One of the primary functions of workforce management is to accurately track time and attendance. And it is also one of the most labor-intensive aspects for many organizations.
Accurate tracking is critical, however, as labor is also the single largest expense category for most businesses. While the relative cost can vary drastically depending on the business model, salaries or labor typically accounts for about 30 to 50 percent of the total cost of most business operations.
Consequently, maintaining effective control of your payroll costs is a significant determining factor for a company's success.
Appreciating the Value of Time and Attendance Accounting
Any efficient workforce management process will involve the proper handling of time and attendance records. The records provide an accurate picture of labor costs an, by extension, the overall health of a company.
Generally speaking, time and attendance is term that includes a variety of functions and is utilized by most departments from HR to payroll. The primary objective is to maintain or increase the productivity, efficiency and cost-effectiveness of an organization's workforce. Most companies have come to realize that time and attendance is an integral and essential aspect of their overall management systems.
So, why is time and attendance accounting so critical?
One reason is that it involves far more than simply payroll. In fact, there are a number of operational functions that hinge on this one management process. For example, forecasting and budgeting, staff scheduling and compliance are all dependent on accurate time and attendance accounting.
These are all part of the larger, overall workforce management process.
Or, put another way, effective workforce management requires an organization to forecast its labor requirements and to create and manage employee schedules in order to accomplish assigned tasks on an hourly and daily basis.
By having a comprehensive workforce management system, an organization will be able to provide improved employee efficiency, maintain accurate time and attendance tracking and optimize its labor planning.
And the end result of this matrix of functions and process is lower operational costs and better customer service.
A Cloud-Based Time and Attendance Solution
Accuchex offers a time and attendance solution that provides critical tools to manage your workforce with unprecedented precision. With TimeWorksPlus, businesses can possess a cloud-based time and attendance program that empowers managers and improves results.
Strategic Absence Management
By utilizing attendance history you can discover trends, set warnings for violations, automate employee time-off requests, and even measure the overall impact of unscheduled absences. Having this strategic absence management functionality is essential for staying ahead of the financial consequences of unexpected employee time off.
With the TimeWorks Mobile app you can offer your staff members total freedom to punch in and out and to manage their time and attendance no matter where they. In addition, you will be delivering your managers ultimate visibility. You’ll know who’s early, who’s late and who’s absent, and where they were when they clocked in.
Because TimeWorksPlus is a cloud-based time and attendance solution, it enables your to manage your teams with maximum efficiency, as well as managing your business with maximum profitability. TimeWorksPlus provides vital tools and information to operate your workforce cost-effectively and with smooth precision, anytime and anywhere.
Time and Attendance Made Easy
And, since TimeWorksPlus streamlines time tracking, your HR staff can spend less time processing payroll. As your employees log time on their tablets, mobile phones and computers - or with one of our plug-and-play time clocks - you can eliminate paper time sheets and simply transfer your workforce data directly into your payroll processing platform.
Partnering for Time and Attendance Solutions
Advances in technology, along with other forces, have created a dynamic evolution of the HR field. And, with informed strategy and planning, successful organizations can ride the coming wave and prevent being left behind.
In addition to a growing and demanding role in recruiting, hiring, and continually training employees, the HR staff will still be responsible for every other function they are typically tasked with such as payroll management, time and attendance, tax filings, employee records compliance, and so forth.
Fortunately, outsourcing is increasingly becoming a cost-effective and strategic option. Accuchex can help you in managing your HR needs, payroll processes, and staying on top of compliance demands. Get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll and Workforce Management Services at 877-422-2824.