GetMyTime

Time tracking and expense tracking on the web since 2001.

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A Step by Step Guide to Managing Your Schedule

  People who want to control their life most often end up being controlled by their time. Time management--a concept that has been around for decades--is something that anyone can master if they’ll follow this step-by-step guide on how to properly manage and schedule time.

  1. Keep yourself organized. There are a lot of time saving tools that you can use (and some can even be downloaded to your device) like to-do lists, appointment reminders, file folders, time tracking software, etc. You can use tools like Evernote (free and can be installed on ANY device) for your to-do list, NotifyMe for your appointment reminders and GetMyTime to track your time.

  For some recommended productivity tools, click here.

It is also wise to keep your desk properly organized and clutter-free. File all paper works as soon as they come in and send out those that needs to be filed out. Don't touch paper more than once.

  2. Forecast and plan ahead. Before accepting any task, imagine how long will it take to finish them. You might have current and more urgent tasks to finish. When working with multiple tasks, see if there are two or three tasks that can be combined. This way, you get more things done in less time. However, if you're working on a big project, see if it can be divided into smaller tasks that can fit perfectly on your schedule.

  3. Prioritize your task. When you write down your to-do list, number them based what is most urgent. Set short-term and long term goals and set a specific time frame for each. Whenever possible, finish each task in the time frame that you set. Do not postpone small tasks, especially if it's part of a bigger task.

  4. Avoid overloading yourself. Despite your hectic schedule, you need to rest. Take some time to take as much sleep as you need, eat, socialize and exercise. When you're working on a task that's taking too much of your time, take short breaks. If there are additional tasks, say "no." Remember, the key to being productive is also being refreshed.

    5. Be flexible. As you work, there are unexpected things that can happen--you getting sick, having car troubles on your way to work, etc. You need to be able to fit these in your schedule without significanly impacting your tasks. You need to know how to rearrange your schedule so that it does not manage you, but rather you, managing it.

  6. Create a vision. As you start working on your task, you need to ask yourself, "why am I doing this task?" The bigger picture will serve as your guide towards achieving your goal. It is important that you also have a personal goal that you need to achieve. It can be short-term or long term but regardless of time frame, it will give you purpose and meaning.

  And don't forget, have a very positive attitude!

  Photo Credits:

http://confidencecenter.com/EmployeeMoraleCenter/webcards/index.php?pic=24-man-walking-on-clock

http://beta.getmytime.com/timesheet.aspx

http://www.cpmedspa.com/massage/

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The New GetMyTime Timesheet is Here! Know more about the features of the new timesheet.

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Learn how to create an accounts receivable and income statement using QuickBooks. 

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Time Management: 6 Tips to Get More Things Done in Less Time

Time is a valuable asset. One that expires immediately. Once it is lost, it can never be regained. Regardless of how you work, what you do or who you are, you have to be vigilant about how you allocate your time. This is particularly true if you are your own boss, have a boss or are a freelancer. Truly fulfilled people are very cognizant of how they spend their time.

Photo Credit: http://www.langhacking.com/remembervocabulary3.shtml

Time is an asset and it should always be spent wisely. By being focused and present for each moment you put yourself in the position to be both productive and happy. Here are 6 sure-fire tips to help get you there:

1. Have a time-efficient mindset. A time-efficient mindset allows you to finish a 5-minute phone call in 5 minutes or less instead of extending it to a full one hour social conversation. When you set your mind to do a particular task, set a specific time on how long you should work on it--and do it fast. The goal is to maximize your time and make sure that you do not perform other tasks. Multi-tasking is a myth. You can only truly accomplish one thing at a time. Focus on that one thing and then move on to the next.

2. Set rules. For instance, when you start working on a project, you should shut out all distractions. Stop replying to emails, answering calls or responding to SMS messages. When you set up these rules, you need to follow them. If possible, tell people who contact you that you will be unreachable for this block of time. Be ruthless--it’s valuable time that is at stake.

