Time collection and payroll calculations are an important part of any business given that for many companies, labor costs represent the single biggest expense. For companies that track time and attendance manually, the process can be cumbersome, time-consuming, and costly. There are a multitude of errors that can occur when data is collected manually, keyed into a spreadsheet, and re-entered into a payroll system.
If this all sounds painfully familiar, then read on to learn more about the benefits of automating time and attendance tracking and payroll processing.
If this all sounds painfully familiar, then read on to learn more about the benefits of automating time and attendance tracking and payroll processing.
Humans Make Mistakes
Before we talk about the benefit of automation, it's helpful to examine the pitfalls of a manual process. Consider the cost of purchasing and storing paper time cards and the labor involved in distributing and collecting those cards. If you're using an old punch clock, it's not uncommon to spend hours reconciling information from missed or duplicate punches and illegible cards.
Then there’s "time creep" that can cost a business money … those are the bits and pieces of time lost from late arrivals, early departures, and extra long lunches that are rarely accounted for in a manual system.
That's just the beginning. Now it's time for the payroll clerk to add up the time cards and manually calculate pay rates, taxes, and benefits which opens things up for calculation errors and mistyped data.
See Also: Sage Intelligent Time (AI-Powered Timesheets)
Then there’s "time creep" that can cost a business money … those are the bits and pieces of time lost from late arrivals, early departures, and extra long lunches that are rarely accounted for in a manual system.
That's just the beginning. Now it's time for the payroll clerk to add up the time cards and manually calculate pay rates, taxes, and benefits which opens things up for calculation errors and mistyped data.
See Also: Sage Intelligent Time (AI-Powered Timesheets)
The Benefits of Time & Attendance Technology
Replacing your manual process with an automated system consists of using a digital time clock and sophisticated time and attendance software. The digital clock replaces time sheets and time cards with ID badges that employees simply swipe through the reader to record their in/out time automatically.
Software that's connected to the digital clock is already programmed with employee information and automatically performs payroll calculations, benefit accruals, tax liabilities, and much more.
That information is then easily transferred to your payroll system or outside service provider. No more tedious calculations, typing errors, and hours of reconciliation. In many cases, a full-time payroll clerk is no longer necessary.
Software that's connected to the digital clock is already programmed with employee information and automatically performs payroll calculations, benefit accruals, tax liabilities, and much more.
That information is then easily transferred to your payroll system or outside service provider. No more tedious calculations, typing errors, and hours of reconciliation. In many cases, a full-time payroll clerk is no longer necessary.
Introducing Sage Time
Sage Time is an intuitive, web-based "cloud" solution that completely automates time and attendance management. Beyond simply collecting attendance data, this full-featured suite also provides accrual tracking, a time off request tool, employee and manager self service, reporting dashboards, customizable process workflow, and so much more.
Plus, Sage Time is integrated with Sage HRMS and Sage Payroll so it works with the employee data you may already have in your system.
Plus, Sage Time is integrated with Sage HRMS and Sage Payroll so it works with the employee data you may already have in your system.
