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.
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.
Bonus 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.
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The Timesheets.com software allows employers to keep track of all things monetary with regard to employees. Employers can track time to pay employees, track sick and vacation to keep from overpaying, track expenses for business trips, errands, or bonuses and, finally, track performance and raises with HR docs.
Human resources documents are a commonly neglected employee tracking item in the world of employee tracking software but Timesheets.com believes HR docs are an important tool for employers in determining what employees should be paid. Our templates help employers track performance in four ways, namely, with the performance review, commendation letter, disciplinary action, and termination letter. These documents are saved as PDFs in our system so that the date and outcome of the event are never forgotten. The performance review includes the pay increase field and even figures the percentage of the raise. Employees do not have access to these documents, which can only be viewed by administrators and direct supervisors with access.
