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Time, attendance and payroll are no different - they also go hand in hand. To know what to pay, you need the timesheet data so that your payments are accurate and compliant.
There is no point in automating just timesheets and payroll. It is still necessary to track employee information such as positions, qualifications, availability, wages, and overtime to give you all the details for successful workforce management. What could be better than all this information in one easy-to-use system?
Understanding your workforce can help you plan for success and better understand your operations. You can save time and stress by using digital timesheets and payroll. Here are the top 5 reasons to use online timesheet software with your payroll.
1. Ditch the spreadsheet and get real-time visibility
Using spreadsheets for timesheets has become outdated and difficult to manage, and the data is commonly inaccurate. Employees often forget to complete timesheets that are spreadsheets as they are not readily available. That leaves you waiting for the data to do your reporting and meet the pay run deadline, which is inefficient and time-consuming. In addition, spreadsheet timesheets don't provide you with current, accurate data about your workforce in real time.
Digital timesheets, however, are a godsend. As digital timesheets are available and completed in an app, employees can self-serve and update easily. Online messaging makes it easy to remind employees to complete their timesheets - and since it's digital and real-time, they get notified right away - you can even set up an alert to alert you when the employee updates their timesheets.
Payroll software relies on timesheet data to ensure employees get paid correctly. Importing timesheet data into a payroll system is usually a manual process from spreadsheet data. Digital timesheets eliminate laborious data entry by automating the data import process. With a real-time integrated system, you have all the data in one place.
2. Access accurate and secure data
Spreadsheets can be prone to data inaccuracies, which can significantly affect reporting. Spreadsheets need a secure location and an accurate recording system in place for them to be useful and accessible, and safe. Digital timesheets store the data online in a secure location, so you don't have to worry about security. Updating is not a chore as they are generally user-friendly, so they are more likely to be completed. Digital timesheets record employee time and attendance in real-time and location, ensuring greater accuracy. Accurate information is especially important for compliance, budgets, and reporting.
3. Visualise the costs versus the budget for control
In most businesses, people are the highest cost, and finding the right staff levels is challenging when you have a finite budget. A digital timesheet solution allows you to set hourly, weekly, and monthly wage budgets in real time. Analysis of sales and workforce patterns can help you forecast your staffing needs and, in some cases, optimise your profits. Real-time data allows you to manage your people and the roles for rostering and budget management.
4. Quick and easy comprehensive reporting
Nothing is more frustrating than gathering data from various systems and crunching numbers to get an accurate picture of your workforce.
Spreadsheets are limiting as all the data is manual and prone to human error. Consistent and accurate reporting is one of the main reasons businesses move to digital timesheets and payroll. Comprehensive reporting should include management of labour - location, project, costs and projections, number of employees and wage costs- actual and forecasted for budgets and cash flow. Leave liability reporting for compliance and budgeting. Roster reporting - worked versus rostered, so you can see the difference in adjusting the budget or roster. Powerful real-time reporting through payroll analytics ensures you're always on top of business strategy.
Let's face it – typical payroll processes can be time-consuming, especially when relying on data from timesheets. While digital timesheets still need to be completed by employees and approved by line managers, mobile apps and integrated timesheet and payroll software automate all the heavy lifting. No more spreadsheet timesheet reviews, complex payroll calculations, or hours spent generating reports. Automated processes give you back time, ensure your data is accurate and secure, and you can focus on other aspects of your business.
Make the right move
Are you ready to ditch spreadsheet timesheets and manual data entry? With online real-time timesheets and payroll purpose-built for medium to large enterprises, you will have accurate data and save time. Request a demo today.