Simplify Payroll and Save Money

by

Vendor Corner

Simplify payroll for your own business and for your clients with automated time tracking.

It may not be sexy, but an automated time tracking solution can simplify payroll and save money.

Here’s what you have to gain with an automated time tracker:

  • You will save money (if you don’t believe me, check out the time tracking payback calculator)
  • You will have greater control and oversight (real-time reporting and job costing, anyone?)
  • You will save a TON of time (no more deciphering time cards or manually entering time), and
  • You will simplify payroll, with accurate employee hours being instantly synced into your payroll software (e.g. QuickBooks).

The payroll cycle, and time tracking.

There is a cycle of payroll that must be followed to keep businesses DOL, DCAA, and IRS legit.

The cycle of payroll consists of (stay with me here):

  • Understanding and applying relevant regulations
  • Keeping track of withholdings, rates and rules
  • Tracking employee time, including sick days and accrued vacation
  • Deductions
  • Issuing paychecks
  • Keeping track of tax obligations
  • Filing and paying taxes
  • Year end forms, filing, W-2’s etc.

As a ProAdvisor, you are more than familiar with this cycle, and probably have most of this cycle dialed in.  However, like other small business owners, you may not know how to dial in, or improve, the time tracking piece.

And so you continue as is, not realizing what you are sacrificing in time and money, by using outdated or inefficient time tracking.

It’s necessary but not evil.

As you may know, tracking employee work hours may seem simple, but as Entrepreneur.com contributor, Jonathon Blum, says, “In practice, [tracking time] can be a vexing chore.” 

There’s dealing with illegible writing, lost time cards, disputes over time worked, rounding (intentionally or unintentionally), hours of entering times into payroll software, etc.  Not a fun, or efficient, way to end pay cycle after pay cycle.

Yet, time tracking is a necessary part of owning a business, and according to a Small Business Administration (SBA) article, “Using Technology to Stay Competitive” time tracking software is one of five technologies they recommend that small businesses invest in.

If you like processing payroll with spreadsheets or manual time cards or hand entering the times into your payroll software, then you may not be interested in making more informed or efficient business decisions.

A good automated time and attendance software will provide you with real-time visibility of numbers for job costing, timely invoicing, managing time on projects, and managing employee hours to minimize overtime. A lot to gain, and little (if any) to lose.

Now that we’ve established some of the incredible perks of a having an automated time tracker, you’re next question might be...

How to choose the right time tracker?

Here’s some hot tips on what to look for in a time tracker to save time and keep payroll simple:

  1. Tracks time in real-time.  No more spreadsheets or time cards.
  2. Web-based. Nothing to download, and accessible from anywhere.
  3. Integrates with your accounting (payroll) software.
  4. Offers affordable and flexible pricing for small or large businesses.
  5. Has the features your business needs, e.g. offers mobile time tracking for remote employees, GPS tracking, crews etc.
  6. Proven solution: successfully being used (and positively reviewed) by other businesses.

If all that sounds good, you might be ready to simplify your payroll and save some money.  Go ahead, your business and your clients will thank you.

Matt Rissell is CEO of TSheets Time Tracking.