Businesses exist to provide a product or service to their customers. And most businesses rely on employees to produce, manage, and deliver it. Which means that time and attendance is critical to an organization's functionality.
In addition, labor is also the single largest expense category for most small businesses. While it can vary drastically depending on the type of business, labor typically accounts for about 30 to 50 percent of the total cost of operations. Consequently, maintaining effective control of your payroll costs is a significant determining factor for a company's success.
Contractors who perform work on government construction contracts and federally-assisted projects are required to submit weekly-certified payroll reports. And getting this right can be challenging.
A successful construction project requires many things such as acquiring building materials acquisition, complying with building codes and regulations, and meeting deadlines. In addition, vendors and sub-contractors have to be paid, as well as employees.
Business owners and managers may be tempted to circumvent overtime rules on occasion, but the results can be far more costly than the additional wages saved.
Time and attendance systems are an essential part of every business. By utilizing new technologies for time clock software, your business can benefit in a number of ways.