{"id":3867,"date":"2022-12-23T11:05:17","date_gmt":"2022-12-23T16:05:17","guid":{"rendered":"https:\/\/dev.mobilepunch.com\/?p=3867"},"modified":"2022-12-23T11:07:42","modified_gmt":"2022-12-23T16:07:42","slug":"how-to-keep-a-record-of-daily-activities-and-payroll","status":"publish","type":"post","link":"https:\/\/dev.mobilepunch.com\/en\/how-to-keep-a-record-of-daily-activities-and-payroll\/","title":{"rendered":"How to keep a record of daily activities and payroll"},"content":{"rendered":"<p>Records are accounting and financial documents that you must complete and keep in an organized manner. They are necessary to record all the activities that are useful for your tax return (sales, expenses, salaries, taxes, etc.) as well as to optimize the productivity of your business. The task seems tedious, but thanks to the development of technology, you can use <a href=\"https:\/\/dev.mobilepunch.com\/en\/services\/punch-mobile\/\">powerful applications<\/a> to simplify the management of accounting records and activity and payroll records.<\/p>\n<h2>What is record keeping?<\/h2>\n<p><strong>Keeping an accounting record <\/strong>means updating all financial and accounting transactions made by a company during a given period. Every company must keep the following records up to date and for a minimum of 6 years.<\/p>\n<p>These documents include:<\/p>\n<ul>\n<li aria-level=\"1\">Books (payroll, inventory book, etc.)<\/li>\n<li aria-level=\"1\">Accounting books;<\/li>\n<li aria-level=\"1\">Financial statements;<\/li>\n<li aria-level=\"1\">Goods and Services Tax Return;<\/li>\n<li aria-level=\"1\">Harmonized Sales Tax (GST\/HST);<\/li>\n<li aria-level=\"1\">Sales invoices;<\/li>\n<li aria-level=\"1\">Purchase receipts;<\/li>\n<li aria-level=\"1\">Contracts;<\/li>\n<li aria-level=\"1\">Etc.<\/li>\n<\/ul>\n<p>The filing of records is mandatory in Quebec, as it is across Canada, for all businesses, trusts, non-profit organizations, educational institutions, municipal governments, hospitals and all taxpayers.<\/p>\n<p>Financial authorities use record keeping to verify the tax return and whether you have collected the GST\/HST in accordance with the law. In addition to keeping the records up to date, you have to keep all supporting documents for each transaction recorded in the record for a minimum of six years.<\/p>\n<h3>Payroll records<\/h3>\n<p>A payroll register is a document that collects the information contained on the employees&#8217; pay slips. This register is mandatory for the employer and all the information required by the labour standards (CNESST) must be included.<\/p>\n<p>The payroll document must contain:<\/p>\n<ul>\n<li aria-level=\"1\">Name, address, date of birth and social insurance number;<\/li>\n<li aria-level=\"1\">The date of commencement and termination of employment;<\/li>\n<li aria-level=\"1\">The time schedule (part-time\/full-time);<\/li>\n<li aria-level=\"1\">The number of hours worked per day and per week;<\/li>\n<li aria-level=\"1\">The pay rate and gross pay per pay period;<\/li>\n<li aria-level=\"1\">The amount and reason for each deduction from gross pay;<\/li>\n<li aria-level=\"1\">Allowances payable in respect of paid holidays and leave;<\/li>\n<li aria-level=\"1\">Employee benefits (group insurance, disability insurance, drug insurance, salary advance, travel assistance, maternity benefits, etc.)<\/li>\n<li aria-level=\"1\">Any other relevant information.<\/li>\n<\/ul>\n<h3>GST\/HST records<\/h3>\n<p>You have to keep sufficient GST\/HST information in your records in the following situations:<\/p>\n<ul>\n<li aria-level=\"1\">You operate a business or carry on commercial activities in Canada;<\/li>\n<li aria-level=\"1\">You have to report the GST\/HST;<\/li>\n<li aria-level=\"1\">You are applying for a GST\/HST rebate.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/dev.mobilepunch.com\/en\/how-to-make-payroll-easier\/\">How to make payroll easier<\/a><\/p>\n<h2>What is the importance of keeping records of daily activities and payroll?<\/h2>\n<p>Beyond the legal obligation, accounting records bring several advantages for the performance of companies.<\/p>\n<h3>Realize tax savings<\/h3>\n<p>Good records contribute to significant tax savings. They serve as a reminder of the deductible expenses and input tax credits (ITCs) you may be eligible to claim. If you don&#8217;t, you may forget one or more deductible expenses when you prepare your income tax or GST\/HST return.<\/p>\n<h3>Determine the source of your income<\/h3>\n<p>The record of daily activities allows you to determine the source of your income and whether you have to collect the GST\/HST. If you cannot determine the source of your income, you will not be able to prove that some of it is non-taxable.<\/p>\n<h3>Preventing reporting problems<\/h3>\n<p>Keeping records prevents most of the problems that can arise when your tax or GST\/HST returns are audited. If financial auditors cannot calculate your income because your records are incomplete, they will have to use other methods to determine your taxable income and GST\/HST collectible. This will take more time. Also, if your records do not include proof of claims, claims may be denied.<\/p>\n<h3>Find out about the company&#8217;s financial situation<\/h3>\n<p>Complete and organized records give you a clear picture of a company&#8217;s financial situation. They help you determine the gains, losses and value of your company. Records also allow you to track trends, compare returns from different years and prepare your budget.<\/p>\n<h3>Optimize the management of your business<\/h3>\n<p>Through record keeping, you can identify the strengths, weaknesses and problems your organization may be experiencing. You can also analyze KPIs to make forecasts and informed decisions about your company&#8217;s financial strategy.