Employee bonuses are a great way to boost employee morale and company loyalty. This all feeds back to the success of your business in the end, but what kind of bonuses should you give and how do you keep track of them?
There are many types of bonus options and schemes to choose from including, the most common offering: cash. If you offer monetary bonuses and you want to track it within the Timesheets software, I’ll show you how. Even if you offer your employees other types of bonuses like movie tickets, you can keep track of them with our software too.
It’s easy to record bonuses – probably a lot easier than figuring out which bonus scheme to use!
Keep Track of Monetary Bonuses With Expense Tracking
Cash bonuses are essentially a type of expense, since they are money owed an employee independent of their hourly payroll. Expense tracking is one of the record sheets you have access to within your Timesheets.com account so you can use this to track bonuses (and commissions!).
To create a bonus, simply create a new Vendor called “Bonus.” Then, on the employee’s expense entry page, record the amount, date, and any notes associated with the bonus. These sheets are private so no other employee can view any other employee’s bonus.
Keeping records of the bonuses you pay your employees is important. You don’t want to forget to give them the bonuses they expect and you definitely don’t want to pay more than you’ve intended either. You can always view past records in each employee’s archives by running a simple expense report.
Keep Track of Non-Cash Bonuses With HR Notes
If you prefer to give your employees non-cash bonuses, our HR tracking functionality allows you to keep notes on anything pertaining to your employees. To see how it works, click on an employee’s HR page and then click the Notes tab. Add your note and mark it as open, closed, general, or Read Me. This will save a record of the bonus with the date.