Are you using an antiquated timekeeping system? It could be inflating your labor costs!
Business owners can assume, often incorrectly, that an old-fashioned timekeeping process is a good way to reduce overhead. That’s a common mistake as there are hidden costs to these older timekeeping systems.
Antiquated Timekeeping System Drawbacks
- Inflated Administrated Overhead
- Managers or payroll clerks spend labor hours processing timecards manually, which are wasted wages in the modern world.
- Human Error
- According to the Workforce Institute, about 54% of Americans have had an issue with their paycheck. The issues vary, ranging from underpayment and overpayment to late payment, and discrepancies are rarely received well. The APA estimates that the rate of human error in timecard preparation and totaling is between 1% and 8%. Therefore, a conservative 2% error rate on a $12,000 payroll would equal $240 in erroneous wages.
- Dishonest Clock-Ins and Clock-Outs
- Poorly tracked breaks, clocking in early or late, and “buddy-punching” (employees clocking coworkers in and out) can cause an employer to pay out more hours than were actually worked.
Our modern timekeeping system, BASIC Time & Attendance, aims to reduce employer labor costs by tracking employee hours worked as accurately as possible. BASIC Time & Attendance is a mobile solution that reduces labor costs by improving time management and eliminating errors. You can easily track and manage punches and review and approve timecards and time-off requests. BASIC Time & Attendance seamlessly integrates with BASIC Payroll Plus and connects to all major payroll services.
- Intelligent clock technology helps eliminate duplicated or missed punches and errors when computing total hours and pay
- Limit early clock in and restrict unplanned overtime with rules and alerts
- Set custom rounding rules with # of minutes before and after a specific time and flags for tardiness
- Empower employees with 24/7 access to timecards, pay stubs, and PTO balances
- Geofencing allows you to see who showed up at the right place and time
- Meet the challenges of the mobile workforce head-on with a mobile app
