In a slow economy, many companies are looking at areas where savings can be made. One of the areas that can cost companies significantly is employee timesheets.
From the first step of the timesheet process right through to payroll, there are many opportunities for inaccuracies and errors.
Firstly, the employee is relied upon to fill out their own timesheets, which are typically sent to their manager for any amendments and overtime approvals. The manager will then send the timesheets to the payroll office, where the hours are calculated, and often will have to phone the manager to check certain details before processing the payroll. The whole event can take companies several days to finalise, and not only cost employee time, but also the cost of inevitable human error.
Surprisingly many organizations still use this method as they feel it is the cheapest option, when this is simply not the case. A modest look at the costs associated with overpaying employees, in a business of 50, at $1 per day, is an additional $13,000 per annum.
There are many options in the market to automate timesheets. It is important to do the research and find the best option for your business. Data collection is the first point of the process, so it is vital to get this right. The most commonly used device today is a fingerscan, these ensure accurate employee hours, are simple to use and cost effective.
Other products include Swipe Units, PC based ‘Clock In’, Web and Telephone, or a range of these options may be required for the different areas of your organisation. The employee hours are calculated and your business rules are applied automatically by the software. Not only does this take care of those manual tasks, it will also prompt the manager when exceptions have occurred, meaning no longer having to rely on memory.
Now is the time to cut costs, save employee time and enjoy what today’s technology has to offer.
Amanda Penny is Marketing Manager at iDt Limited (www.idt.co.nz), specialists in automating Workforce Solutions, proud to be NZ owned & operated.
