23Nov

4 Ways an Online Timesheet May Help Reduce Overtime Costs

Posted by B. Hale

Overtime costs can become a major expensive, especially for organizations that may be relying on outdated methods to tack and record timesheet activity and attendance. Online time management solutions and scheduling applications make it much easier for businesses to keep payroll expenses from getting out of hand. The following list demonstrates some of the most effective ways that digital scheduling software may be used in order help minimize overtime costs. 

1. Simplified Reporting 

Many payroll overages are the result of sloppy, inaccurate or incomplete reporting methods. Having to track time or calculate the number of hours worked by multiple employees can be a lengthy process, especially for businesses that lack access to the right resources. An automated timesheet allows for up to the minute reports to be generated at need which can provide employers with the understanding and insight needed to make more effective payroll decisions

2. Enhanced Accuracy 

Payroll and accounting errors are never something that should be taken lightly. Even seemingly minor oversights or duplicate entries could create a ripple effect, one that may end up costing businesses a great deal more than they might realize. Digital attendance and scheduling systems may help to eliminate many issues caused by error or oversight and providing employers with the resources needed to maintain a more accurate reporting, payroll and record-keeping process. 

3. Automated Warnings and Reminders

Having an in-built reminder that may send a notification in the event that specific employees or even whole departments are getting close to exceeding their set schedule can allow employers to take action before its too late. Failing to notice overages until the end of the pay period may prove to be a very expensive misstep. Use of a digital timesheet may provide the advanced notice that may be needed in order to address the situation. 

4. Stand-Alone Project Tracking and Management 

Being able to record the time and hours spent on specific projects can allow businesses to better assess operational efficiency, plan for the future or to determine which employees or associates had the most to contribute. Features, like stand-alone time management and tracking options, may help businesses to better direct the efforts and resources of their staff. 

Investing in Compatible Software

Compatibility with existing digital infrastructure should always be made a top priority when investing in a new application. Software that may be more readily adapted to an existing process means that configuration, setup and installation is less likely to become an issue. A digital timesheet that is able to work with a scheduling program, payroll invoicing efforts or other key operational processes may help to ensure that businesses are able to get the most value for their investment.