Of money are wasted annually in overpayments. Researchers found that significant amounts Salary overpayments: In APA’s 2010 Global Payroll Performance Study, 2 Submitted per month, the costs add up significantly. When multiplied by the number of employees inĪn organization, and again by the number of timesheets Spend considerable time filling out timesheets manually,Īnd reviewing a single timesheet can take as long as 7
TIME ATTENDANCE TRACKING MANUAL
Manual processes: APA research shows that employees Resulting from manual processing of time and attendanceĪlone can account for 1%–7% of total payroll costs. Studies by the American Payroll Association (APA), errors Human error: People may calculate hours incorrectly, Other hidden payroll-related expenses include timesheet fraud, labor lawĬompliance audits, and in some cases, lawsuits. Weak timesheet controls and manual processes makeĬompanies vulnerable to payroll errors, overtime errors,Īnd scheduling inefficiencies. This method of time trackingĪnd reporting is fraught with error, because it relies on theĪccuracy of individual employees who manually transcribe Then re-enter the information into payroll systems for Labor-intense and manual process, with employees punching time cards or filling out timesheets by hand and turning them in to the payroll department. Traditionally, time and attendance tracking has been a Manual Processes Lead To Higher Payroll Costs Let us look at several ways in whichĭeployment of an automated time and attendance tracking solution can mitigate high payroll costs and improve To lack of insight into their workforce, which in turn affectsįortunately, an automated, cloud-based solution for timeĪnd attendance tracking can address these problems and Unable to properly optimize scheduling and allocation due With such complex workforce attributes, it is not surprising that managers may be Remote and on-premise, exempt and non-exempt, or have Multiple sites, or have a mix of employees ranging from This is particularly true when companies are spread across The fact is that manual time and attendance tracking,Ĭoupled with weak timesheet controls and compoundedīy human error, result in hidden costs that add up quickly. Process with an automated solution for time and attendance tracking. Increasing productivity through streamlining the payroll To show that overall payroll costs can be reduced by While many businesses have been forced to cut payrollĬosts by resorting to layoffs, there is compelling evidence
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To remain viable and maintain productivity, managers are confronted with difficult choices. The current globalĮconomic environment has resulted in cutbacks acrossĮvery type of industry. It’s a given that for most businesses, payroll eats up as