For businesses, processing payroll can be a nightmare. No more so than for your accountant. The time it takes to log hours, figure out pay rates, calculate overtime, process payments, taxes, and other fees are challenging and not to mention time-consuming. Luckily, a time clock app can solve many of these problems and make your accountant’s life much easier.
Time clock apps have several features, integrations, and benefits that simplify much of an accountant’s job and eliminate parts of it. This can save time for the accountant, allowing them to focus on more pertinent business and a great deal of money for the company in payroll expenses and additional personnel to handle the workload.
Read on to learn about other ways that a time clock app can help make your accountant’s life just a little bit easier.
Faster Processing With Digitized Documentation
One of the biggest time sinks for an accountant is in processing paperwork. Having to key in large amounts of data to keep accurate records can take forever, and even emailing information back and forth can be tedious and time-consuming. With a timekeeper app, all an accountant has to do is export the relevant information and check it over before processing payments.
In most cases, this turns hours of typing into a simple click. Some apps offer payroll integrations that allow the entire process to be automated. All an accountant has to do is approve employee timesheet information and submit the payment requests at the end of the pay period. This can drastically improve accounting efficiency and reduce the time spent on unnecessary paperwork.
Improved Payroll Accuracy
A time clock app is one of the best ways to keep accurate employee time tracking records. It can track time down to the minute with minimal oversight. For large businesses with many employees, manually keeping records is incredibly time-consuming, and manually entering data can lead to errors. Payroll errors can cost a company large amounts of money. With a time clock app, manual entry is minimal or even non-existent, and changes to time card or time off information is much simpler to make as well.
It goes without saying that the more accurate payroll is, the more it can save a business money. Not only can it lower overhead costs, but it can lead to higher overall productivity and fewer employee disputes by ensuring that employees are paid correctly for their work hours. Calculating overtime is also a costly endeavor; unscheduled hours can be difficult to track manually and lead to more payroll inaccuracies. An online timecard system tracks hours regardless of the scheduling differences.
Time Clock Apps and Labor Law Compliance
One of the more impactful issues related to manually tracking employee hours is compliance with federal labor laws. A company that is found to violate federal labor laws can suffer fines and punishments, even if the violation was made in error. A simple time card app can track employees in real-time and set reminders for mandatory breaks and lunches. It also logs all actions taken within the system, which can help in the event of an audit.
Using a timesheet management app can also help monitor and prevent time theft. Time theft can be caused by several factors such as employees working over their assigned shift, punching out late on purpose, or skipping designated breaks. Since a time clock app can monitor employees in real-time, it is easy to determine if an employee is staying late, working during breaks, or committing other forms of time theft.
Time theft is difficult for accountants to track manually without searching through hours of records and micromanaging employee hours. By using features that are built into time clock solutions, a business can monitor and eventually eliminate time theft in the workplace.