Any organisation that wishes to stay
competitive and enjoy a good return on its investment needs to accurately track
and maintain employee work hours. In addition, Australian businesses are
required by law to keep the employee compensation records for at least a period
of 7 years. This of course puts additional pressure on employers to store that
much information for that long a period. Automated tracking and digital
reporting through time and attendance software presents the
ideal solution for this requirement.
If we go a decade or so back, it used to
be a highly labour-intensive task to track employee work hours when workplaces
had manual systems to accomplish this. The task used to become even more
tedious when you had to prepare payroll at each pay-cycle and had to calculate
employee wages manually. Today, the scenario is totally changed as payroll at
the modern workplaces is transformed thanks to automated systems such as the time and attendance
clocks resulting in more accurate, swift preparation of payroll. However,
there are still a large number of small and medium sized businesses that
continue to use pen and paper timesheets.
Shortcomings
Of Manual Payroll
When you use timesheets or punch cards
for tracking employee time and attendance, it can take a lot of time to collect
that data before it can be used for payroll purposes. Then, you have to
manually calculate each employee’s wages against their hourly rates, overtime
pay, employee benefits, insurance contributions and the rest of it. As can be
imagined, the end result is a complete dependence on human capital to get the
job done which has its own costs, not to mention the additional drawbacks in
terms of human error. Now if you were to implement an automated solution such
as the time and attendance software system, all of the above could be done in a
jiffy, greatly reducing the possibility of error.
Additional
Benefits Of Automating Your Payroll
Automated workforce solutions are not
just beneficial in tracking or recording employee hours but also provide
invaluable help in payroll processing.Small businesses can export detailed time
and attendance reports into their payroll systems such as MYOB and other top
software or even integrate their time and attendance clocks with other payroll
systems.
