You know the old saying “time is money”, right? Well, although it may sound cliché, there is a lot of truth to it. For example, no matter the size of your business, it’s important to accurately track employee work hours. Without properly completed employee timesheets, your company stands to risk financial losses, legal issues and reduced workforce efficiency.
Here are three reasons to ensure accurate time tracking for your business:
1. It ensures payroll accuracy.
Errors in payroll are bad news. They can lead to overpaying or underpaying employees. Of course, this will cause financial strain for the business. As well, it can spark dissatisfaction among staff members. Timesheets provide reliable records of hours worked. They ensure that employees are compensated correctly. It’s wise to use digital time-tracking software to automate calculations. Doing so will reduce human errors and ensure accurate payroll processing.
“Employee satisfaction is directly tied to how well your payroll team manages payroll,” notes Frazer Jones, “Employees rely on timely payroll processing to meet their financial obligations, support themselves and their families and plan for the future. When payroll operations run smoothly, it enhances employee trust in the organisation, contributing to a positive work environment.”
2. It helps to maintain compliance with labour laws.
In Canada, employment standards laws require businesses to maintain records of employee hours. This includes overtime. Failing to track time properly can lead to legal disputes, fines or penalties. Make sure to keep detailed timesheets that record regular hours, overtime and breaks to comply with federal and provincial regulations.
“Canada overtime laws protect employees and their overtime wages,” informs QuickBooks, “This means, if you are not keeping track of the extra work hours on top of regular hours, you can get in deep trouble with the government. Each province dictates its overtime rates and minimum wage, so there will be some variances in regulations depending on your business’ location within the country.”
3. It boosts workplace productivity.
Accurate time tracking via timesheets helps business owners and managers to understand how employees are spending their time. This insight can highlight inefficiencies and help optimize workflows. A top benefit of analyzing time-tracking data is that it helps you to identify tasks that consume excessive time. As a result, you can come up with ways to improve efficiency. Not to mention, proper time tracking provides transparency in work schedules. It helps to resolve any disputes over work hours.
“When employees know their hours are tracked, it encourages accountability and helps to foster a culture of productivity,” writes Ethan Babcock of Wagepoint, “It also lets you recognize and reward that efficiency, which incentivizes employees to perform at their best.”
Get some help from Taliup Register!
Employee Timesheets are among the many incredible features that come with Taliup Register! You can access timesheets that allow for easy punch-ins and punch-outs, directly from the terminal. Taliup Register makes it easy to organize your workforce and enable easy transition of employees during shift changes. To learn more, please don’t hesitate to call Unity Payments at 1-800-661-3761 or email info@unitypayments.ca.
