There are lots of ways to track employee time. There are no- and low-cost manual methods, traditional punch cards, on-premise time tracking software that requires a hefty up-front cost, and cloud-based software solutions that use a subscription-based fee structure. While it may seem daunting to commit to a web-based time tracking system that involves an ongoing monthly expense, it can save you money in the long term. Here are four reasons that web-based timesheets are worth the investment.
Web-Based Timesheets Reduce Costly Errors
Processing payroll is a massive undertaking with lots of complexities. Federal, state, and local regulations change frequently. If you’re relying on human expertise to keep you in compliance, it’s only a matter of time before an error costs you dearly. In fact, according to the American Payroll Association, a whopping 40% of small businesses incur IRS penalties each year because of mismanaged payroll. Automating your payroll and timekeeping process reduces the risk of errors caused by manual data entry, illegible timesheets, or non-compliance with tax and other regulations. And when you opt for a cloud-based solution, your vendor is responsible for backups and data storage, reducing your risk of data loss.
Web-Based Timesheets Reduce Staff Costs
Payroll is a time-consuming administrative activity that occurs at regular intervals. It makes sense to automate it as one of the most frequent and regular tasks in your organization. Web-based timesheets that integrate with your payroll software significantly decrease the amount of staff time spent on these business functions, saving your company time and money. Tedious tasks like sending timesheet reminders, making correction requests, and tracking down where missing timesheets are stuck in the approval pipeline are quick and easy with a cloud-based solution.
Web-Based Timesheets Reduce Incidents of Fraud
Timesheet fraud is one of the most common types of company theft. Web-based timesheets reduce the risk with post-approval safeguards to prevent unauthorized timesheet changes. They can also log all actions on a timesheet and record who took those actions. This level of data integrity is impossible with manual record-keeping, which has much greater potential for fraud.
Web-Based Timesheets Improve Employee Satisfaction
Employees can submit web-based timesheets from any device with a data or internet connection. They don’t need to make a trip to the office, worry about whether their manager misplaced their paperwork, or wait for weeks to receive payment for accidentally omitted hours. A cloud-based timekeeping platform makes the workflow clear, removes confusion, and streamlines the whole timekeeping process. Implementing user-friendly tools like web-based timesheets reduces employee frustration that can degrade their overall satisfaction. This is significant because employee satisfaction is one of the main factors in employee retention – which is critical since staff turnover is expensive.
Web-Based Timesheets Are Worth It
Though web-based timesheets come with a cost, the savings are worth the investment. Reduced staff costs, decreased fraud liability, increased data accuracy, and improved tax and regulatory compliance make them invaluable to a company’s bottom line. MindSalt Time & Expense offers a transparent pricing structure and all the benefits you need to make the investment worthwhile. Try it free for thirty days!