Friday, September 21, 2012

Implement a Time Clock System Effectively

Implementing a time clock system for your company involves a bit of thought. Depending how many employees you have, how large your facility is, and what level of security you need, you will want to invest in a time clock system that is just right. There are currently so many different systems on the market you might be confused by the selection. Keep in mind that a simple time clock can meet most of your needs if you use it correctly. Larger, more elaborate systems typically involve computer software that monitors hours worked, employees names, and dozens of other parameters.

Be sure to put the time clock in a place where every worker will see it. This is crucial. If you put the device in an out-of-the-way location, you risk losing valuable data, as some workers will not see the clock and will begin work without logging in.

It is wise to put a large, company bulletin board near the time clock in order to make it a gathering place for your personnel. When the clock is in an open location, which gets a lot of traffic, there is less chance for fraudulent behavior.

Perhaps the most vital aspect of time clock management is making sure that every employee knows how to operate the device. Most companies hold training sessions when a new clock system is purchased. After that, try to make time clock training a standard part of each new hire’s orientation.

Some of the newer, biometric time systems are quite expensive, but are perfect for organizations that need high security. A biometric time clock uses fingerprints, iris scans, or other physical characteristics to track employee access to the building and to log the proper number of hours worked. Usually, the more expensive the time clock, the less chance there is for fraud.

Wednesday, September 12, 2012

How to Cut Costs and Be Efficient

As a business owner, you are probably constantly looking for ways to increase profits and increase business. At one point in time, you have most likely thought of cutting expenses to help boost profitability. Technically, it doesn’t matter if you’re having the best quarter in history because when it comes down to it, costs that are out-of-control will quickly eat up any profits that you gain.

Avoid going under by keeping a close eye on your expenses (you can use a business accounting tool). While cutting expenses can help greatly, be smart about what you cut. You don’t want to sacrifice efficiency for cost.

Here are some tips to being cost effective when making budget cuts:
  • Try out a new telecom system. This can range from Internet to landlines to wireless providers.
  • Enforce the “no splurge” business travel rule. This technically means that your staff cannot spend whatever they want when they travel. Make them accountable for what they spend.
  •  Move your IT network to the “Cloud”. Whenever you have the chance to move digital files and other software off your computer to another place- do it.
  • Cut back on overtime. Switching from a time clock that uses paper to a computerized time clock is a great move. It saves you money on multiple fronts.
  • Earning vendor discounts using credit is smart. Early payment discounts offer by a selection of vendors can save you thousands of dollars a year.

Cutting your expenses should only mean one thing: you gain more profit. By viewing these areas, you will hopefully be able to maximize your profits without losing efficiency.

Thursday, September 6, 2012

Time Clocks for Business Efficiency

A traditional timesheet allows a company’s employees to record exactly when they start and end work. For a number of employees, this will amount to starting their work at the beginning of their shift and punching out whenever it ends. For the others, this could involve keeping a detailed list of start and stop times for their various projects, activities or jobs during the day. No matter what your business may need, time clock software will allow your employees the ability to record information more easily, objectively and actively.

Time clock software will help lower any operating costs that your business may have by making your payroll processing become more efficient along with making labor costs a lot more visible than they were in the past. It will also ensure attendance compliance and helps automate any invoicing or billing of your clients. Here are a few reasons how time clock software will help your business in today’s rough economy.

It simplifies your payroll

Time clock software will take every punch that your employees have accrued within a certain amount of time and it will generate timecards based on whatever your payroll is set on. Your regular hours, paid leave and overtime are all calculated for you and totaled instantly so you don’t have to do the math yourself.

It ensures compliance

A time clock is going to allow you to fully manage your attendance and employee time, even when it comes to lunch breaks or sick leave. With certain units, employees cannot punch in or out for each other, ensuring that the hours recorded are honest.

It manages the labor costs for you

Whenever you do payroll, your time clock software will figure in everything for you when it calculates the weekly attendance. Whenever you input your employees into the system, you will be asked to put all pertinent information into the software. This will allow the software to figure up everything for you. All you have to do is print out everything and take it to payroll, or even export to payroll software directly.

It automates client billing

Remember that client billing should be summarized by the job or the client so it can be accurately billed. A time clock can help with this process, lowering error by inaccurate recording as well as providing an efficient way to track multiple projects.