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Accurate Timekeeping and Its Critical Importance to Your Company and Its Successful Profitability

June 23, 2020 Kevin Kenealy accurate timekeeping, Automated Timekeeping Comments Off on Accurate Timekeeping and Its Critical Importance to Your Company and Its Successful Profitability
Accurate Timekeeping and Its Critical Importance to Your Company and Its Successful Profitability by The Payroll Company 505-944-0105

It is a fact that time is connected to money in life and in business. Making certain in 2020 that your company does its timekeeping 100% accurately. Using an online timekeeping system will assist your company in maintaining a system that makes every penny that your company pays for payroll is totally accurate. If your company is employing an old-fashion time clock where employees clock-in and clock-out and your company may be losing critical money by way of mistakes and employees not recording their hours worked honestly. It is a sad fact, but sometimes employees’ game their company’s timekeeping system and record hours they did not work. There are legal issues you may have to deal with if your timekeeping records are not accurate.

The critical importance of accurate timekeeping to your company’s success and bottom line has become a focal point that business owners in 2020 should concentrate on. Bear in mind there are several logical factors to keep in mind as to why you as a business owner should make certain your company timekeeping is totally accurate. Those factors are as follows:

  • U.S. Department of Labor Mandates 100% Accurate Timekeeping Records (DOL) –  Since its inception, the U.S. DOL has fine companies and corporation millions upon millions of dollars for inaccurate timekeeping that led to unpaid overtime, unpaid pre-shift work and after-hours work along for other infractions. Any amounts of minutes of timekeeping not kept accurately start accumulating the minutes that eventually become hours of unpaid payroll. This means levied expensive fines for the company when discovered.
  • Inaccurate Timekeeping Can Trigger an IRS Audit of Your Company – When the IRS audits your accounting and timekeeping records you will be required to directly explain all inaccurate record keeping issues, whether the shortfalls are several hours or only minutes. By changing to an online web-based timekeeping system you will most likely be able to provide print timekeeping audit reports and also use them to properly run your day to day business when it comes to payroll and accurate timekeeping. Additionally, with an online web-based timekeeping system you will be able to demonstrate to IRS auditors that your company has a system in place to maintain accurate timekeeping records and so it pays its payroll accurately. Using an online timekeeping system will assist your company in maintaining accurate quality timekeeping records and to pay payroll accurately. In the end your company will be more profitable, and your employees will be paid correctly for the time they have worked.
  • Fair Labor Standards Act Compliance (FLSA). – It is possible that you will pay FLSA fines and pay back wages if you do not employees all their wages and overtime pay due. The bottom line is your company may work hard at being fair to your employees, but if you have incorrect timekeeping records and use them to pay payroll, your employees will not receive all their wages. When timekeeping records are wrong, chances are you may violate wage and hours laws and get fined by the FSLA because of incorrectly paid wages.
     
  • Online Timekeeping Leads to a More Positive Work Environment – Employees
    that are satisfied and feel confident and safe when it comes to wages being accurate and on time are generally happier more productive employees. When a company changes to online web-based timekeeping it gives company employees the tool to record their time worked easily and it eliminates the need for a hassle-oriented time clock. Employees feel good about knowing they are being paid accurately for the time they have worked for the company.
  • Online Web-Based Timekeeping Provides An Accurate Timekeeping System for Employees and Employers Companies with workers that work at home or in other locales like other states or overseas need a timekeeping system that can record time worked for all types of employees including local and remote. For fraud prevention, security, and accuracy a simple face scan verification system may need to be installed to validate each employee timekeeping submission. In 2020 there are several validation systems available for timekeeping verification that covers most company’s requirements for risk and validation of timekeeping hours.  

Accurate Timekeeping Safeguards Your Company’s and Profitability

The Payroll Company provides state of the art secure online timekeeping as well as payroll processing, benefits management systems, and management consulting services. We offer payroll processing for small to medium size businesses in New Mexico, Oklahoma and throughout the Southwest.

Accurate Timekeeping and Its Critical Importance to Your Company and Its Successful Profitability by The Payroll Company 505-944-0105

Great Ways to Save Money On Your Company’s Payroll – Part Two

February 5, 2020 Kevin Kenealy Automated Timekeeping, online payroll processing Comments Off on Great Ways to Save Money On Your Company’s Payroll – Part Two ,

Make Direct Deposit Easy

Great Ways to Save Money On Your Company's Payroll

Do you know how much dispatching a hard copy payroll check costs a company? A business will pay up to two dollars for each paper check it distributes, but when they use direct deposit, each transaction costs only about thirty-five cents. If you think about it, with the elimination of paper paychecks, your company or government entity, such as local county government like Valencia County in New Mexico, could save 100’s or even thousands of dollars each month.

