Could your manual timesheet process be robbing the company of precious time and money? Amanda Penny explains how time sheet automation can make a big difference to your bottom line.
Businesses that work with manual processes often believe automated timesheet systems are more costly. But, when you take into consideration the chance of data inaccuracies, double-handling and the time it takes for processing, the reverse is often true.
A typical manual process involves an employee accurately completing their timesheet then passing it to their manager for amendments and approvals. Timesheets are then sent to the payroll office to calculate hours, and payroll will often spend time calling managers to check details. What should be a simple process, can take days to finalise and cost many hours of employee time.
Then there are the inaccuracies. It can be difficult to calculate the costs associated with overpaying your employees. But let’s take a conservative look at a company of fifty people. If all employees of that company were overpaid by $1 a day it would cost $13,000 p.a. in extra wages.
With an automated timesheet system, it’s estimated that you could save more than 5% on your payroll costs and reduce payroll preparation by up to 80%. Inaccuracies, overpayment and hours of unnecessary processing can be things of the past. What’s more once installed, the system practically pays for itself.
Finding the right automated solution for your business is essential. The first step is to look for smart technology for data collection. Many businesses choose to use finger-scanning devices. Cost-effective and easy to use, finger-scanners accurately capture an employee’s hours with one swipe of their finger.
Swipe Units, computer based ‘Clock In’, web and telephone products are also available to be used across your organisation. With this technology, the software will automatically calculate and apply your business rules. Not only does this take care of those manual tasks, it also prompts the manager when exceptions have occurred, so nothing is missed.
So what should you look for when choosing an automated system? Here are a few things to consider:
+ A range of options to suit your business
+ The ability to interface with your existing payroll system
+ The availability of nationwide support
+ Options for purchase, rental or LTO
If you’re still working with a manual timesheet process, it’s time to make a change today. With automated technology you’ll discover genuine cost savings, and a more efficient way of doing business.
Amanda Penny is Marketing Manager at iDt Limited www.idt.co.nz. iDt are specialists in automating Workforce Solutions and proudly NZ owned & operated.