3. Create a list and prioritize your tasks. Before the start of each work day, list down the things that you need to do and the tasks that you need to accomplish. Once you’re done listing, assign them a priority ranking. Then you must set time frames on when you are committing to complete each task. Set realistic goals though. Remember to stick to your rules and follow your list. Put in a sticky note in front of your computer or desk. Again, be ruthless and follow your schedule..

Photo Credit: http://theofficeprofessional.com/creating-more-effective-do-lists

4. Take a breather. After finishing each task, stand up, stretch your legs and take a quick 5-minute break. There’s nothing stopping a person with a busy mind but when it gets exhausted, prepare for unproductivity and inefficiency. Free yourself of guilt and take breaks (even during the weekend) when necessary. Allowing your brain to downshift every so often gives it a chance to recharge. That will make you fresh and ready to roll for the next task.

5. Learn to say “no.” You can’t be in two places at the same time. Translated to projects, you can’t put in the same amount of effort in two projects at the same time. Learning how to say “No” is not rude. It’s simply a polite way of acknowledging the reality of everything.

6. Reflect and recharge. At the end of the day, think about what you’ve done for the entire day and ask yourself, “Was I productive the whole day?” The idea is for you to reflect on the tasks that you did, how much time you did each task and how many you’ve accomplished for the day following your set rules. If you see any gaps, try to set a new schedule and set a new rule. Doing this on a regular basis will allow you to contemplate on what you’ve done and make the necessary adjustment for a more productive next day.

Photo Credit: http://www.123rf.com/photo_2659944_businessman-relaxing-after-a-hard-day-s-work-he-can-finally-rest.html

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Benefits of QuickBooks Pro for Small Businesses

QuickBooks Pro is a financial accounting software that is used by both small and large-scale businesses. This particular software offers a lot of features that are all geared towards helping its users manage their business’ accounting functions, including their payables, receivables, credit card as well as financial reporting. It retails at reasonable price and is available in different versions, depending on the need of its users.

Contrary to popular belief, QuickBooks Pro is not just for big businesses. Even small businesses can benefit from using QuickBooks.

1. Financial Management. As previously mentioned, QuickBooks Pro offers a wide variety of features that is highly designed to help small businesses manage their finances. One particular QuickBooks Pro feature allows users to type in due dates and payment information from all recurring expenses, particularly their bills. When bills are nearly due, QuickBooks Pro users can simply print their checks from QUickBooks Pro. As an additional feature, each transaction that is performed in QuickBooks Pro is automatically saved and recorded to allow users to access these transactions for future audit. For easier access to accounts, bank accounts can be linked to QuickBooks Pro. QuickBooks Pro also have the capacity to allow users to view all financial records in a single screen, thereby eliminating the need for printed bank statements.

2. Billing Expenses. All businesses have expenses. These expenses may or may not be billed to clients. These expenses can include small purchases like meals or larger expenditures like international airfare. Regardless of the size of the expense, QuickBooks Pro has a feature that will allow each expense to be recorded. As an additional feature, each expense can be saved and attached to a particular client or job, that allows users the benefit to easily reconcile accounts without having to do them manually.

 3. Invoicing. Tracking sales and creating receipts and invoices can be easily and automatically done with QuickBooks. User’s don’t have to do this manually because with QuickBooks Pro, all tasks are accomplished with a few mouse clicks and fewer keyboard strokes. The invoices and receipts can be sent electronically which eliminates postage expenses and bills or invoices can be sent in bulk or individually. Bulk invoicing is particularly helpful when multiple clients will be billed for the same service.

There are additional services offered by QuickBooks like QuickBooks Merchant Services that provides the additional benefit of accepting credit and debit card charges usign QuickBooks Pro. Another service that is offered is Intuit Check Solution for QuickBooks which had the capacity to scan and deposit checks directly into the program (so users don’t have to enter it manually).

4. Easy Reporting. QuickBooks Pro offers a robust reporting feature that allows its users to create a wide variety of financial reports with a few mouse clicks. For instance, if the company wants to view how much other companies or individuals owe them, they can simply run their Accounts Receivables Summary report. On the other hand, if they want to view their recurring expenses for the following month, they can view their Accounts Payable Summary report. Each report can be highly customized to include a specific date range, customers, items, and more. Viewing financial trends and forecasts can also be done with QuickBooks and users who use Microsoft Excel spreadsheet can export these reports and send it electronically via email.

