Finance departments beware: Criminals target companies with rogue emails from payroll services providers to learn how to avoid the mistakes with the time clock software for your business.
Technology and digitization have created new business models in every sector, and finance departments are feeling the effects.
For instance, software-as-a-service (SaaS) business models have changed the way payments are done these days, creating an emphasis on recurring payments. This has prompted changes in finance departments’ procedures, particularly within accounts receivable.
Here are five more trends within finance departments that reflect modern business’ unique demands.
Technology has made big inroads in eliminating clerical tasks and manual processes. A report from Versapay and PYMNTS revealed that nearly 93% of United States firms with at least $25 million in revenue are currently integrating digital technologies into their accounting operations.
This has a marked effect on finance functions like accounts receivable (AR) and accounts payable (AP), which historically involve a high degree of manual work.
For this reason, the headcount in these departments may be lower, as less staff is needed to carry out day-to-day activities. Instead, finance can concentrate its talent on more strategic planning.
Managing payroll is never easy, especially when various payroll errors come your way. These are the top ways time software helps eliminate payroll mistakes. Get your payroll errors cleared up with time tracking software today!
Eliminate Time Theft
While most employees try to record their hours honestly, occasionally, you’ll come across an employee who inaccurately records their hours. Time tracking software requires employees to clock in and out according to a standardized clock, leaving little room to fib on clock-in or clock-out times. Crack down on time theft with time tracking software.
Stop Buddy Punching
Employees getting a buddy to punch a timecard is one way companies lose money on payroll. Make it impossible for others to clock in for team members by using time tracking software. Don’t allow this kind of time theft to happen at your company.
Cut Down on Accidental Errors
Employees occasionally make accidental errors on their time cards. It could be that your employees’ clocks aren’t synchronized or that they’re miscalculating breaks. Whatever the case, time tracking software reduces time card errors. Minimize employee errors with a remote employee time clock from TimeTrakGO.
Keep Track of Costly Overtime
Employee overtime can be costly. Knowing exactly when your employees are approaching overtime is one of the top ways time software helps eliminate payroll mistakes. Make scheduling changes quickly and effectively when an employee approaches overtime and save on payroll costs.
Learn How Employees Spend Time
You can better gauge productivity when you know exactly when an employee clocks in and out. Knowing when an employee completes a task will allow you to keep better track of workplace time management. Knowing how your employees spend their time is an easy way to manage their productivity and cut down on time theft.
With TimeTrakGO, you can accurately manage your company’s payroll. Streamline the payroll process with TimeTrakGO today!
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