other than cash.
For example, bonuses can be given for a job well done at the completion of a project and the bonus doesn’t have to be cash either.
- Gift cards
- Travel vouchers
- Stock options.
While cash is usually the most sought after option, many employees realize that cash is taxed. If they’re planning to use the bonus for savings or entertainment anyway then other options might be better.
Non-cash bonuses are not just good for the employee but employers can usually get gift and travel vouchers at a reduced bulk rate. This helps employers save money on bonuses so they can give out more of them.