Integrating timekeeping and payroll is not just a solution to a business problem, it’s a proactive measure to avoid the problem. Save money through automation by eliminating the human error that goes with processing payroll from spreadsheets or paper time cards.
Payroll processing may seem like an easy task – add the number of hours worked and simply multiply by the employee’s hourly rate… paycheck complete. Not even close! It encompasses many more complex steps.
The starting point of a paycheck begins with employers knowing how much time the employee has worked during a specific timeframe. This fundamental component is to actually track the time.
In an effort to explore the benefits of integrating payroll and timekeeping systems, ARP (Aptitude Research Partners) conducted a study to understand the skills, capabilities, technology and strategies necessary to provide results to businesses in a multifaceted work arena. The study generated the following key business benefits:
1. Employee Experience Enhanced: Attaining and maintaining a positive employee experience is vital. Therefore, since the employee is in a position to drive business – a positive, reciprocal relationship between the employee and the company is instrumental in attracting and retaining the “best of the best” in the business. Key to this positive employee experience is payroll, no… it’s crucial! Think about it. If an employer is unable to accurately track an employee’s time and pay them accordingly, how confident would an employee be in his/her own growth and development within the company? It is estimated that 49% of US workers will leave a job if they have experienced problems with as little as two paychecks. Therefore, by combining timekeeping (by pulling time data) and payroll, greater accuracy is provided when calculating payroll, resulting in a heightened employee experience. When there are less systems, interactions and reports, the chance for mistakes that affect paycheck are also less.
2. More Time for Existing/New Projects: Companies that have timekeeping and payroll capability were 44% more likely to have a payroll error rate of 2% or less. Imagine the enormous benefit to managers, payroll administrators and other employees! Hours and hours of administrative work eliminated, along with the cost to generate new checks and/or the potential for expensive compliance fines. In addition, companies reported that they overachieved their revenue targets by 7%, when integrating timekeeping and payroll.
3. Promotes Compliance: Companies must keep up-to-date with the ever changing business regulations and maintain compliance. By having one technology in place, all employee data is stored in one location, accurately and in real-time. While there is no single factor to ensure the successful growth of a business, integrating timekeeping and payroll is a proactive tool to maintain and access accurate employee data and avoid the human error of a manual system.
How much of your time is wasted every payroll trying to read and reconcile employee time worked? The HQ Platform can streamline the payroll process. Contact us today to set up your demo.