Finance at SB Partners LLP

Time needs to be entered on a daily basis or by the very latest, 9:30am the following day.

Importance of Time Entry

Accurate and timely time entry allows the firm to make informed decisions on scheduling, file budgets and staffing. It also ensures that we are billing our clients correctly and provides documentation for quality control and risk management purposes.

Billable Time

Any client-related billable time that is 5 minutes or less must have a minimum time charge entered of .10.

Any client-related billable time that is above 5 minutes is to have a time charge entered in increments of .25s as follows:

00.10 = 5 minutes or less

00.25 = 6 – 15 minutes

00.50 = 16 – 30 minutes

00.75 = 31 – 45 minutes

01.00 = 46 – 60 minutes

The objective of a minimum time charge is to ensure that every activity we do for a client is properly documented. This is not only a guide for the allocation of your time in the day and resulting application of cost to the client (and resulting revenue) but a documentation for quality control purposes and risk management. This provides evidence that the work was completed and reviewed at the appropriate level before it is completed, invoiced, and delivered to the client. This produces a trail that can be followed as it proceeds through our office.

Non-Billable Time

Non-billable time is to be entered in increments of .25s.

For all Non-billable time entered, a note in the comment field must be filled in unless the time code is self-explanatory, e.g. Vacation. For example, if 700 – Administration Non-Billable is used you must type in a small description of the activity completed.

At a minimum, your time sheet total for the day should be representative of the hours you actually worked that day.

To navigate to your timesheet: within iFirm, click your name in the top right corner, and then click My Timesheet. On the daily tab, Add Timesheet Entry by filling out the fields on screen.

Adding a Time Entry

Select Entry Type – Billable or Non-Billable / Paid Non-Billable

• If Billable:
  • Job – Search for the Job to apply your time to. You can search by Client Name, Client Number or Job Number.
  • All Clients have Gen jobs. Only use the Gen job if no other appropriate Job exists for the billable time to be entered. If using the Gen job to record your time, a comment must be included.
  • At this point you can choose to update the Current Job Status and Currently Responsible or leave as is.
  • Quantity – enter your billable time (for time less than one hour, ensure you type “0” before the quantity – i.e., 0.10 – iFirm will correct this to 00.10).
  • Activity Code – enter the appropriate activity code by typing in the code or use the magnifying glass for Activity Code Lookup.
  • Comment – include any details that would be helpful to anyone reviewing the client WIP.
  • Add
  • Note – you can also add billable time to your timesheet directly from the specific job by clicking Add Time while in the Job Details in iFirm.

• If Non-Billable / Paid Non-Billable:
  • Quantity – enter your Non-Billable / Paid Non-Billable time (for time less than one hour, ensure you type “0” before the quantity – i.e. 0.50 – iFirm will correct this to 00.50).
  • Activity Code – enter the appropriate activity code by typing in the code or use the magnifying glass for Activity Code Lookup.
  • Comment – a note in the comment field must be filled in unless the time code is self-explanatory, i.e. Vacation.
  • Add
  • Note – when adding Paid Non-Billable Time (Vacation, Family/Personal Leave, Birthday, Bereavement Leave, Unpaid Leave, Jury Duty) ensure you enter the same in Collage.
  • Refer to the respective time off policy for increments to be used.
  • Statutory Holidays should always have a Quantity of 7.5 hours in iFirm. Statutory Holidays are not recorded in Collage.

Time can be entered for days in the past or future. Using the Previous and Next links, navigate to the date you want to enter time on. Your time entry will now go in on that day. This is useful for vacation days that must be entered before your vacation. You cannot enter time for a previous month once the month has been closed by Finance.

To Delete an Entry entered in Error, click the X to the right of the entry on the right-hand side.

If there is no X, that means that the WIP has already been applied to an invoice. You will need to speak directly to Finance to update that.

To Edit an existing time entry, click the entry on the right-hand side. This will now place the entry back in the original white space where you can change the original information.

This Policy is based on the following principles:

• Funds are used prudently and responsibly with a focus on accountability and transparency.
• Expenses for travel, meals, and hospitality support SB Partners objectives.
• Plans for travel, meals, accommodation, and hospitality are necessary and economical with due regard for health and safety.
• Legitimate authorized expenses incurred during the course of SB Partners business are reimbursed.

