Accountancy Resources
Whether you are running a small business or a multinational, a start-up or an established company, it is of the utmost importance that you are able to keep track of all of your employees in terms of how many hours they have worked, days missed, lateness and sick days.
If you don’t know this information, you or the payroll company that you hire to take care of this side of things will not be able to pay your employees accurately which will lead to problems for both your company and your employees.
The best way to keep track of this, especially when employees are paid by the hour, is by having some sort of time management/attendance system in place, for example, a clock-in system that makes each employee clock in and out of work each time they start or end a day. This system keeps a detailed record of their attendance which of course makes it easier for payroll to pay them accurately and on time.
Without this sort of system in place, there are likely to be a lot more mistakes and it will take payroll longer to process. So, usually, before any employees are even hired it makes sense for there to be some sort of time management system in place.
Syncing payroll and clock-in systems is a smart move
Whatever clock-in system you use, whether it be an older form such as punch cards or paper forms or more advanced payroll software, it is definitely a system that you should have in place regardless of what you can afford. Of course, the older forms of clock-in system will take a bit longer to process than the newer systems involving payroll software on a computer.
With the computerised option, the data can then be collected at the touch of a button. This data can then be sent to one place which will make it quicker and easier to process the payroll.
What is the best type of time management system for my business?
Depending on the type of business that you are running, you are likely to have a different kind of time and payroll system. If you are running an office, then, of course, it makes more sense to have payroll software installed on your computer, this makes it easy for all employees and the payroll company to access data.
If you are running a company where most of your employees are on the floor of a restaurant or retail store then it is better to have wall clock interfaces which will allow the employees to clock in at one single spot just before and just after their shift.
This is a similar method to swipe cards where an employee can swipe in and out as they enter and exit the building. Once this sort of system has been introduced all the data can be entered into accounting software where hourly pay and how much each employee is owed can be worked out easily.
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