5. User Friendly. QuickBooks was designed with the user in mind. As such, QuickBooks is more user friendly than any other accounting software that is available in the market. After installation, a set-up wizard automatically walks the user through setting up their account. Help is just a click away and support can be easily accessed via phone. Most of the program’s features can be easily accessed with a mouse click.

These are just some of the reasons why QuickBooks Pro is perfect for small businesses. You don’t need to have a hundred or so employees to use it. Because of its many benefits, QuickBooks Pro is a worthwhile investment for any business.

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Top Four (4) Reports in QuickBooks

QuickBooks offer a lot of financial reports and sifting through it can take a lot of time and can be very confusing. The Reports Center offers varied reports grouped into specific categories which allows users to easily find the reports that they need immediately.

Despite the long list, there are five QuickBooks reports that should be run by your company. These reports include:

1.       Accounts Receivables Reports. This particular report creates a statement that displays how much your customers owe you or your company. More specifically, the accounts receivable reports will display invoices that have open balances.

Why is it important? Reviewing the accounts receivables report will allow you to see which customer’s invoices are current and which are due for until 30, 60 or 90 days. It is highly recommended that these type of report is run at least once a month to determine which accounts are problematic and would require immediate collection.

2.       Accounts Payable Reports. This particular report will show how much you owe to companies you purchase goods and services (or vendors). A more detailed version of this report will show you each vendor with invoices, payments and outstanding balance.

Why is it important? It is imperative that you review your accounts payable reports before you pay your bills to avoid paying your dues in excess and monitor your payables.

3.       Banking reports. This particular report will include all reports that provide details for deposits, missing checks, checks, and both current and previous reconciliations.

Why is it important? These reports are very useful when you reconcile your bank accounts, especially if you have missing checks (tip: use the missing checks report).

4.       Reports for Accountants or Taxes. There are three standard reports that an accountant or business owner will need to review to get an overview of the financial status of their business—balance sheet, trial balance and cash flow reports.

Why are these reports important? The balance sheet shows the current standing of a certain company in a given date. On the other hand, the income statement displays a summary of revenues, expenses, profit, losses or net income in a given period. Lastly, the cash flow statement will display a summary of the cash receipts and payments that you gave out or received that is pertinent to the operation of your business, investment and other financial activities

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Job Profitability Summary Report

The Job Profitability Summary report on QuickBooks summarizes the profits of your company that you earned from serving each customer within a specific time range.

The key column in this particular report is the Percentage of Difference. This column tells you exactly which customers are bringing in more profit and which are not.

    To generate a Job Profitability Summary report, follow these steps:

 1. Go to Reports > Jobs, Time & Mileage.

 2. From the side menu, select Job Profitability Summary.

The Job Profitability Summary report will give you a summary of how much your company has earned from a specific date for each customer. If your company performs different jobs different customers, then the report will display the subtotal for each job so you’d know which jobs are more profitable and make the necessary adjustments or evaluations.

 When viewing this report, please try to take note of these three columns:

1. The Account Cost column. This particular column will display all the cost that your company incurred for a specific customers within a given date range. If your company also uses QuickBooks payroll, the cost will include salaries and wages that are incurred or assigned to specific jobs.

2. The Account Revenue column. This particular column will display the income tht your company received from each customer and job within a specific date range.

3. The ($) Difference Column will show the difference between your cost and your revenue. A positive amount on this column will mean that your company did make money while a negative amount means that your company lost money on a particular customer or job.

  Modifying the Job Profitability Summary Report

The Job Profitability Summary report can be modified to show the Percentage of Difference to show you which companies are more profitable and which are not.

To modify the Job Profitability Summary report, follow these steps.

1. From the Job Profitability Summary report, click on the “Customize Report” button.

  2. On the “Display” tab, check the box beside “% Difference.”

  3. Click “Ok.”

Your Job Profitability Summary report will now display the % of Difference. From there, you can see which companies brought in more revenue and which incurred more expenses.

