Timekeeping Can Be Tough
Many companies still use paper-and-pencil time sheets or machine-stamped time cards, and while there’s nothing wrong with those options, they aren’t always the most efficient. In fact, if your employees are using a manual time and attendance system, it pays to look closer at the most common scams and errors that can lose you money, like:
It’s hard to track exactly when employees started work and when they ended it. Most employees faithfully record their hours on paper time sheets, but a small percentage can inflate the number of hours they worked to be paid extra. If your company uses paper time sheets and unless your managers diligently verify hours worked, this “scam” could be a profit suck. The issue also extends beyond paper timekeeping to machine-issued cards. Some employees may wrap work up at 5 PM but wait until 5:30 PM to clock out, for instance.
Errors in timekeeping happen innocently enough. If time sheets are filled out well after the hours are worked, it’s not always easy to remember how you spent those hours – and whether you came in at 8 last Tuesday or 9. It’s the same for your staff. Memories can be faulty and lead to overestimating the amount of time worked.
If time and attendance information is manually typed into a payroll from time sheets, typos and other mistakes can happen occasionally. Add those errors up in a year and they can get quite costly. Little mistakes and dupes can cut into your profits big time, and we’re not even counting more nefarious and intentional stuff like “buddy punching” (when an employee’s pal at work clocks in for him or her) and outright fraud (purposefully inputting inflated hours into the payroll system). So what can you do? Look into Web-based software systems that keep time and record errors to minimize error and fraud. Many of these systems integrate with existing HR software and include security features such as finger scans and GPS locators.
How we can help
Here at Optimum, our clients are able to access our web-based system and real-time payroll processing to alleviate many of the above issues and give you peace of mind while ensuring accuracy and providing in-depth reporting options. Contact us for more information if you’d like to know more ways to address common timekeeping and attendance issues!