When your industry is based in the field and the office is the job site, a mobile time and attendance tool is the perfect on-the-go solution. But whether its old prejudices about using digital or simply a resistance to change, companies are still holding on to paper and manual timecards. Research shows 37% are still using paper timesheets or physical time clocks. This antiquated business practice takes a bite out of profits in more ways than one.
Fudging hours and buddy punching are your biggest time stealers. The American Payroll Association estimates that time theft costs businesses up to 7% of their total payroll. Paper timesheets make it easy, tempting even, for employees to add an extra 15 minutes, half hour or even an hour to their workweek. And employees typically fill these out at the end of the week, when they have likely forgotten the exact times they worked.
Buddy punching occurs when an employee asks a friend/co-worker to punch them in or out on their timeclock. For example, say an employee wants to leave the jobsite early to get a head start on Friday night plans, so he asks another employee to clock him out on a punch-clock at the correct ending time. That buddy punching, especially if done regularly, can cost you big time. Implementing processes or technologies that nip time theft in the bud, not only saves your company money but lets any dishonest employees know fudging hours will not be tolerated.
Payroll processing is one of the most important tasks at your company; you need employees to get jobs done and they won’t work if they aren’t getting paid. That being said, payroll isn’t typically a quick and simple process, especially if it’s still being done manually. Your payroll manager has to:
- Review employee hourly schedules
- Determine overtime pay
- Calculate gross pay
- Determine deductions
- Calculate net pay
- Issue payments to employees through their preferred delivery method: paper check, direct deposit, etc.
These time-consuming tasks can take your employees away from other, more strategic and growth-oriented initiatives. Payroll software can get business owners back to running their businesses. Try this payroll savings calculator to see just how much time a digital solution could save over a manual one.
Gathering stacks of paper and matching each timesheet up to the corresponding employee is tricky enough without adding illegible handwriting and double data entry and those payroll processing errors can be costly. It’s been estimated that up to 8% of gross annual payroll can be attributed to timecard computation errors. Using a manual process leaves your company open to error, with you paying the price. With an automated process, you’d never have to worry about syncing time and attendance with payroll. It’s done without human error, saving both money and time. Using time and attendance software can increase efficiency by 14%.
Arcoro’s time and attendance solution comprises a web-based time tracking and scheduling app and software for capturing and reviewing accurate clock-in and out times. It syncs to any payroll processing system, saving time, and using the mobile app or rugged clocks, employees can be tracked anywhere, so there’s never a wait to input time and or a window to steal it.