Time Tracking and Payroll Glossary
We have established a comprehensive glossary of buzzwords & terms associated with time tracking.
A.
The process of managing, recording, and monitoring employee time off. It ensures accurate documentation of absences and attendance, serving as a cornerstone for effective team management and project planning. This process supports client billing and invoicing, provides management with valuable insights into workforce productivity, and helps address staffing gaps efficiently. OnTheClock is designed to simplify absence tracking by allowing employers to log and monitor employee time off with ease, ensuring accurate records for payroll and compliance.
A specialized form of coverage that provides financial benefits to beneficiaries if the policyholder dies as a result of an accident. In addition to accidental death, it also offers compensation for the loss of a limb, bodily function, or other specific injuries caused by accidents. The term is often recognized by the acronym (AD&D).
A method of tracking benefits or expenses that accumulate over time. In the workplace, accruals often refer to time earned by employees, such as vacation, sick leave, or comp time, which can be used at a later date. Accrual balances are calculated by the hours or benefits accrued but not yet used. With OnTheClock, employers can automate accrual calculations, ensuring employees’ PTO balances are updated accurately without manual tracking.
A document that tracks and summarizes tasks, projects, or operations completed over a specific period. Often used for workplace communication, activity reports provide insights into progress, priorities, and challenges. They may include details such as completed activities, time spent, resource usage, and potential issues to ensure transparency and inform decision-making.
A financial metric representing the actual expenses incurred for completing specific work within a set period. It includes direct and indirect costs recorded in project management systems, such as earned value management (EVM). Actual cost of work performed (ACWP) helps organizations track and compare actual costs against projected budgets to evaluate project performance and financial accuracy.
B.
C.
D.
E.
F.
G.
H.
I.
J.
K.
L.
M.
N.
O.
P.
Project profitability refers to the financial performance of a project, measured by comparing its revenue or benefits to the costs incurred during its execution. It indicates whether a project generates a profit, breaks even, or results in a loss. OnTheClock’s project tracking features allow managers to monitor time spent on tasks, improving accountability and efficiency.