Your company payroll is most likely the most expensive expenditure your business runs into. Without quality workers, you are not able to thrive, but you also need to keep this cost point in check. You know what hours you need filled, so you do your best to make sure the shifts are covered. However, this doesn’t mean you are not going to run into potential problems along the line. By monitoring your payroll, not just on a bi-weekly or weekly basis but on a real time basis, you are able to avoid expensive problems. With the money you save, you can reinvest it back into the company and help grow the bottom line.
Financial Problems without Real Time Payroll Monitoring
There are a few different issues you may run into and not even realize it until too late. If you pay hourly employees, you schedule everyone so they receive the desired number of hours they want. You also probably make sure to keep these individuals from hitting the overtime mark. Paying employees time and a half is an expensive additive to your bottomline and, should this happen on a regular basis, can prove costly. While overtime on occasion isn’t avoidable, when you can avoid it you should try to do so. With outdated payroll monitoring systems out there, you may not realize someone has worked overtime until cutting checks. Naturally, you do not schedule these individuals for overtime, but over the course of a week, someone might cover a few added shifts, which gives them the necessary hours. With real time monitoring, you can move around the schedule to make sure they do not hit this expensive price point for you. If you don’t have an issue with overtime, you don’t need to do anything, but real time payroll monitoring does give you the opportunity to step in and correct the situation before it costs you money, should you so choose to.
With outdated forms of monitoring, other employees are able to easily clock someone else in. Perhaps one employee is running late but they don’t want to look like they are arriving 30 minutes after their designated start time. Whatever the reason is, another employee may punch them in. This means you end up paying the employee for 30 minutes they are not working. It constitutes time theft and it is a major problem in businesses around the United States. If this takes place several times a week throughout the course of a year, it can cost your business tens of thousands of dollars, if not more. This is money you can reinvest and put back into the company, potentially creating new jobs at the same time. With real time payroll monitoring, it prevents employees from clocking in for other workers, which gives you the ability to both save money and see which workers are constantly late for their shift.
Real Time Payroll Monitoring Is Easy
You no longer need to be connected to your business network in order to monitor the payroll. All you need is a device with an Internet connection. This not only includes your desktop or laptop but a tablet or smartphone. By installing and using an application, you give yourself greater control over the payroll with the hours worked calculator. It makes it easier to cut checks and send financial information to your accountant, while you can avoid costly mismanagement issues common with weekly or bi-weekly monitoring systems. With the advent of new technology, running your business should be easier than ever before. This kind of software helps do just this and put the power back into your hands.
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