Time is money. We’ve all heard the adage. And never is it truer in the business world than when it comes to tracking employee time. According to a study by Market Research Future, the U.S. economy loses 50 million hours a day because of inaccurate time and attendance tracking. For a company of just 15 workers, that translates to a loss of roughly $1.6 million in annual revenue.
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Have you ever considered the impact of effective wage and hour documentation in maintaining compliance with labor laws? Forget about the old, manual methods where timesheets were filled by hand. Embrace the power of the best time and attendance systems available today: Workforce Time and Attendance Software.
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“Our most valuable resource is our people.” That’s something that many businesses say about their workforce — but how many businesses actually treat their human capital that way?
On August 8, 2020, the President of the United States issued an executive order to provide a payroll tax holiday for American workers. This treasury guidance permits employers to defer the 6.2% tax employees pay toward Social Security from September 1 through December 31, 2020. Chances are, your employees have approached your HR and payroll departments with questions about what this guidance means for them personally. You may find yourself with a few questions of your own.
On August 12, 2020, the Small Business Association (SBA) opened the forgiveness portal for its Paycheck Protection Program loans, allowing PPP loan recipients to apply to have their debt forgiven. But many banks, along with other lenders who issued these loans, are telling their borrowers to hold off on their applications for now.
For decades, keeping track of time and attendance in the workplace was both a guessing game and a matter of trust. As companies grew more complex and added to their workforce, recording employees’ time in the office and their overtime became more complicated, cumbersome and unruly. Business owners and HR managers often estimated hours worked and frequently resorted to relying on employee honesty in order to account for hours logged on the job.
In the modern workplace, the expectations placed on Human Resource teams to handle all of the demands of people management can be stressful. Gone are the days of simply gathering and storing employee information. HR now encompasses a vast array of functions, and if your company is not using the right tools, or is using multiple systems, efficiency can suffer and errors can multiply.
Labor is often the single largest cost of any business, which is why accurate time tracking is crucial. But accuracy can be compromised when HR departments use manual workforce management procedures, which can lead to errors, resulting in higher costs, lower productivity, increased liabilities and ultimately reduced profits.
Thinking of finally using an outside payroll provider? Or do you have one already but are in the market for a new one? Either way, it’ll take some research to find a new service that matches the unique needs of your business. It’s a given that cost and security will be a major part of the decision-making process, but there are other considerations you should weigh before making the move. Here are six must-have features your new payroll provider should provide:
Managing and processing payroll isn’t just a complex and time-consuming task, it’s a downright challenge. According to a study, 40% of small business owners rank bookkeeping and tax preparation as their least favorite parts of their job. It’s easy to see why more companies are outsourcing payroll to professional Human Capital Management (HCM) agencies, which use the latest software systems. If you’re still handling payroll in-house, here are five key benefits your HR departments and businesses will enjoy by switching to an outside provider: