What is WiseCost?
WiseCost is a cloud-based software platform tailored for government contractors and nonprofit groups managing federal grants, providing critical functionalities for time tracking and labor cost allocation alongside QuickBooks Online. Employees can record their hours by specific projects or categories, verify their timesheets, and submit them for approval from management. Administrators can import payroll data, distribute labor and related costs across different contracts or grants, calculate fringe benefits, overhead, and general administrative rates, as well as generate journal entries directly within QuickBooks Online. The system produces detailed reports that encompass labor distribution, indirect rates, profit and loss statements, and comparisons between budgeted and actual expenditures. Moreover, it establishes a secure audit trail that logs all modifications and approvals for accountability. To further enhance its functionality, WiseCost includes a read-only REST API, which enables easy exporting of time and labor data to various systems. CPA firms gain an advantage through a dedicated multi-company dashboard designed to streamline the management and support of their client organizations. This combination of features positions WiseCost as an essential resource for ensuring compliance and improving efficiency in financial oversight, ultimately contributing to better decision-making for stakeholders.
Pricing
Screenshots and Video
Labor Distribution setup screen with ready payroll periods, timesheets, employees, and total hours.