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Customer Balance Detail

The Customer Balance Detail report will display all transactions that is related to your customers. This particular report will group transactions by customer and job which will make it easier for you to view the reports. The Balance column will display unpaid balances for each customer and job. If you see a total of $0.00, that means that the customer has paid all his/her balances. To create Customer Balance Detail, follow these instructions: 1. On the main menu, click Reports > Customers & Receivables. 2. From the side menu, select Customer Balance Detail.

Customizing the Customer Balance Detail Report

By default, the columns on the Customer Balance Detail will show (from left to right) type, date, number, account, class, amount and the balance. You can further customize the report by clicking on the Customize Report button.

On the Modify Report window, under the Columns box, check on the items that you want to show on the report.

  If you want to further filter the report, click on the Filters tab.

The Choose Filters menu would allow you to dictate the specific items that you want to display on the report. Here are some of filters that you can select from: Account, Amount, Date, Item, Memo, Name, Number, Transaction Type, etc. You can even choose to customize the report for printing or email. You can opt to insert customized Headers, Footers and as well as the alignment. To do this, click on the Header/Footer tab.

  If you want to go back to the system default, click on the Revert button. Lastly, you can also the Fonts for your report. Simply click on the Fonts & Numbers tab. Take note though that the fonts available will be for the fonts available only on your computer.

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Time by Job Summary

Reports that show each employee’s time worked for each week for each particular job (or on all jobs) can be beneficial to all contractors. For one reason, this will allow contractors to see crucial job costing data and determine if they were able to bid correctly for the hours that were allotted for each job. For each job, the report will list the type of work that was performed (Service Items) to make it easier for the contractor to view the specific work that was done per Customer: Job. This particular report can be easily accessed in QuickBooks. All you have to do is create a Time by Job Summary report. Note though that in order for this report to be more helpful, you need to enter your employee’s hours using the QuickBooks Enter Time function. Creating the Time by Job Summary Report With a few mouse clicks, you can easily create a Time by Job Summary report. Here’s how: 1. From the Reports Menu, Click on Jobs, Time & Mileage.

2. Select Time by Job Summary.

                  Figure 1: Creating Time by Job Summary Report

The report that will be generated will show you a summary of information that displays the total number of hours worked for a particular Item that is totaled by job. While this report alone can display useful information, there are other tweaks that you can do to further filter the report and provide you with more specific data.

Customizing the Time by Job Summary Report 1. Click on the Customize Report button. This is conveniently placed the upper right corner of the window, just above the Dates option.

                                                            Figure 2: Customize Report button

2. The Modify Report: Time by Job Summary window will appear. In this window, click on the Filters tab.

3. From the Choose Filter box, select Customer: Job.

4. From the Customer: Job drop down menu, choose Multiple Customers/Jobs.

5. From the Select Customer: Job window, scroll down the list to find the job that you want to add and click on it to select.

             Figure 3: Modifying Time by Job Summary report

When you’re done, you will now have a Time by Job Summary report for one specific Customer: Job.

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Profit and Loss by Job

The Profit & Loss Report by Job will show you how much you are earning and losing on each job. Subtotals for each specific type of income or expense is displayed which enables you to identify exactly from where your income is coming from and where it is being spent. To create the Profit and Loss by Job report, follow these steps: 1. On the main menu, click on Reports > Company and Financial. 2. From the side menu, select Profit & Loss by Job.

           Figure 1: Creating a Profit & Loss Report in QuickBooks

What you have to note though is that the Profit & Loss by Job report does not include all other income and expense transactions. This particular report is Customer: Job specific which implies that the amount reflected in the Profit & Loss Report by Job and the Standard Profit & Loss Report will always differ.

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Customer Balance Summary

The Customer Balance Summary Report will show you your unpaid customer balances is a more organized manner. The balances are grouped by customer and job. Supposing that a customer requests you to send information about their current balances, you can use the Customer Balance Summary report and send it via email to your customer. This particular report will show the total amount owed to you by your customer but it will not show the details of each transaction. To create a Customer Balance Summary Report, follow these steps: 1. On the main menu, click on Reports > Customers & Receivables. 2. From the side menu, select Customer Balance Summary.

