As a business owner, you are probably aware that you need to keep very accurate financial records. What you may not know is that you also must keep accurate records of employee timekeeping data. And these records must be retained for two full years after an employee leaves the company. The DOL lists the records employers must retain as:
- Employee’s full name and social security number.
- Address, including zip code.
- Birth date, if younger than 19.
- Sex and occupation.
- Time and day of week when employee’s workweek begins.
- Hours worked each day.
- Total hours worked each workweek.
- Basis on which employee’s wages are paid (e.g., “$9 per hour”, “$440 a week”, “piecework”)
- Regular hourly pay rate.
- Total daily or weekly straight-time earnings.
- Total overtime earnings for the workweek.
- All additions to or deductions from the employee’s wages.
- Total wages paid each pay period.
- Date of payment and the pay period covered by the payment.
If you are still tracking time on paper, you have to file all of your employee’s time sheets and HR Documents in an employee’s file and store them there for no less than two years. A more efficient way would be to keep track of all of this online. Most of us keep track of everything online these days and employee time keeping records are no exception.
Timesheets.com allows your employees to record their time and then store it indefinitely. Employee records are never deleted and the account administrator can access them at any time.
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