December 2, 2011
Improving Payroll Accuracy with Time Clock Software
One of the main reasons that employers choose to use time clock software is because of the many faults and errors that occur when manually calculating employee payroll information. As time clock software can help to eliminate human error, it can save the business real money each year. The money that is saved can then be used for something else that will help the business to grow. Although you will usually pay a monthly, annual or one-off fee for the time clock software, you will find that you will still save much more money than you would if you continued to experience payroll errors. Research has shown that payroll errors cost large businesses thousands of dollars per year; therefore, many consider a time clock tool to be a good investment.
Elimination of Buddy Punching
A time clock system like Time Clock MTS will help eliminate buddy punching in the workplace. "Buddy punching" is when an employee clocks in another employee before they have actually started working. This is very common in the work place with older time clock systems and methods of clocking in and out, which allow employees to do this. It is mainly done if an employee is going to be late but doesn't want to miss out on their pay. Purchasing time clock software that doesn't allow buddy punching will motivate employees and save the business money, as employees will not be receiving pay for hours that they haven't worked. Eliminating buddy punching from the workplace will automatically improve the payroll accuracy a great deal.
Correct Application of Overtime Rules
When employees are paid extra for overtime, it becomes very tempting for them to take advantage of this. If it is not properly managed and monitored, you may find that the business is paying employees overtime pay during hours that they do not deserve it. As a result, many of the general overtime rules are being broken each day, making the payroll records even more inaccurate. This incurs unnecessary costs for the business that would not have to be paid otherwise.
A good time clock system will ensure the correct application of overtime rules, so you won't be left to sort out employee payroll information that has been miscalculated.
Elimination of Data Entry Errors
It can often be easy for employees to make data entry errors when clocking in and out and recording information, especially when they are rushing to finish quickly. Using a time clock system is much easier and eliminates many of the main problems you may encounter, including data entry errors. Various pieces of information need to be included in the time clock software, including regular and overtime hours, both of which need to be recorded regularly. If the software that you have can do this accurately, the business can save money and time due to errors.
A good, reliable time and attendance tool can make a significant difference to your business. As well as saving the business money (the main reason that many employers choose to buy them), it will encourage employees to work harder and ensure that you are always able to access correct information on the system.
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Posted by mnemtsas at December 2, 2011 7:22 AM