How to improve your business productivity and save thousands of dollars on payroll each year.
If you have a business with 10 employees making $10/hour, you will overpay close to $5,000 on payroll this year, according to the American Payroll Association (APA). UNLESS…. you use an automated time tracker for employees, that is. Automated time tracking – meaning an automated time capture tool (think online) for your employees – that uploads directly into your accounting or payroll software, is key.
I want to start saving money on payroll. Where do I go from here?
First let’s establish the criteria for a good online time tracker, to help you start saving thousands of dollars (and a whole heck of a lot of time) on payroll.
You need a time tracker that:
1. will actually be used by your employees (i.e simple, easy, via devices they already have and use)
2. accurately tracks time from wherever your employees are working – from onsite to remote job sites or locations – using devices
3. they have on hand (cell phone, tablet, landline, computer, etc.)
4. allows you to review and approve times (from anywhere at any anytime) and,
uploads directly into your accounting or payroll software (for data-entry-free, error-free payroll).
I’m not sure I can afford it.
If you have one or more employees, then hands down, yes you can. Remember, the return on investment (ROI) of a good automated time tracker should be saving you thousands of dollars each year. Here at TSheets, we have a proven ROI of 1.7 or more, so the benefit far outweighs the cost of your investment.
As for the impact a time tracker has on your cash flow, choose an online solution that is available on a subscription basis. This eliminates costly software or hardware investments that quickly become obsolete or require continual service updates or upgrades. Subscription software is always up-to-date, is a simple pay-as-you-go model, and should be contract free.
The bottom line: savings.
Automating time tracking is often low on the totem pole for businesses because of the “my employees can write their time down for free” argument. It’s true, but it will cost you thousands upon thousands of dollars in the long run, not to mention the amount of time wasted managing the stressful and inefficient processes surrounding your payroll.
So do yourself, your business and your employees a favor: implement an automated time tracker that will save you time, money, and the stress related to payroll. Find out if TSheets is the right time tracker for your business; we’re easy-to-use, web-based, mobile, accessible from anywhere, and we sync with variety of accounting solutions (do all these criteria sound familiar?)