Out with the old and in with the new
Surprisingly, many businesses and recruitment agencies are still relying on paper timesheets for their employees and contingent workforce. Manual timesheets are dated in today’s fast-paced digital world – it is about time you joined the rest of us online.
Here are some of the common criticisms of paper times and reasons why you should consider replacing them.
1. Poor illegible handwriting, can lead to errors.
The dreaded task of reading everyone’s handwritten time entries can easily cause errors. The average business wastes 4% of its payroll on clerical errors. “Is that a 1 or a 7?”, “I can’t read that number”, “whose name is that?” these questions can sometimes be too familiar with paper timesheets. With the time-consuming task and sometimes not having the time to reconcile it before payroll is due, payroll teams are under increased pressures – resulting in further errors or late payroll.
2. Total number of hours don’t add up or they are inaccurate. Mistakes or inaccuracies can sometimes go unmissed by Line Managers, chasing timesheets is a time-consuming task and often is left to the last minute, making more work and headaches for your Payroll Team.
3. Manual interpretation of total hours worked, allowances due and overtime, oh and don’t forget the manual data entry – more errors waiting to happen! This can be a lengthy task for companies and recruiters alike, going through each and every timesheet and establishing the above metrics, this is wasted time and resources – again reducing productivity. Ok, so you have interpreted the data, now it’s time to enter the what seems like an endless pile of papers onto your payroll system, error in pay rates, and errors in interpretations can mean wages and invoices are incorrect – doesn’t reflect well on you at all.
4. Paper Timesheets can affect the accuracy of margin and business reports. With the risk of increased human errors from paper timesheets, inaccurate job costs make it more difficult and accurate projections particularly challenging and can lead to unnecessary financial loss.
5. Attaching paper-based timesheets to invoices – talk about old school, this is more unnecessary work. Please tell me you are not posting out invoices to clients, even scanning timesheets to attach to invoices is a task!
6. Paper Time Sheets are easily Lost, Misplaced or Damaged – this one is self-explanatory
7. Keeping a record of timesheets. Storing paper timesheets (nightmare), not only means filing cabinet after filing cabinet of something but you are unlikely to ever find what you need quickly. It’s time you went digital…
Meeting payroll deadlines can be tight at the best of times, and it’s one of the most crucial aspects of running a successful business. Why risk missing it or submit an erroneous payroll summary? Unhappy, unpaid employees = poor business performance and overpaid employees = angry business owners/shareholders.
Are you Ready to Better your payroll function?
Make 2016 the year to improve your business processes, improve clients, contractors and temps experience with you. Eliminate clerical errors and inaccuracies in your payroll by waving goodbye to paper timesheets and embrace online timesheets.
Online timesheets automates and increases efficiency when completing your payroll, making the process seamless and accurate.
Our online portal temPay, which is tailored to your businesses needs and available in your branding streamlines the payroll and complete life cycle of your contingent workforce on one online platform. From quick and easy onboarding, timesheets, payroll, invoicing & reporting (just to name a few) it ensures to minimise the burden of time-consuming administration tasks for recruitment agencies and clients alike.
The beauty of temPay’s timesheets are that they are fully tailored to each of your contractors – supporting time worked, projects, shifts etc. Contractors easily submit timesheets online and clients can approve them via the portal or by one click email approval. Contractors can also enter claimable expenses; which are then sent for client approval.
Award rates, overtime and casual loading are automatically generated, invoices can be quickly generated based on the approved timesheets – this ensures accurate billing, and in turn, faster receipt of funds.
The advanced pay system allows instant and accurate processing of pay for the contractors and temps. If you would like more information on temPay click here or alternatively call 1300 409 070 or fill out this form and someone will in contact very soon.
Please feel free to share any tragic or interesting timesheet stories below.