General Requirements and Responsibilities

Requirements:

• Alcohol cannot be claimed and will not be reimbursed as part of a travel or meal expense.
• Expenses for a group should be claimed by the most senior person present.
• Good record keeping practices must be maintained for verification and audit purposes (i.e., itemized receipts showing details of expense, taxes, and gratuity if applicable).

Claimants must:

• Obtain all appropriate approvals before incurring expenses.
• Submit itemized receipts with all claims.
• In the absence of an itemized receipt, provide a documented explanation of why the receipt is unavailable and a description itemizing and confirming the expense.
• Submit claims for expenses in a timely manner.

Approvers must:

• Provide approval only for expenses that were necessarily incurred to support SB Partners objectives and that follow policy.
• Provide approval only for claims that include all appropriate documentation (e.g., original itemized receipts).
• Not approve their own expenses.

Note: In the event of an overpayment to a claimant, it is considered a debt owing to SB Partners and must be repaid.

Travel

Manager’s responsibility:

• Determine if travel is necessary to achieve objective.

Team member’s responsibility:

• Commence and finish their workday as per the client’s workday schedule (e.g., if client’s workday begins at 8:00 am and ends at 5:00 pm, the team member is expected to arrive and depart from the client’s premises according to the client’s schedule).
• Arrive at client on-time and keep lunch hours to one hour (1 ½ hours if restaurants are not located conveniently nearby).

Local Area Travel

Travel Time

For all client related travel, the maximum billable time allowed to be recorded to the client is 30 minutes each way. Any travel time under this policy in excess of the billable 30 minutes each way must be recorded to code 710 – Travel Non-Billable.

Client Related – Billable

Billable travel time should be recorded to the appropriate job for the applicable client in iFirm using code 610 – Travel Billable as follows:

To and from SB office

The time recorded to the client is the actual amount of time it takes to get to/from the SB office and the client premise.

To and from home

The time recorded to the client is the lesser of:

1. The time it takes to get to/from home and the client premise; or
2. The time it takes to get to/from the SB office and the client premise.

Travel time to/from client premise, whether from the SB office or home, should be the most direct route and should not include time for additional stops taken along the way (i.e., to get gas etc.)

Travel to and from home and the SB office should never be recorded in iFirm or expensed as this is considered personal travel time.

Courses and Events:

• Travel time to and from courses and events will not be reported in iFirm.
• Team members are entitled to mileage and/or public transit cost reimbursement for their travel costs, however, it is assumed that team members attending the same courses will carpool whenever possible.
• (See “Mileage Reimbursement” section below for details)

Personal Automobile Usage

• Team members are only authorized to use their automobile if they have both a valid driver’s license and current comprehensive auto insurance, including liability. If not, the team member is not authorized to travel for the firm and must advise Administrative and Office Manager of the circumstances.

Mileage Reimbursement

• Mileage between the team member’s home and the SB office is not a reimbursable expense. If the team member travels to and from an approved location for business purposes, the team member can claim mileage reimbursement for the lesser of the distance between their home and the approved location or SB office and the approved location.
• When a team member uses their personal automobile for approved business purposes, the firm will reimburse the team member at the rate of $0.65 cents per km (rate effective January 1, 2024 and includes HST).

Parking Reimbursement

• When a team member is required to pay for parking for approved business purposes, the firm will reimburse the team member.

Toll Highways

• Full-time team members who, as part of their regular duties, visit client premises which necessitate the use of a toll highway (e.g., Highway 407) are required to lease a transponder. The firm will reimburse the annual lease fee for the transponder.
• Toll highway charges between the team member’s home and the SB office are not a reimbursable expense. If the team member travels to and from an approved location for business purposes, the team member can claim toll highway charges for the lesser of the charges between their home and the approved location or SB office and the approved location.

Fines – Traffic, Parking or Other

• The team member assumes the responsibility for all fines, including traffic, parking or other.

Meals and Entertainment

Actual, reasonable, and necessary costs for meals will be reimbursed as outlined below:

Lunch

Team members may eat lunch at the client premises if:

• the Senior CPA is comfortable and feels it is appropriate for the team to eat at the client premises;
• there are appropriate facilities/location for the team to eat their lunch; and
• the Senior CPA has discussed and received approval from the client for the team to remain on the premises to eat.

