18 Feb How Timekeeping Reduces Errors and Wasted Time
Managing payroll and handling other tasks for your clients is much more challenging without access to complete and accurate data. Utilizing systems that track employee time is vital to saving time, reducing costs, and building a stronger relationship with your clients. Payroll accuracy will improve and your clients may even see an improvement in labor costs through the elimination of buddy punching and other time card fraud.
Accurate and Timely Tracking Helps Everyone Win
Implementing new software and the processes that go with it can feel intimidating, both for your internal team and all the clients who will use the new system. But the gains made by implementing a timekeeping solution for payroll are well worth any minor growing pains.
The costs associated with payroll errors, including running corrections, unplanned overtime, and padded timesheets, can quickly add up. Relying on manual processes for tracking hours will almost certainly result in mistakes, even those made unintentionally.
An automated time-tracking system delivers time savings for your payroll processing team coupled with a dramatic reduction in expensive corrections. Benefits of a timekeeping solution also include:
- Building trust with your clients
- Offering more ownership over time collection
- Supporting higher employee retention rates
- Ensuring data accuracy
In May 2024, NAWBO published an article that included a finding by the IRS. This data indicated that 40 percent of small and medium businesses in the U.S. had faced fines for incorrect filings and calculations. When such errors persist week after week, even seemingly small penalties can quickly add up and impact the company’s bottom line.
Alight, Inc. noted that as of March 2024, over half of those companies still used spreadsheets for tracking time. Nearly 20 percent rely on paper or other manual processes, which creates the ideal environment for errors. Any organization using paper timesheets or spreadsheets is at a much greater risk for fines due to inaccurate calculations and filings.
Integrating Payroll and Timekeeping
Choosing the right system for your clients starts with you. It’s important to select an option that integrates with your payroll processing software and offers ease of use. It will be much easier for your clients to adopt the new platform if they feel comfortable using it right away.
Say Hello to a Valuable Partnership
A Payroll Partners partnership offers access to a powerful timekeeping system that is packed with features.
Choose from flexible partner options to find what works with your business and client needs. With modern clock options, full-service sales and support, and APIs and embedded integrations, we have what your clients are looking for, and you can provide it with your other services. As time and labor experts with over 20 years in the industry, we’re the team to count on for timekeeping that simplifies payroll processing and saves time and money.
This information is provided with the understanding that Payroll Partners is not rendering legal, human resources, or other professional advice or service. Professional advice on specific issues should be sought from a lawyer, HR consultant or other professional.