Top Tips to Avoid Time & Attendance Calculation Errors
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A well-implemented time and attendance system can generate direct savings for businesses, unlike most applications that only yield indirect savings. Studies indicate that manual payroll processing has error rates between 0.5-2%, leading to costly mistakes that can be avoided with automation. Key benefits include reducing errors from timesheet processing, eliminating buddy punching, and improving scheduling to prevent unnecessary overtime.
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Top Tips to Avoid Time & Attendance Calculation Errors
- 1. It can be said that most business applications only produce indirect savings. Did you know that a well implemented time and attedance system can generate direct savings? Multiple studies have shown that companies who process payroll manually have error rates from 0.5-2 percent. TO PUT THIS IN TO PERSPECTIVE ... Time and money can be saved by using an automated time and attendance system. ELIMINATE OR REDUCE ERRORS With manually tallying timesheets, a small error can add up. ELIMINATE BUDDY PUNCHING Employees may ask other employees to make a punch for them, thus cheating the system. DO AWAY WITH DATA ENTRY ERRORS Every time someone edits a time card, it is an opportunity for mistakes. Here are some tips on what a quality system should do: REMOVE TIMESHEET “FUDGE FACTOR” If employees submit the time worked, how trusted and honest is it? REDUCE OVERTIME DUE TO POOR SCHEDULING Outdated and incorrect data can lead to poor utilization of employees, often resulting in overtime that can be avoided. In short, a properly implemented time and attendance system can generate direct savings to an employer’s bottom line. copyright 2013