Labor is the number one expense of most companies and the largest expense to the government when purchasing supplies and services. This is why timekeeping is so important for an organization. Accurate capturing and reporting all time worked and the assignment of that time to intermediate or final cost objectives are critical when translating hours from timekeeping into dollars (i.e., labor distribution) for detailed financial analysis. Timekeeping and labor distribution are two separate, but related, requirements of the SF 1408 Pre-award Accounting System Survey, and labor is always scrutinized as part of any proposal or audit. This course will cover the components of a timekeeping system, methods for total time accounting as well as the in’s and out’s of labor distribution, it’s effects on financial reporting, and viable timekeeping solutions.
After taking this course, you will:
- Know key components of a timekeeping system.
- Have the ability to select an appropriate method for total time accounting.
- Understand labor distribution.
- Understand the effect of labor distribution on financial reporting and indirect rates.
- Become familiar with different timekeeping solutions.
Target Audience: Small business owners, accountants, contract managers