Are you still manually recording your worker’s time? While you may think that a pen and paper method is helping to save you money, it may actually be costing you in ways you aren’t even aware of. The best way to minimize your payroll losses is by utilizing professional payroll service providers. However, it is also a good idea to learn how manual payroll recording may be costing you.
Time Theft by Employees
There are a number of ways that manual time and attendance systems can be manipulated. A few examples are padding and “buddy punching.” There are some larger employers that make the switch to an automated time tracking system and are surprised to see the reduction in hours the first pay period. Even if it is only a small reduction, the savings will add up quickly.
Insufficient or Inaccurate Records
When you use professional payroll service providers you can feel confident that everything recorded is accurate. This will allow you to make informed decisions about your allocation of human resources. In the long run, this will also help you increase your business’s overall productivity.
Increased Overtime
If you are still using manual, pen and paper for timekeeping, there are no built-in notifications that will inform managers when a worker is getting close to the number of hours they are authorized to work. If manual timekeeping is used, chances are you are paying much more than you should in overtime pay for workers.
If you are looking for a way to reduce your payroll spending, then consider using professional payroll service providers.
Find out more about professional payroll services by visiting the Innovative Employee Solutions website.