01 May Timesheet Automation – Cut Your Labor Costs
A common misconception is that doing something the “old fashioned way” is easier or more affordable. Certainly, there are endless examples that support both sides of that argument. But when it comes to tracking employee time, however, it is certainly not easier nor less expensive. Perhaps what keeps business owners doing it the “the old way” is change itself or a perceived lack of time to find the right service. If you’re ready to make the change but simply need to find a great solution at an affordable price, we can certainly help. If, however, you’re still at the stage of wondering why changing to automated timekeeping is beneficial, read on.
Benefits of a Time Clock Solution
In a single write-up, we simply can’t touch on all the reasons, but here are 5 brief but important reasons employers are switching to automated timekeeping.
- Drastically reduce administrative work – Preparing payroll takes time, as does collecting, calculating and approving employee time card data. When you add mistakes and human error to the equation, processing payroll becomes a daunting task to manage. However, with automated timekeeping, you can turn hours of administration into a matter of minutes as collecting, calculating, editing, approving and transmitting the data for payroll is completely streamlined.
- Control or reduce payroll costs – It’s no secret or surprise that employee labor is one of the largest expenses an employer carries. In the past, this expense has been difficult to optimize. Today, it’s not. With automated timekeeping, employers can pay to the minute… not based on estimated punch times. They can also minimize the cost of time fraud, late arrivals, early departures and extended breaks. Reducing overtime and payroll taxes is also made convenient. And these are just some of the ways employers save.
- Easier Compliance – Tackling compliance is difficult for most businesses. With HR-related compliance, automated timekeeping is one of the easiest and most immediate fixes an employer can make. Whether it’s for FLSA guidelines, IRS, the Affordable Care Act, or another guideline, timekeeping will immediately automate and minimize compliance risk in a dramatic way.
- Employee Productivity & Accountability – Employees often struggle with productivity, but it’s much easier when they have convenient tools that let them know how they are doing. A timekeeping mobile app or online portal is a perfect example. Often, employees arrive to work late, leave early, have personal matters to attend to, take longer breaks than what’s offered, or simply struggle to maintain their full work schedule. You’d likely say that every company has this challenge to some degree. These habits are costly, but with automated timekeeping, employees can conveniently record, review and be accountable for their time.
- Better Reporting – Employers invest a great deal in their staff, both in terms of dollars spent and effort. With automated timekeeping, employers and supervisors can begin to see exactly where that investment is going. Whether it’s scheduling, job costing, or tracking shift-related numerical data, automated timekeeping allows for comprehensive visibility of where employee hours are being spent.
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