How can we save your business thousands of dollars per year...?
In 2017 we have computer programs to streamline every aspect of our business, our calendar programs dictate how our day will be spent, our word processors and email programs make our correspondence easier, Excel handles our complicated formulas automatically and our accounting software keeps track of our bottom line. All of which save us money and keeps the business moving forward every year.
We all know, payroll is the number one expense of any business, so small changes in our payroll process, and employee time management can equate to thousands of dollars staying in the business every year.
So why are so many businesses hesitant to make the leap to a time clock software program?
Businesses, especially small business are hesitant to make the leap to a time and attendance software package because they think it will be an expensive, and potentially unnecessary investment. Small businesses especially have a different relationship with their workforce, they are family, they are the people who make it possible to run the business, why would we need to force them to punch in and out?
Why your employees should punch in and out...
Most employees have no intention or desire to take advantage of their employers, often times it's the best employees, the ones who sign in a few minutes early, and sign out a few minutes late can end up costing businesses thousands of dollars per year accidentally. A minute here or there does not seem like much to anyone, but over the course of a year, two years, three years, those minutes can equate to thousands of dollars flowing out of the business...by accident. Now with the cost of an employee friendly time clock system that integrates directly with Quickbooks, hovering at between $449.00 - $995.00, it is no longer a major investment and becomes a must-have for any business, just like your word processor or Outlook calendar.
Lets look at some numbers...
Our friends at Acroprint put together this great chart to outline the potential loss to employers every year by losing just a few minutes per day per employee. When you start to look at these numbers, and what they mean per year, the $495.00 price tag doesn't seem so intimidating.
Now, lets talk automation!
Now that we've looked at monetary savings, from just a few minutes per day, lets take a look at time savings. With your current method of time keeping, whether it be paper cards, time sheets, or the honor system, how much time do you, or your administrator spend every week inputting that information into your accounting system or payroll provider? Especially if you are adding up paper time cards, this can equate to hours every pay period, adding up time, rounding time, checking, double checking, and then manually typing that information into Quickbooks or your payroll providers website. These are hours you or your employee could spend on productive tasks to help grow your business and improve your bottom line. Why not let software do it for you? The same packages that begin at only $449.00 interface to Quickbooks right out of the box! Some of our systems, like Lathem's Payclock suite of products, even offer a two way interface, allowing you to enter the information into Quickbooks, and it will sync automatically with Payclock, so you only have to enter the information once!
How do these systems work with Quickbooks you ask?
We offer quite a few options on this site, but no matter which option you choose, they all interact with Quickbooks in the same way. All of these time clocks have a piece of software that the time clock talks to. The time clock sends all of the punch data back to each employees virtual time card. This is where you will edit punches, fix missing punches, enter non work time, like vacation, sick, holiday, etc. Once you are satisfied that all of the time cards are correct, you will click an export button, and the program will automatically send that information directly into Quickbooks. It's really that simple.
So what did we learn?
Time clocks do not have to be a large investment, in fact, unless your doing something that requires very complicated calculations, it almost never has to be. Spending a small amount of money today, to save yourself thousands of dollars in wages, and hundreds of hours in time, is the right move. Whether it's a time clock system, an accounting program, or Microsoft Excel, streamlining your processes is just good business. The old adage "time is money" has never been more true, so let's save as much of both as possible.