Payroll Benefits of Using an Electronic Time Software

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Payroll Benefits of Using an Electronic Time
Software
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Managing payroll is a time consuming yet integral
aspect of running a company. An immense amount of
energy goes into tracking employee time, amassing
payroll data and managing taxes. This is why
electronic time software can be very helpful. It
is a completely integrated system that can save
your company both time and money.
Heres how electronic time software can save you
money
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Eliminates Employee Fraud, Reduces Payroll
Nearly every company faces some type of time
fraud. Buddy punching is a common example. This
occurs when an employee is running late and
requests a co-worker to clock in on their behalf.
Not only is this deceitful, but it costs the
company. Youre actually paying for time that no
one worked! Another type of fraud occurs when an
employee clocks in a few minutes early and clocks
out a few minutes past their time.
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These few minutes eventually add up and eat right
out of company profits. Payroll Systems software
utilizes equipment logins (ID badges and key
fobs) or biometrics. Therefore it makes it
impossible for employees to use buddy punching.
It also enables you to easily track employees who
work those extra minutes.
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Improves Payroll Accuracy
This software can significantly improve the
preciseness of your payroll, especially in terms
of employee hours and taxes. When the number of
hours need to be transferred into other systems,
the chances of data entry mistakes increase.
Time software tracks employee hours and can be
easily integrated into payroll systems, allowing
a seamless transfer.
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Better Efficiency
If youre operating a small company, its likely
youre wearing several different hats. This can
make it extremely difficult to track which
employee is working on which task. With Hr
Payroll Software you can easily allocate project
time to employees. It also enables you to create
priorities so that subtasks are completed on
time. Guesswork is completely eliminated. This
has a positive effect on customer retention and
profits.
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Records Attendance and Absenteeism
Accurate tracking of employee attendance is an
issue faced by companies of all sizes. There are
many types of time you have to document, i.e.
vacation time, sick time, family leave time, etc.
Its easy to make a mistake if its being
documented manually.
With electronic time software, HR professionals
and managers can record attendance and days off
without any hiccups. To gain an overview of an
employees attendance, simply order an ad-hoc
report. This will allow you to spot patterns and
address these accordingly with the respective
employee.
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Promotes Growth
When payroll, time management and attendance is
streamlined, you can dedicate more time to
business growth and development tasks such as
Marketing strategies that will draw in new
customers New product development Increasing
profits Building sales with existing customers
In fact, the more time you allocate for business
related activities, the higher the chances of
your small business turning into a larger one.
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Get In Touch
Contact Person - Devesh Bhartiya Address -
LGF, 66, Ajmera Garden, Kings Road, Nirman
Nagar, Jaipur- 302019 Contact No. -
91-141-4029605 Official email -
info_at_timelabs.in Website - https//www.timelab
s.in/Payroll-Software