Paid Time Off Tracking
Providing paid time off from work is an important element of any successful business strategy. Whether it is in the form of vacation days, paid sick leave, personal days, or a combination, allowing employees time off from their jobs to handle personal matters or to simply get away from it all maintains morale and improves productivity. However, paid time off (PTO) tracking can be problematic for even the most seasoned business owner or HR specialist. At Chandler & Knowles, we are here to help you manage your PTO system, and to provide assistance in determining the best options for you and your employees.
Advantages of Chandler & Knowles Services
Whether you have separate plans for vacation and sick days or have an integrated PTO system, paid time off can be a complicated process, especially as your employee base changes. Our services handle the nuts and bolts of leave management, including:
- Monitoring accrued leave
- Managing records based on best practices
- Tracking sick and personal days
- Managing non-sequential vacation days
- Overseeing PTO payroll dispersals
- Handling payouts for accrued leave when an employee leaves your company
Through these processes and the updates and reports we deliver, you become better positioned to gauge the effectiveness of your system, including being able to identify any inconsistencies or problems that may exist. And, while almost all employees are honest, some may want to “game” the system and exploit it. Through our PTO tracking system, you will be able to detect such efforts and address them in order to protect the rest of your employees.
Initiating a Paid Time Off System
If you do not already have a system in place, or are considering changing what you already have, we are ready with expert advice and guidance for designing and managing an efficient system that accounts for paid leave. Among the PTO components we consider are:
- Which is better for your business - a PTO bank or a collection of specific leave policies
- Whether paid time off should be based on a calendar year or the anniversary from the date of hire
- Granted or accrued PTO
- How to handle payroll issues for holidays that occur during vacation
- Whether sick leave will roll over or be a “use it or lose it” policy
- The advantages and problems associated with mixing paid and unpaid time
- The guidelines for paid time off tracking, including employee access
Contact Chandler & Knowles CPAs Today
At Chandler & Knowles, we realize that each business is a unique entity, and while a specific tracking system and policy may be fine for one business, it may not be what works best for yours. However, through consultation, analysis, and careful planning, we will craft a paid time off system that you and your current employees will find satisfying and that will be attractive to potential employees you wish to bring into your business. To learn more about PTO tracking and the other business management services we provide, call us today at (817) 430-3000 or fill out our online contact form to learn more about our services. You can also schedule an appointment and visit our Flower Mound office if you would like to speak with us in person.
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