Some companies that offer these payroll
services will see a significant increase in direct deposit enrollment simply
because the programs that they are using require it. Employers who have started
using these services have gotten their staff to obtain banking information to
be able to transition away from hard copy, paper checks. In some cases, for
some miscellaneous unknown reason, certain employees will not be able to get a
bank account. When presented with these circumstances, there are alternative
options, such as pre-paid debit cards available that will allow them to get
paid with the direct deposit systems.

Employ Automated Online Timekeeping System

Great Ways to Save Money On Your Company's Payroll
Great Ways to Save Money On Your Company’s Payroll

It can be easy to manipulate paper time
sheets or an electronic spreadsheet type system to a person’s benefit by adding
minutes here or there, be it purposely or simply due to an inaccurate time
clock. Employers, you may be quite surprised how much money you can save and
how many errors your payroll can avoid by switching to an automated time
keeping system. These devices or systems are usually simple to roll out and
integrate into your current payroll system.

 Improve Employee Retention

When you look at companies that usually pay right around minimum wage, the percentage of wages paid out may seem fairly low in comparison with other industries, however when you factor in the higher level of turn over, that can easily become far from the truth.

Great Ways to Save Money On Your Company's Payroll
Great Ways to Save Money On Your Company’s Payroll

Business owners may like the idea of lower wages, but this can produce a higher turnover rate within the company. Each employee that chooses to jump ship ultimately costs the company both time and money that gets added to the task of payroll. When you add up the costs of adding, then subtracting them from the payroll, the time spent considering appropriate tax deductions and setting up the banking or checking information for their payroll account, it can be much more costly to have a high turnover rate than you might think. By keeping a happy staff, you will save money overall on your payroll. 

Look to your local payroll resources, like the Payroll Company, based in Albuquerque, NM, to help save your business or organization time, money and improve your payroll process.


Reasons Why Automated Timekeeping Helps Your Business Work at Top Efficiency

August 14, 2019 Kevin Kenealy Automated Timekeeping Comments Off on Reasons Why Automated Timekeeping Helps Your Business Work at Top Efficiency
Automated Timekeeping - The Payroll Company 505-944-0105

Time spent inefficiently or time lost all
together for businesses means lost revenue. Business owners and entrepreneurs are
consistently seeking methods that will improve ways it gets business done, from
reorganizing business operations to finding ways to reduce time spent doing
tasks and increasing bottom line income in the process.  Most companies and business leaders target
improving business procedures, but don’t work on improving operations in the
company’s back-office. There are many back-office operations to consider working
on improving, but one of the best ones to work on and put into place is
automated timekeeping. Improvement in this area will help with both streamlining
the Human Resources aspects of it, but it will also assist in improving the
efficiency of the company’s payroll department.    

the Cost and Improved
efficiency Benefits of Automate Timekeeping

Are you not certain automated timekeeping will assist
your company in producing its top work volume production numbers? Don’t be sure
so quick about this uncertainty. Building in an automated timekeeping system
into your company’s workflow and day-to-day operation provides an impressive
list of improved company operations, which are as follows:

Removal of Personnel Mistakes: Timekeeping by hand for an entire company’s
staff normally means mistakes will be made. Human resources staff or a company’s
payroll department may look at payroll hours on a timekeeping timecard and read
them incorrectly or they may simply enter them into the company’s payroll
register payroll system incorrectly. In either instance, when a mistake is made
it creates problems that take time to correct. When staff members don’t get paid
correctly, both the staff member and the payroll department will need to spend time
addressing the mistake and fixing it. By switching the automated timekeeping,
it pretty much does away with payroll mistakes from the beginning of the
procedure to the end of payroll.

Improved effectiveness and productivity: Automated timekeeping virtually negates the chance
of timekeeping mistakes by staff or the payroll department. It also creates a
remarkable gain in improved company effectiveness. Going forward your company
will not be required to spend time on its staff members putting their timecard
into a timeclock. Each day employees will clock in and out when arriving and
leaving the company using their employee badge or by logging in and out of the
computer at their workstation. The required timekeeping data will already by in
the company’s payroll system. The time saved by both staff, human resources and
the payroll department will improve the company measurably because they will now
be able to spend time on critical tasks and revenue creating endeavors instead.

Data at Your Fingertips: Using an old-fashioned manual timekeeping system
requires that your payroll department staff members must stay current with taxes
and benefits manually. Doing timekeeping and payroll this way translates into ongoing
mistakes and time spent inefficiently. A modern automated timekeeping system
translates into keeping current with taxes, benefits payments, reporting and maintaining
efficient payroll 100% of the time.

Smart Integrated Efficiency: The primary benefit of an automated timekeeping
system is it takes all the components connected to your company’s staff work
efforts and the systems, applications and departments of your company and it integrates
them together, which in turn improves the overall results of the its bottom line.

Automated timekeeping is here to stay. For company’s seeking improved efficiency, profitability and better employee retention give the professionals at The Payroll company a call today at 505-944-0105


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