You can dig further into each transaction by double clicking (QuickZoom) on the balance amount on the report.

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Profit and Loss Report by Class

The Profit and Loss Report by Class allows you to view how much you are earning or losing with each aspect of your business, as defined by the classes that you set up. This report is particularly helpful since it shows the subtotal for each income or expense per class so you can track in which segment is money coming in and where you are spending the money. For instance, if you have four stalls for your business, you can create a Class on QuickBooks based on their location. If you want to know how your business is doing, you would run a Profit and Loss Report. But if you want to know how each of your stall is doing, you would run a Profit and Loss Report by Class. Creating a Profit and Loss Report by Class 1. Open your QuickBooks. On the main menu, click on Reports > Company & Financial. 2. From the side menu, select Profit and Loss Report by Class.

What you have to take note, however, is the fact that Classes is not turned on by default. You need to manually turn it on so you can create classes within QuickBooks. Once you turn it on, you will see how easy it is to create classes and assign accounts to it for your own convenience. Turning on Class in QuickBooks 1. On the main menu, click Edit > Preferences. 2. On the Preferences window, click Company Preferences. 3. Put a check on the “Use Class Tracking” Box.

Note: Class tracking is only for Profit and Loss tracking and not for Balance Sheets.

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Statement of Cash Flow

  The Statement of Cash flow report is also known as the Statement in Changes in Financial Position. This particular report shows the changes in a company’s financial position in a given time period, calculated from the beginning balance and adding changes from non-cash accounts. The resulting balance becomes the ending cash.

Regardless of how companies are set up, there are always five areas that needs to be considered:

1. Beginning cash. This is the amount of cash at the beginning of the period computed by adding all the money that the business has including all account balances and, if any, undeposited funds.

2. Net Income. This is computed in the same manner as the Accrual-based Profit and Loss report.

3. Activity for each balance sheet account--except for bank and undeposited fund accounts--during the entire period.

4. Net Cash. This is the amount computed after net income is added and activity to every activity for each balance sheet during the period.

5. Ending Cash.This is change in the balance from one month to another. 

Activity for each balance sheet account during the period, except for bank and undeposited funds accounts This is done by adding each debit and credit for the account during the period. Balances are not carried forward from previous periods. This is identical to a Transaction Detail by Account report in QuickBooks, unless income and expense accounts have been assigned to the report. If income or expense accounts are assigned to the Statement of Cash Flows report, balance sheet activity will be adjusted accordingly.

Net cash increase for period This is done by adding net income and activity for each balance sheet account during the period.

Cash at the end of the period Calculated by adding cash at the beginning of the period to net cash increase.

To run the Statement of Cash Flows report: 

Select the Reports menu.

Select Company & Financial, and then select Statement of Cash Flows.

Notes: Cash Flow report cannot be filtered by Class. Should you need to do so, you need to create individual Statement of Cash Flows for each class and use a separate data file for each.

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Accounts Receivable Graph

The Accounts Receivable Graph displays how much your customer owes you as of today, and how much they owe you for the next 30, 60, 90 and over 90 days. At the bottom, the pie chart will show you the breakdown of what your customers owe you for the current year. The legend on the right side of the pie graph shows the share that each customer shares in the pie. Creating an Accounts Receivable Graph 1. On the main menu, click Reports > Customers Receivables. 2. On the side menu, select Accounts Receivable Graph.

                   Figure 1: Creating an Accounts Receivable Graph

  Changing the Date Range for the Accounts Receivable report

1.  On the upper left hand corner of the A/R report, click on “Dates.”

2. Enter the date value that you want to start the aging bar graph.

Note, though, that even if you change the date range for the A/R report, the pie chart values will remain the same.

Picture Credits: *http://fasttracconsulting.com/2011/11/five-quickbooks-accounts-receivable-reports-for-your-business/#

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The Collections Report in QuickBooks

Collections Report QuickBooks makes tracking your collections easier with its Collections Report. It is advised that you run the Collections Report at least once a month so you can stay on top of your collections. Companies who send their customers invoices are more likely to receive updated payment than companies who don’t. The Collections Report can help you organize your collections and make it easier for you to remind your customers of their unpaid balances. Creating Collections Report in QuickBooks 1. From the main menu, click Reports > Customers & Receivables. 2. On the side menu, select Collections Report.

