From the desk of John Bruno. Your articles for Wednesday, January 30, 2019
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ComputerSearch Payroll Services
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Reasons to Integrate Time and Labor With Payroll

 

Time and labor (also called time and attendance) involves tracking employees' start and end times, early departures, late arrivals, breaks taken and absenteeism. Payroll involves, among other things, making sure employees are paid correctly based on their time-labor records.

The two functions are enmeshed, but at one point in time, employers had to rely on standalone systems for each one. Fortunately, as the years advanced, software developers across the globe figured out a way to unite these systems.

By integrating time-labor with payroll, employers can now increase efficiency, save time and money, and make things less stressful for their employees and payroll staff. Let's take a closer look at these benefits.

Reduces paperwork

An integrated system captures and stores employees' time-labor data electronically, thereby eliminating the need for paper timesheets and physical storage space.

Reduces timecard fraud

According to the American Payroll Association, over 75 percent of U.S. employers lose money because of buddy punching — which refers to the fraudulent practice of co-workers punching in and out for each other. This is a serious issue, which can be eradicated by integrating a biometric time-labor system with your payroll software. (A biometric system would require the real employee to clock in and out.)

Minimizes timekeeping and payroll errors

With an integrated system, the chances of mistakes drop significantly since the payroll staff does not have to manually calculate timesheets or enter timekeeping data into the payroll system by hand.

The integrated system improves accuracy by digitally collecting time-labor data in real time and automatically transferring the information to the payroll system, which then does the calculations based on the inputted data and any subsequent edits made. The system not only calculates employees' time but also ensures that the time is appropriately rounded up and down.

Lowers headcount and frees up time

An integrated solution can reduce the number of staff needed for certain activities, such as timekeeping and payroll data entry. Also, supervisors can spend more time on mission-critical tasks and less time policing attendance.

Improves regulatory compliance

One of the biggest payoffs of merging time-labor with payroll is that the system helps keep you in compliance with federal and state wage and hour laws. Because accuracy is improved, there are fewer wage and hour complaints by employees and fewer penalties from the government.

Enhances reporting

An integrated solution offers more dynamic reporting options than a standalone system. Since the data is centralized, your payroll staff does not have to log in to different systems to generate reports. With just one login, they can create reports on work hours, break times, absences, regular wages, overtime and more.

These benefits are all the reasons you need to integrate your time and labor processes with your payroll system.

 

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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