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Tuesday, July 29, 2014

Top 3 Reasons You Need a Time and Attendance System

1. Accurate Payroll
How many different types of materials have you received employee time cards on?  I have heard of time cards that were written on napkins, boxes and even a 2x4 piece of wood.   I might be stepping out on a limb when I say that these time cards were filled out as an afterthought and probably weren't very accurate.  Even when time cards are filled out on actual paper, accuracy can be a problem.  The American Payroll Association reported that mistakes made from manually entering data into your system can cost 1% -8% of your companies gross annual payroll.  A time and attendance system eliminates the need for manual data entry.

AboutTime Technologies has an ROI calculator that will show you just how much your business can save from using a Time and Attendance software.  However, nothing speaks louder than hearing actual customer accounts.  Sue Hefferman from Martin-Zombeck said "I would say we have saved close to $200,000.00 on a job by knowing what our average labor rate was, and the accuracy of the time being imported. We have seen an immeasurable return on  investment with AboutTime

2. Reduce administrative costs
Data entry takes a lot of time.  Some companies even hire a full time data entry person.   Collecting time cards, trying to figure out what the time cards actually say, verifying they are correct and finally entering the data into your accounting system can take a full time staff.  A time and attendance system can cut the time spent doing administrative tasks at least in half.   Brack St. Clair, the warehouse manager and AboutTime Administrator for Trinity Drywall and Plastering,  reported “ Before AboutTime we had one full time employee that just worked on payroll.  AboutTime cut the time spent on payroll processing in half, allowing HR also to do HR duties, and we didn’t have to hire extra resources.

3. FSLS compliance laws
The most important aspect of being compliant is having accurate documentation readily available.   A system,  such as AboutTime, that uses pin-codes, or biometrics along with GPS stamping ensures that the correct time is assigned to the correct employee.  Once the information has been collected it is sent to the office where it is easily imported into accounting, doing away with manual data entry and maintaining the integrity of the data.   With the number of wage and hour lawsuits increasing since 2011 by %115  it is important to make sure your business is following compliance standards, and a time and attendance system is the first step toward meeting that goal.

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