                         Figure 1: Creating a Collections Report

3. The Collections Report will now show you the list of customers with overdue balances and their telephone numbers. You can use this report to quickly send email copies of overdue invoices to your customers. Simply double-click on the transaction to view the invoice and click on the Send button at the top of the invoice. You can also change the words included in the email for a more personalized touch. If you want to change the default email text on the Invoice Form, follow these steps:

1. From the main menu, click Edit and select Preferences. 2. On the Preferences window, click Send Forms. 3. On the Company Preferences tab, select Invoice from the Change Default For list and type in your corrections.

               Figure 2: Changing the default wording for your invoice

4. Click OK when you’re done. Modifying the Collections Report When sending an invoice, it is always best that you make your customer aware of all their pending invoices. The Collections Report can be easily tweaked so that it shows all other open invoices for your clients. 1. Open your Collections Report 2. Click on the Modify/Customize Report button and click on the Filters tab. 3. Click on the Date filter, choose Remove Selected Filter.

                  Figure 3: Removing Filters on the Collections Report

5. Do the same for Aging and Due Date filters. 6. Click OK when you’re done. Your Collections Report should now display all open invoices for each particular client. For easier access, click the Memorize button. This will save the report for future use.

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The New GetMyTime is Ready to Roll Out!

We know you've been waiting for the new GetMyTime.com to launch, and we have some exciting news for you. Beginning later this week, we will begin inviting our customers to use the new site. We will be rolling it out in waves to make sure the transition is as smooth as possible. You will continue to use your same login, and all your data will be present. It won't require anything from you other than just logging in to a new location.

Thanks for your patience. I think you'll agree its been worth the wait.

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Forecasting Cash Flow in QuickBooks

It is always imperative for businesses to keep an eye on the cash that flows in and out of their business. While there are a lot of reports that can show you this on QuickBooks, there is one hidden feature that will allow you to forecast your cash flow. Creating a Cash Flow Forecast Report on QuickBooks 1. From the menu bar, click on Report Center > Company and Financial. 2. On the side menu, select Cash Flow Forecast.

          Figure 1: Creating a Cash Flow Forecast Report in QuickBooks

The Cash Flow Forecast Report will provide you with a recap of your cash flow for a given time period thereby allowing you to create predictions about your future revenue and how cash would flow in. The flow of cash--going in and going out--and how it affects your bank account is clearly displayed in this particular report. Predictions are not always based from the actual data but may also be from the previous fiscal year. If desired, you can also create forecasts by Customer:Job or Class. Explaining the Components of the Cash Flow Forecast Report

                   Figure 2: Components of a Cash Flow Forecast

  Accounts Receivable - Shows the customer payments you expect to receive, based on the payment terms you recorded for each customer. The beginning balance is the amount of past due customer payments as of the day before the report start date. Accounts Payable - Shows the bills you expect to pay, based on the payment terms you recorded for each vendor. The beginning balance is the amount of past due bills as of the day before the report start date. Bank Accounts - Shows the expected changes to your bank account balances based on payments and deposits postdated after the report start date. The beginning balance is the sum of the balances in all your bank accounts as of the day before the report start date. Net Inflows - Shows your projected net cash inflow for each week. QuickBooks calculates net inflow from the amounts in the Accounts Receivable, Accounts Payable, and Bank Accounts columns. Projected Balance - Shows the balance of all bank accounts if all unpaid invoices and bills were paid on time.* Tips: By default, the Cash Flow Report Forecast is displayed on a week by week basis. You can easily change the default period by clicking on “Periods” and selecting the time interval that you prefer. Also by default, the accounts receivable assumes that all your customers will pay their receivables on time. If you want to see how your cash inflow will be impacted by delayed payments, enter the number of days that the payments will be delayed on the “Delayed Receipts” field. Sources: * http://support.quickbooks.intuit.com/support/articles/HOW13235