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Time tracking software: TimeSummit debuts the ‘Guesstimator’

Shaimoom Newaz |

ExakTime’s time and attendance time tracking software, TimeSummit, is continually updated to fit the needs of the time and attendance company’s ever-growing customer base. Today, more than 700,000 workers clock in using The ExakTime System in more than 120 countries. TimeSummit is designed to meet the demands and needs for all the payroll managers and bookkeepers processing these employees’ payroll every week.

Released in 2006, TimeSummit is the brains of The ExakTime System. The software collects time records from all ExakTime time clocks – JobClocks, PocketClocks, ClockPoint Connect –all onto one platform for payroll managers to easily review and edit records. TimeSummit then organizes these records into dozens of customized reports, fit to match the needs of nearly every business.

Labor Cost Guesstimator

Until 2011, TimeSummit was solely responsible for labor hours. But when TimeSummit 3.11 was released in January, the update included a new feature that brought the software to new heights: The Labor Cost Guesstimator.

Guesstimator

The Guesstimator is the tool that turns TimeSummit’s hours and minutes into dollars and cents. Once set values for wage, overtime wage and double overtime wage are filled in, the Guesstimator generates a rough approximation of employee labor costs that a bookkeeper can review in new Guesstimator reports available in the Reports area of TimeSummit.

The Guesstimator also includes a burden percentage, which is manually entered. The burden percentage represents added employee costs, such as taxes, insurances and benefits. By adding the burden percentage to regular and overtime wages, the Guesstimator gives a payroll managers, bookkeepers and business owners a better idea of how much workers cost the company.

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