Gone are the days when timekeeping was simply inserting a punch card into a box hung on the wall, or handwriting time on a preprinted slip. Today’s electronic timekeeping solutions offer affordable mobile solutions that can save employers money and time, while providing additional services such as scheduling, time-off accruals, employee portals and more.
Eliminate time theft. Employee compensation is the single biggest cost for most small businesses. Time theft, such as timesheet padding or buddy punching, can have a significant impact on your bottom line! Electronic timekeeping can provide controls to stop time theft, including GPS mapping for field employees.
Reduce errors. The American Payroll Association estimates manually prepared timecards include as much as 8% in errors. You could be paying for unworked labor. A conservative 2% on $15,000 of gross wages equals $300-for a single pay period. And that doesn’t include the cost to correct and re-issue paychecks if and when the errors are detected. Electronic timekeeping automatically calculates hours, including overtime, and can help ensure employees are only paid for eligible time-off or holidays.
As your business grows and matures, it is almost inevitable you will ask yourself whether to buy or lease space from which to operate. Here are a few key considerations when making this decision.
Save time. Electronic timekeeping solutions allow owners and managers to review and edit employee hours online. Instead of manually keying in time, electronic timekeeping solutions can be imported into payroll software, not only saving time but also eliminating input errors.
Clock In/Out anywhere. No longer are your employees required to clock in and out on a physical clock. Today’s electronic timekeeping solutions allow your employees to clock in from their office, home, or in the field, with controls in place to verify their identity.
Payroll Vault offers a robust timekeeping solution that can be tailored to your company. Call us today to find out how we can save you time and money!