Surprising Innovations
Whether it’s bulls or bears on the Wall Street, one thing you never want to fluctuate for your business is the resources streamlined to maximum efficiency. While it’s okay to splurge on occasion, you shouldn’t otherwise have a flabby infrastructure in the organization. It’s the undisciplined budgets that can’t afford to lavish rewards on employees when the time comes.
Of course, it’s easier said than done—streamlining your operational infrastructure. One area where many simply fail to consider opportunity is in that of new technological innovation. While technology offers many advantages, it does come with its own set of limitations as well. Technology is known for developing as many problems as it fixes; but in some scenarios, an innovation can substantively act as a “fix” for a technological difficulty.
Areas of Applicability
The tabulation of working hours can be a bottleneck to resources that costs you thousands of dollars a year, if not on a monthly basis. Just consider a critical scenario: You’ve got timesheets and the infrastructure to support them, which requires payroll employees who must calculate hours accurately. Now, this information must be sent out to varying employees, and it must be approved beforehand by managerial personnel. With these things in mind, consider an office of 100 employees beyond primary management personnel whose payment is handled through different circuits.
If it takes just twenty minutes to process each employee’s hours on a weekly basis, that’s 2,000 minutes a week, or 33.33 hours. That works out to 133.33 hours a month. If you’re paying a payroll clerk $15 an hour to do that tabulation, you’re looking at $2k a month, or $24k a year.
However, as the general practice goes, you need at least two payroll employees with benefits package of some variety for legal purposes, even if not those of retention.
Altogether, for an organization of 100 employees, it’s not untoward to expect total costs on a yearly basis will be between $30k and $50k a year, just for payroll. That’s some fat which can easily be excised from your budget with modern tech innovations that incorporate the internet, and means of organizing based on the internet.
An Inclusive Solution
According to ClockSpot.com, you can save money on labor costs through online timesheets for employees; one reason being that employers acquire the automated ability to: “Know exactly when employees arrive and leave work.”
Online timekeeping can use cellphone apps to clock an employee in or out automatically as they enter or leave a building. This clock-in/clock-out data can be controlled directly by employees too, depending on your needs as a business.
This approach can even work when you have employees in the field. For example, if you do ditch shoring, your employees can report to the job site and clock themselves in and out.
Information is immediately backed up and tabulated in your system, without a single moment’s delay spent in calculating the times. Payments can likewise be sent out automatically online; or checks printed out—whatever is most convenient for your particular mode of operations.
There are many areas of business where consolidation can cut costs, increase efficiency, and thus facilitate outward expansion. In business, this is the kind of competence necessary for continual sustenance.
If you hadn’t looked into the advantages of online timekeeping software till date, today might be the day to make a change.
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