Business Tips

Accurate payroll

Accurate payroll starts with your employees

If you use paper time cards or other manual-entry methods to track employee time at your company and enter it into your payroll software, this is likely a task your supervisor and payroll manager don’t look forward to.

What’s more, with inaccurate time tracking, your company is throwing away significant amounts of cash you could invest back into your business in the form of new equipment, more workers or something else entirely.

Here’s the thing: time tracking doesn’t need to be as much of a time suck and error minefield as your business is making it. In fact, the task doesn’t need to be something you, as the owner, worry about at all.

The reason? Accurate time tracking, and the entire payroll process, shouldn’t start with you. It starts with your employees.

How? With technology like automated time tracking and payroll syncing available today, you can actually have your employees’ hours accurately and automatically tracked—keeping them completely accountable. Here are 3 key reasons why you should consider making this switch this year.

#1.) Digital time tracking captures all time accurately.

Employees are the ones in the field, so having them clock in and out through digital time tracking shows the individual was physically present on the job site at clock-in and clock-out. There’s no substitute for that.

Employees recording their own time with pencil and paper, or supervisors writing out everyone’s time at week’s end, often leads to rounded or inflated hours. That problem can be taken care of quickly with automated time tracking software from ExakTime.

With no more opportunity for hasty rounding or fluffed up hours, business owners and operators can rest easily knowing their payroll data is accurate—and they aren’t paying for hours that weren’t actually worked.

#2.) The importance of delegation.

“If you want to do a few small things right, do them yourself. If you want to do great things and make a big impact, learn to delegate.” – John C. Maxwell, NY Times bestselling author.

The importance of delegation can’t be overstated. At some point, you’ll need to stop laying down the bricks yourself. No matter if you have a team of 50 or 500, choosing which tasks you do yourself and which ones you hand off to other people or third party tools is critical to the long-term, financial success of your business.

With only so much time in the day, why not begin thinking of payroll, and the time tracking that comes along with it, as a task that can be delegated to a proven and powerful digital time tracking solution like ExakTime? By doing so, you’ll free up time for yourself, your supervisor or your payroll manager to tackle bigger, more pivotal projects.

#3.) Data entry mistakes are far too common and costly.

No matter if your payroll person is typing employee times into a spreadsheet or entering it directly from paper time cards, errors are inevitable.

Performing a dull chore causes you to become disengaged, increasing the chances of hiccups. As many of us know, manually plugging numbers into a spreadsheet definitely falls into the category of repetitive and uninteresting. No matter if your payroll person is typing employee times into a spreadsheet or entering it directly from paper time cards, errors are inevitable.

Unfortunately, these mistakes are just as costly as they are common and, if left unchecked, can significantly impact a company’s bottom line. It’s been estimated that up to 8 percent of gross annual payroll can be attributed to time card computation errors—a big hit for any company—making a strong case for exploring other options when it comes to payroll data entry.

As the owner of a construction or field service business, your schedule is already jam-packed—and dealing with inaccurate payroll will just add to your list of to-do’s. In the coming year, make the step to take your business to new heights by improving the entire payroll process by first starting with automated time tracking.

Like many other aspects of your business, from company culture to hitting project deadlines, accurate payroll starts with your employees.

How do I get started?

Exaktime has helped save thousands of contractors tens of thousands of dollars on payroll. You can read all about it by checking out our case studies and customer testimonials on our Success Stories page.