Why Tracking Work Time and Payroll Could Help You Make a Profit
No More Frustration in Payroll!
Time tracking and payroll processing have been the most time consuming and frustrating job which many business owners struggle with. To protect your business and your employee, you need to maintain proper payroll.
No one wants IRS audit or employee lawsuits for unfair pay. No one wants the tax penalty either. In some jurisdictions, business owners need to follow predictive scheduling laws as well. But how are you going to catch up on those laws and proper assigning of work hours? Work time tracking and payroll processing are too complicated for business owners nowadays. Is there any right solution for a business owner who only has limited time available in his/her office?
How Business Owners Make It Work
You can minimize common mistakes if you use a proper approach to streamline the time tracking to payroll. According to the American Payroll Association, “Organizations using a solution that has both timekeeping and payroll capabilities were 44% more likely to have a payroll error rate at 2% or less.”. The Association also explains that delivering accurate paychecks has a significant influence on employee retention rates; “49% of U.S. workers will leave a job after experiencing just two problems with their paychecks”. Business owners can not ignore how important it is to process time tacking and payroll properly.
*If you want to find out the common mistakes people make in payroll, you may read the lists in “Top 10 Payroll Mistakes Companies Make”.
Why Spreadsheet Ain’t as Good as they used to be
More business owners have shifted to cloud-based accounting software from the desktop version, and many mobile apps can integrate with the cloud-based software. These apps are easy to use and designed for a specific purpose. If you are using a spreadsheet or timecards, you may find the apps save you time. Here, I like to introduce time-tracking software and apps to make your payroll processing easy.
Free time-tracking software:
There is a lot of free software you can choose. It isn’t easy to say which is the best one, but I listed some of them here, which are easy to use.
- https://www.gtimereport.com/ GTimeReport for Google Calendar users
- https://duefocus.com/ DueFocus for PC desktop users, integration to other task management software. No apps for mobile devices.
- http://www.atimelogger.com/ aTimelogger for mobile users
Not-Free software:
Not-free is not good, but actually, it is really good! If you are already using cloud accounting software like Quickbooks Online or Xero. Tsheets will be your powerful tool. You can integrate Tsheets with accounting software by following simple steps.
What is Tsheets:
Tsheets is a time tracking software by which you can easily track time on any device. This software helps you to streamline payroll, send accurate invoices, build employee schedules by jobs or shifts, and save thousands each year.
Why Tsheets can help your business to grow:
- Easy to track mobile workers with GPS on the go. You know who is working and where.
- Real-time accurate tracking lets you know who on which project or task. You do not need to worry about buddy punching because it has facial recognition.
- Schedule the workforce with ease, shift-scheduling will be much easier. If you need to follow predictive scheduling laws, Tsheets can support you.
- Connect to your favourite accounting or payroll software to automatically sync accurate employee time tracking data for payroll and invoicing.
- Time saver. According to Tsheets survey, “TSheets users save 3 hours a week managing employee time, on average.”. If you consider how much time saved by integration with accounting and payroll software, little investment for using Tsheets means nothing.
- There are more you can do with Tsheets. Please go ahead and check out how Tsheets can change your business.
- The most important thing you need to keep in mind is excellent customer support. The award-winning team has your back.
- Tsheets has an intuitive interface, and anyone can use it by simply downloading it on any device.
Let’s Make Next Step Become the Best!
The manual system has a high risk of human errors, but streamlining the time-tracking and payroll can significantly reduce the errors. You might say “where to start?” or “setting up the software will take more time. I would rather use a spreadsheet.” People will always find a way to avoid making changes, but we don’t have to make a big change. Why not use the new approach to get it done more efficiently by downloading the apps I mentioned above. It will save you a ton of time and help you to make more profit.
Need help getting started? Why not give us a quick call! It is not that difficult to make a change!
Hiroshi Furukawa CPA
https://www.ownbizaccounting.com
References:
- Employer and Employee Responsibilities - Employment Tax Enforcement
- Predictive Scheduling Laws: What Are They, Where Do They Exist and Employers' Reaction | News | #1 Workforce Platform
- 3 Key Benefits of Integrated Timekeeping and Payroll
- Payroll Errors That Cost You Money and How to Fix Them
- 3 Key Benefits of Integrated Timekeeping and Payroll
- Top 10 Payroll Mistakes Companies Make
- Publication 1415 (Rev. 9-2019)
- TSheets: Free Time Tracking Software