Call Us 281-247-0285

May 12, 2016 by
aliereadvisors
How much is manual timekeeping really costing your business? If you’ve researched and priced out an automated timekeeping system but stuck with your existing system for financial reasons, you likely don’t know what it is actually costing you. Working with an automated timekeeping system will pay for itself by saving time, minimizing errors, and can even prevent some bad employee behavior.

Save Time

How much time do your employees spend filling out their manual timesheets? While it may not seem like a lot of time individually, keep in mind that everyone in the company is taking that long on their sheet. Then you or your human resources department spend time collecting the sheets and entering the information. How much time do you spend verifying the times and rates on each sheet? The time you do spend is time spent away from more profitable tasks; if you don’t verify the information, you could be letting costly errors slip through, or worse, timesheet fraud. If an error is found, how much time goes into correcting the problem? A manual timekeeping system eats up a lot of time all over the company: yours, your human resources department (if you have one,) and every employee filling out a timesheet. Even more time is spent on timekeeping and payroll questions to HR. With some timekeeping software, employees will be able to check their remaining vacation time and other concerns, which will save time for your HR department.

Prevent and Correct Errors

Even minor timekeeping errors can add up to big costs for your company. Many employees won’t report that they’ve been overpaid, so the company can lose money if they are often overpaying employees. If an employee has been underpaid, the costs of reissuing a paycheck can add up as well. Mistakes happen, but an automated timekeeping system can make it easier to correct them. Most timekeeping software has simple ways to correct errors so that everything can be fixed quickly and accurate paychecks can be prepared on time. Some software will even catch errors and notify you early, before it becomes an issue, so that it won’t hold up payroll. Timekeeping software also prevents errors: the software does calculations for you, so it can handle different pay rates, overtime and holiday pay.

Discourage Bad Employee Behavior

You and the managers at your company should be busy doing profitable tasks, not babysitting their employees. While your employees should be trustworthy, honest, hardworking individuals, sometimes you have an employee who may take some liberties with their timesheet and their hours worked. If employees have to clock in to timekeeping software in the workplace, they cannot hide chronic lateness or a habit of leaving early. Automated timekeeping will keep employees accountable and punctual; it will also free managers from attendance-taking duties so that they can focus on leading their teams.

Go Green

Automated timekeeping eliminates the need for so much paper when there’s no paper timesheets. This saves the planet and saves your company money on supplies.

Facebook Comments