Three Reasons to Upgrade Your Timekeeping Process

When it comes to running a business, a manual timekeeping process can seem like the cost-effective option. However, a closer look suggests that it’s often not that simple. From administrative overhead to human error, companies small and large will eventually experience some of the risks involved with “DIY” timekeeping. Though the list could go on, here are three quick reasons to consider choosing a trusted partner to simplify your timekeeping and payroll processes.

1. Reduce Administrative Overhead

Businesses who manually prepare timesheets or timecards for each hourly employee are paying a hidden fee on each payroll. For example, if the average payroll clerk spends seven minutes per pay period on each timecard, preparing 100 timecards will take 11.67 hours. With the average clerical wage of $15 per hour, that means an automated timekeeping process would save around $175 per pay period! Moving to an automated timekeeping process will reduce time spent on administrative tasks and increase the time available to spend on tasks that directly impact revenue.

2. Prevent Human Error

According to the Workforce Institute, about 54% of Americans have had an issue with their paycheck. The issues vary, ranging from underpayment and overpayment to late payment, and discrepancies are rarely received well. Leveraging technology for your timekeeping processes can ensure that time & attendance are tracked accurately and can help reduce the chance for payroll errors.

3. Eliminate Wasted Payroll Hours

Time padding is another familiar issue for many businesses, meaning wasted payroll time due to poorly tracked breaks, extended lunches, over-approximated punch times, and more. These wasted payroll dollars can add up quickly for any business. For example, 15 employees receiving four additional wasted minutes per day can total 20 hours of extra payroll costs per month! No matter how it occurs, phantom payroll dollars can be a huge burden on your bottom line.