The Unseen Costs of Traditional Payroll Processing – Infographic
If you’re a business owner, you know your company inside and out. From the salaries you give to the marketing expenditures you approve, you know where every cent and dollar goes. However, there are some costs that are less easily identifiable. Take for instance, your company’s payroll processing costs. If your company is still relying on paper-based approval, your organization is using a system that’s draining your company of labor, time, and money.
The implementation of an automated timekeeping system, like FingerCheck employee time clock software, would immediately solve several of these deficiencies:
- For starters, employees involved in payroll preparation would no longer need to seek timesheets from employees (or signatures from supervisors). A digital cloud-based system holds all employee punches, which supervisors and payroll staff can easily review, sign off, and approve right from their computer.
- An automated time and attendance system automatically calculates employee worked time, eliminating human error entirely. Payroll personnel no longer have to contend with time card confusion, paperwork, and human error.
- While handwritten timesheets are acceptable under the law, employees often approximate their recorded times when left to document their own attendance. Machine-recorded times are always accurate to the minute.
- An automated time and attendance system guarantees accurate, complete time records,which are necessary in order to successfully pass a DOL audit or defend against labor law lawsuits.
In the long run, investing in an automated timekeeping system pays for itself in saved labor costs, human error costs, time theft, and potential compliance litigation costs. To start saving today, sign up for FingerCheck employee time clock software today!