<\/p>\n<h3>Tracking expenses<\/h3>\n<p>Activity logs allow for real-time tracking and control of expenses to improve profitability.<\/p>\n<h3>Monitor inventory, invoicing and customer work in progress<\/h3>\n<p>The records of transactions in the registers allow to:<\/p>\n<ul>\n<li aria-level=\"1\">Verify the billing of products and services sold;<\/li>\n<li aria-level=\"1\">Compare stocks;<\/li>\n<li aria-level=\"1\">Check the outstanding amount due from each customer.<\/li>\n<\/ul>\n<h2>How to keep a record of daily activities and payroll<\/h2>\n<p>Most businesses use accounting software to simplify the process of recording documents and accounting transactions. All you have to do is scan the supporting documents and upload them to the correct location on your software.<\/p>\n<p>By using the <a href=\"https:\/\/dev.mobilepunch.com\/en\/advantages\/\">Mobile-Punch application,<\/a> you can get rid of paper, save time and money. Moreover, with Mobile-Punch, you have access to a timesheet report by task that is not only CCQ compliant but also mandatory on some construction projects.<\/p>\n<h3>Calculation of working hours<\/h3>\n<p>The Mobile-Punch application generates <a href=\"https:\/\/dev.mobilepunch.com\/en\/services\/feuilles-de-temps-en-ligne\/\">online timesheets<\/a> for each pay period in a quick and easy way. The application also accounts for overtime, bonuses and holidays and adjusts fees by activity category.<\/p>\n<p>Your employees simply punch in and out and the application <a href=\"https:\/\/dev.mobilepunch.com\/en\/services\/timesheet-calculator\/\">calculates the working hours<\/a> for proper compensation. Thanks to the flexibility of the application, administrators can make changes or corrections to timesheets. Mobile-Punch also allows you to extract payroll reports as PDF or Excel files.<\/p>\n<h3>Employee time management<\/h3>\n<p>Mobile-Punch also offers a scheduling service to manage the schedules of each employee. The tool contains all the information needed for the assignment of tasks. The <a href=\"https:\/\/dev.mobilepunch.com\/en\/services\/work-schedule-management\/\">scheduling<\/a> is optimal and takes into account holidays and special cases of your employees. An <a href=\"https:\/\/dev.mobilepunch.com\/en\/services\/electronic-agenda\/\">electronic calendar<\/a> is available to save your employees&#8217; schedules and plans in the cloud for access whenever you want.<\/p>\n<p><a href=\"https:\/\/dev.mobilepunch.com\/en\/10-tips-for-mastering-time-management-at-work\/\">10 tips for mastering time management at work<\/a><\/p>\n<h3>Geolocation of staff<\/h3>\n<p>Mobile-Punch is the ideal application to <a href=\"https:\/\/dev.mobilepunch.com\/en\/services\/geolocation-of-your-staff\/\">track employees on the move<\/a>. Through GPS signaling that works without an Internet connection, you can check the <a href=\"https:\/\/youtu.be\/MpPnXf0fyEU\">presence of staff at the workplace<\/a>. In case of unexpected absence, you can intervene to replace the employee or reorganize tasks to maintain the planned productivity level.<\/p>\n<h3>Data processing<\/h3>\n<p>The application is designed to process and transfer a large size of documents useful for your business (plans, job descriptions, photos, purchase orders, etc.). Mobile-Punch can be synchronized with your accounting software to ensure automatic data transfer.<\/p>\n<p><a href=\"https:\/\/dev.mobilepunch.com\/en\/contact\/\">Get a free demo<\/a><\/p>\n<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [{\n    \"@type\": \"Question\",\n    \"name\": \"What is record keeping?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Keeping an accounting record is the process of updating all financial and accounting transactions made by a company during a given period.\"\n    }\n  },{\n    \"@type\": \"Question\",\n    \"name\": \"What is the importance of keeping records of daily activities and payroll?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"- Realize tax savings;\n- Determine the source of your income;\n- Prevent reporting problems;\n- Find out about the company's financial situation;\n- Optimize the management of your business;\n- Track expense items;\n- Track inventory, invoicing and customer work in progress.\"\n    }\n  },{\n    \"@type\": \"Question\",\n    \"name\": \"How can an app help you keep record of daily activities and payroll?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"- Calculation of working hours;\n- Management of the employees' schedule;\n- Geolocation of staff;\n- Data processing;\n- Etc.\"\n    }\n  }]\n}\n<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Records are accounting and financial documents that you must complete and keep in an organized manner. They are necessary to record all the activities that are useful for your tax return (sales, expenses, salaries, taxes, etc.) as well as to optimize the productivity of your business. The task seems tedious, but thanks to the development [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to keep a record of daily activities and payroll<\/title>\n<meta name=\"description\" content=\"Find out how to keep track of daily activities and payroll easily and efficiently with a mobile application.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to keep a record of daily activities and payroll\" \/>\n<meta property=\"og:description\" content=\"Find out how to keep track of daily activities and payroll easily and efficiently with a mobile application.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dev.mobilepunch.com\/en\/how-to-keep-a-record-of-daily-activities-and-payroll\/\" \/>\n<meta property=\"og:site_name\" content=\"Mobile-Punch, the # 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