New Year’s business resolutions can be a great way to take your business to the next level. And at foundU, we believe that one of the best resolutions you can make is introducing digital timesheets and payroll to your business.
Discover below the benefits of digital timesheets and payroll, how they can help you save time and stress, and help make 2022 your best year in business yet.
Real-time visibility of your workforce
Having access to accurate, real-time information about your workforce is essential – and something that paper timesheets can’t provide.
Digital timesheets let you see what your workforce is doing in real-time. They can make it easier to see and track specific employee information, including positions, qualifications, availability, wage costs, overtime and more – sometimes even from a single screen!
Greater workforce visibility can help you better understand your operations and empower you to plan the success of your business.
Optimal control over costs and budgets
Getting staffing levels just right is never easy, especially when you are trying to keep them to a budget.
Digital timesheets can allow you to easily set budgets by the hour, week or month and control your wage costs in real-time. They can help you analyse workforce and sales patterns to forecast your staffing needs and, in some cases, optimise your profit performance.
Reduced errors and greater accuracy
Using paper timesheets can be risky, as you have a greater chance of data inaccuracies that can have a big impact on reporting. They also require a physical, secure location to protect them from damage and theft, and a system that ensures they are captured and recorded accurately.
This is not the case with digital timesheets. Everything can be stored securely online, and when managed correctly, without the risk of damage or theft.
Plus, some solutions offer real-time geo-location tracking, which ensures even more accurate employee time and attendance recording.
Easier reporting and analysis
If you use paper timesheets, you’re probably very familiar with the hours of manual data entry and processing required to generate insights and reports.
This is one of the big reasons why businesses are moving to digital timesheets and payroll. They incorporate enough information to generate comprehensive reports fast, including on areas like:
Workforce numbers and wage costs;
Leave liability and leave paid;
Roster timesheet variances;
Work cover and more.
Streamlined payroll processing
Let’s face it – typical payroll processes can be time-consuming, especially when relying on paper-based timesheets. But it doesn’t need to be.
While digital timesheets still need to be filled in and approved, all-in-one software automates all the heavy lifting. No more manual timesheet reviews, complex payroll calculations, or hours spent generating reports. Just automated processes that leave you more time to focus on enhancing the success of your business.