When a business utilizes a timekeeping system, they typically have fewer payroll errors. For example, time is not inflated, it’s easier to track overtime and vacation accruals, and it assists with staying in compliance of current labor laws.
By utilizing a timekeeping system, you are tracking your employee’s hours closely and monitoring the information to follow current legislation. For example, the Fair Labor Standards Act mandates how employers pay employees for time worked as well as time off. This has made manually tracking employee hours tedious and time-consuming.
There are several different timekeeping options that utilize technology like geo fencing, face recognition, fingerprint machines, kiosk time clocks, etc. Several of the systems are web based and can be as simple as employees downloading apps to their smart phones to clock in and out. By utilizing technology this will help ensure the right employees are clocking in and out, they are in the correct location and approval reports will be sent to the person managing these employees.
When using a timekeeping system, you can also track employees requested time off or PTO/sick days. Managers will receive e-mail notifications with requested time off. There are also calendars within the system that allow for managers to view employee’s leave balances before approving that requested time off. Furthermore, a timekeeping system will help you view the time each week to manage overtime, track time off accruals, and schedules.
By implementing a timekeeping system, business owners can focus on increasing productivity, maintaining better control and oversight, and proactively preventing potential payroll miscalculations and overpayments.
A timekeeping solution is invaluable to your company. We have several solutions at Payroll Vault to meet your business needs and help to streamline your payroll processing. Contact me today to find out more information.
Melissa Clary, Owner CPA
