What is TimeTrax?
TimeTrax is a program that calculates payroll labor costs by project and cost code or overhead cost code, including payroll taxes, Workers Compensation insurance, employee benefits, employee paid time off, and other payroll burden costs. TimeTrax is used to post accurate payroll costs, track workers compensation costs, monitor employee paid time off, and produce billing reports for cost-plus projects and similar hourly billing situations.
How does TimeTrax work?
Each week, you enter the employee's hours into the timecards on the screen, then review the reports. The program keeps a record of the cost of every hour the employee worked, waiting for you to mine the data for a number of uses including payroll processing, payroll cost posting, WC auditing, and Billable Hours invoicing.
TimeTrax is Unique.
TimeTrax is the only program on the market that calculates payroll costs by project and cost code. It's also the only program that provides you with the ability to simultaneously track Workers Compensation costs by both Job Title (the traditional method) and by Cost Code (known as Division of Payroll). For some contractors this could result in significant WC savings! The program also tracks specifically indicated Billable Hours and allows you to bill your cost-plus customers by different rates for different projects. There's plenty more that's unique about TimeTrax, but this is just a summary.
TimeTrax is ready to go!
To get you started, the program has four popular cost code systems, including CSI, MasterCode, NAHB and HomeTech already installed, and we've already entered most (if not all) of the standard Workers Comp Classifications and we've filled in the Job Type list. In addition, the program includes 21 powerful reports that you can use to review, sort and filter the data.
TimeTrax is Easy to Use.
We've tried to automate as many of the functions as we possibly can, and we've included dozens of little features to help the process of entering the employee hours. For example, in the timecards you can select start and stop times, cost codes and projects from the pull down lists or you may type them in, whichever you prefer. As you complete the individual timecards for each day, the tab is marked as finished, and the employee is checked off on the adjacent list.
TimeTrax is FAST!
We learned from our Excel version of TimeTrax what features would make the entire process as fast as possible. For example, when you open a report, it automatically defaults to the most recent full week, and you can use the pull down lists to select other date ranges. For employees with stable working hours, we've got the Template feature that allows you to enter their typical hours and cost codes in a template, and copy the template into their timecard with one mouse click. This list goes on, but you get the idea.
TimeTrax looks Great!
All the reports are thoughtfully designed and we've paid attention to the little cosmetics that make a report easy to read, like intelligent indenting and careful spacing between the columns.
TimeTrax is Powerful.
TimeTrax's ability to mine the records is almost unlimited, allowing you to sort and filter on just about any criteria, including date, project, employee, cost code and WC Classification. In addition, we've got a Modify Records function that is unbelievable in it's ability to identify a set of previous records, allow you to change a factor (WC Rate, Tax Rate, etc), revise the records accordingly, print a variance report and a G/L report to post the difference from the resulting modification, and even keep a record of all the modified records just in case you discover at a later date that you made a mistake. This is one muscular program!
TimeTrax gives you full control.
In TimeTrax, you set the payrates, overtime rates, tax rates, WC rates, and all the other factors you want to use. We only want to do the heavy lifting, but you are in control of how you use the information. For example, we don't care which of the two WC methods you use, we just want to give you the information about both choices and let you decide.
TimeTrax is complete.
Because we've had several years of experience with the Excel version of TimeTrax, we've already learned what our users wanted in a payroll cost program, and we've included everything in the new Visual Basic version. Besides the expanded reports and powerful reporting capabilities, we've added capabilities like the WC Experience Modifier, which allows you to enter an across-the-board factor for your WC rates because that's the way the insurance industry calculates the premiums. We also added the ability too bill different projects by different billable rate schedules, because we know that sometimes you can negotiate higher rates for different customers. There's lots more, but we don't want to brag too much.
TimeTrax is easy to learn.
Because it's written to do only one task very well, it's not cluttered with extraneous functions and complicated command menus. A few minutes exploring the menu structure is all it takes to figure it out. Just follow the Setup Guide and the Weekly Procedures Guide, and familiarize yourself with the Reports functions, and you're ready to go.
TimeTrax was written for BUSY people.
It has the menu commands to automate the tasks you will need to do all the time, like the Template feature described above. In addition, there's also the Multiple Reports function that allows you to select the reports you want to print regularly each week, and print them as a batch.
TimeTrax is valuable!
This program will save you money several ways.
- First, you'll have better control over your payroll costs and where your payroll dollar is spent.
- Second, you be able to actually produce accurate historical unit cost information because your individual line-item costs will include all the payroll costs.
- Third, you will eliminate time sheet inaccuracies that somehow always favor the employee who fills out the time sheet.
- Fourth, you'll methodically bill your cost-plus or hourly customers for EVERY hour on their project, eliminating inaccuracies that somehow always favors them.
- Finally, and the most important, you will have the ability, probable for the first time, to review your WC costs by both the traditional method of one rate for each employee AND by the little-known optional Division of Payroll method of rates based upon the task being performed. The savings are not automatic for everyone, but TimeTrax lets you compare the WC costs for both methods side-by-side and let's you make the decision, which is your option. The vast majority of Builders can't even consider the optional method because to avail yourself of it, it's incumbent upon you to keep the records, and until TimeTrax, nobody could.
TimeTrax is available in 3 versions.
To keep the program as affordable as possible, we've developed three versions so you only need to pay for the power you need.
- TimeTrax Standard is designed for one company, with up to 20 active employees. This is the version that will serve the vast majority of companies.
- TimeTrax Max is for one company with an unlimited number of active employees. This version is designed for large companies.
- TimeTrax Pro allows you to maintain multiple files for different companies, with unlimited number of employees. This version is designed for professional bookkeepers and accountants who manage this process for multiple clients.
TimeTrax is packed with numerous features designed to make the program as efficient to use as possible. Many of these features were the result of suggestions from our current TimeTrax for Excel users.
- True Payroll Cost Distribution that includes payroll, payroll taxes, Workers Compensation insurance, employee benefits, and paid-time-off.
- Complete Reporting Capabilities, including Time Card Reports, Payroll Cost Reports, Bookkeeping Reports, Workers Compensation Reports, Administration Reports, Billable Hours Reports and List Reports.
- W/C Auditing that simultaneously tracks WC cost by both Job Title and Cost Code, allowing you to select whichever method results in the lowest premium for you.
- Automatic Hours Checking that automatically calculates the total hours worked from the timesheet start, stop and break times. Somehow, these mistakes always seem to favor the employee.
- Employee Templates that allows you to setup template timesheets for employees with stable hours and/or cost codes. This makes for speedy entry of weekly hours, and of course you can override the templates as necessary.
- Default Date Ranges that automatically open to the most recent full week when entering hours and opening reports. When you need to select other dates, all you do is select from the pull-down list.
- Billable Hours Reports that you can staple right to your invoice, and that include every bit of information about the employee's time to satisfy even the most demanding customer.
- Multiple Billable Rates that allow you to set different billable rate schedules for different projects, allowing you to negotiate the best deal you can get with each customer.
- Paid Time Off tracking that allows you to track and review each employee's paid vacation, sick, personal and holiday time against what you set for them in the program.
- A Print Multiple Reports feature allows you designate several reports to be printed together as a batch each week.
- Modify Records Feature that allows you to globally change settings and factors in previous records (like a tax or WC rate you forgot to change 6 months ago), and even produces a Variance Report and a General Ledger report, so all you have to post is the one G/L entry, not try to revise all the past week's postings.
- Program Settings that include the ability to select the last day of the Pay Week, the Fiscal Year, the Insurance Year and the default Workers Compensation display.