How Much Money Do You Waste on Erroneous Payments?
Many businesses spend far more than they really should on wages. In smaller companies, it may be far easier to see who arrives when and exactly what hours they work, but larger businesses may find it hard to really keep track of tardiness or over-long breaks, and may therefore be paying individuals for time they haven’t worked.
Whilst five minutes here and there may not seem like much to worry about, if 100 members of a company all take an extra 5 minutes off every day, that will add up to tens of thousands of wasted minutes over a month, something that could be costing a business thousands of pounds each month.
As such, monitoring time & attendance more closely can be extremely worthwhile. The cost of installing machinery that allows individuals to clock in and out more effectively could well be paid for within a single month through savings alone, or indeed through increased productivity as individuals stop trying to bend the rules here and there.
There will be other benefits to such time recording software too and not only might it allow workers to feel more comfortable that they are indeed getting paid what they have worked and that there can be no dispute about when they arrived on any given day, but such software can usually also be used to prepare payslips too, making the administration process far faster overall and saving even more money for any business, no matter how big or small.
The majority of individuals will do their best to be in on time each and every day, but there will still be people who try to cut corners here and there to get money they don’t deserve, and even the most vigilant of staff may also make errors in terms of recording how many hours they worked. By utilising the right software, you can ensure that people only even get paid for what they have worked and in turn any business could save thousands each and every pay period.
