How Automated Payroll Prevents Discrepancies and Saves Time
It’s no secret that payroll management can be quite complicated. With so many different factors like varying pay rates, union benefits, taxes, etc., discrepancies often arise. On top of a potentially inaccurate payroll, manual time sheets waste time and money. Fortunately, automated payroll offers construction companies an integrated solution that prevents discrepancies and eases payroll management. To better understand how automated payroll can help your business, let’s take a look at a few of the major benefits of switching to a digital system.
Multi-state, Multi-locality, and Multi-job Processing
It can be quite time-consuming to calculate different tax rates, deductions and pay rates manually. With an automated payroll system in place, you no longer have to worry about doing this yourself. Many electronic payroll applications offer features that allow users to define deduction and add-on codes so that a number of employee paychecks in automatically calculated. In addition, you can input multiple pay rates for employees as well as multiple state, county, and local taxes. These features not only make your life easier by saving time but also ensure accuracy.
Easier Punching In/Out
Manually recording clock-ins and clock-outs almost always leads to errors. With automated payroll, punching in and out is easier than ever before. Employees simply punch in the total number of hours they worked and their location is confirmed in real-time. If employees are outside of location when punching in or punching out, an alert can be sent to the timesheet approver to let them know. This prevents employees from logging hours when they aren’t on-site and keeps them accountable.
Faster Time-Sheet Approval
Getting a timesheet signed and approved can often be a lengthy process. If a timesheet is sent in but rejected, then a new timesheet must be drafted and resubmitted. The back and forth between employee and employer can take a good deal of time if done manually. With automated payroll, office and field workers can communicate directly with each other in real time. When a timecard is approved or rejected, employees are notified right away and can comment their concerns if they have any. This allows timesheet discrepancies and rejections to be dealt with much quicker than if done manually.
Once timesheets are reviewed and approved, they are automatically exported to your accounting system and streamlined back to the office. The payroll process goes from taking hours to complete to just a few minutes! The hours saved allow you to spend your time on more important matters.
While automated payroll might be a new concept for some, the benefits it offers are unmatched. As the old saying goes, work smarter not harder. Automated payroll will save you time and effort so you can focus your hard work on the areas that need it!