In these situations, team members are expected to bring their own lunch or, if they prefer, to buy a lunch at their own expense.

If lunch is required to be eaten off-site, the firm will reimburse the team member the actual amount on the receipt to a maximum of $23.00 inclusive of tax and gratuity.

Dinner

If an extended workday is required, the firm will reimburse the team member the actual amount on the receipt to a maximum of $23.00 inclusive of tax and gratuity for dinner. An extended workday means a minimum of 10 hours including billable travel that day.

**Busy Season: during busy season, if the firm provides dinner at the office, team members are expected to participate in firm provided dinners. Dinner reimbursements will not be approved during this time.

Gratuities should normally be in the range of 15% of the cost of the services provided. If the quality of service is exceptional, a gratuity up to a maximum of 20% of the bill may be considered.

It should be noted that gratuities should be calculated before sales tax is applied.

Longer Distance Travel and Expense Reporting

Travel Authorization & Approval

Upon determination that a trip is necessary, an email must be sent by the Manager to the Administrative and Office Manager advising of the travel necessary and all details including the use of rental cars or other services.

Air Travel

• Air travel will be via the most direct and economical means, accommodating the comfort, needs and preferences of the team member. The Administrative and Office Manager will provide several options for the team member to choose from before booking reservations. Deviations from the lowest fare will only be on an exception basis and reasons must be documented.
• Cancellation insurance will be included in all air fares.
• No more than two (2) team members or two (2) Partners will be allowed to fly on the same flight.

Auto Rental

• SB does not allow the use of rental vehicles unless no other form of transportation is available (i.e., remote areas). Should additional transportation be required when away on firm business (e.g., from airport to destination), team members are to use available shuttle services or taxi service.

Entertainment Expenses

Entertainment expenses must be preapproved, and must meet all of the following conditions:

• The team member’s specific assignment requires the entertainment of the firm’s customers or potential customers, or others as appropriate;
• The entertainment expense is fully receipted (original receipts required);
• The persons entertained, the place and the purpose of the entertainment must be clearly specified; and
• Gratuities should normally be in the range of 15% of the cost of the services provided. If the quality of services is exceptional, a gratuity up to a maximum of 20% may be considered.

Non-reimbursable expenses include, but are not limited to: alcoholic beverages, in-room movies or snacks, fines for traffic violations, insurance on life or personal property while traveling, purchase of clothing and/or other personal items, expenses for family, child, pet, home and property care while on a trip, airline headset rental.

Meal Reimbursement

Out of Town (overnight stays) – the firm will reimburse the team member the actual amount on the receipts to a maximum of $100.00 per day inclusive of tax and gratuity. If meals are provided as part of your out of town/overnight stay, the team member is expected to participate in those meals.

Lodging

All firm authorized accommodations must meet with industry accepted business travel standards with reference to comfort, convenience, and cost.

The team member is responsible for confirming that the rate being charged is also the rate listed on the travel itinerary. Any discrepancies should be reported immediately to the Administrative and Office Manager.

All hotel reservations will be guaranteed to an SB firm credit card. It is the team member’s responsibility to cancel hotel reservations within the hotel cancellation policy time frame. This can be done by contacting either the Administrative and Office Manager or the hotel directly. You must obtain a cancellation number when cancelling a hotel reservation.

Laundry Service

Actual and reasonable laundry expenses will be reimbursed. Receipts must be provided. This applies only after the team member has been away from home for business-related purposes for five (5) consecutive days, or if the trip has been unexpectedly extended.

Expense Reporting

The following conditions apply when submitting expense reports:

• Actual and reasonable expenses are reimbursed in accordance with the provisions of this policy and procedure. Expenses without receipts (i.e., mileage) will be reviewed for reasonableness by the manager approving the expense report.
• Team members must submit their Expense Report on a monthly basis.

Expenses are reimbursed by the Finance Department twice per month as follows:

• For reimbursement on the 15^th of the month – approved expense reports received by the 5^th of that month.
• For reimbursement on the last day of the month – approved expense reports received by the 20^th of that month.
• Note: any expense reports received after the above dates will be held to the following reimbursement date per above.
• Reimbursement will be done by way of direct deposit to the same bank account used for semi-monthly payroll deposits.