In efforts to continue making payroll reporting and time management a pressing issue for companies that battle rising operating costs, Utah-based HourDoc.com releases information about how much your payroll system can cost you.
“It is staggering how much waste could be in the payroll processing system you are currently using,” said HourDoc President Dan Smith. “Furthermore, by simply looking at the issue closer, it could help managers get a better handle on it, and even free them up to perform duties more closely related to making money in their company.”
HourDoc.com cites former published reports by the American Payroll Association that show the following:
The yearly cost of using “manual time keeping” (ie: paper timesheets and punch cards) in a company of 50 employees is a staggering $50,950. If the company is comprised of 100 or more employees, that same opportunity cost of using manual time keeping skyrockets to $101,900 or even more.
In the category of “human error,” companies of 50 employees can waste $31,200 fixing mistakes caused by human error. In companies of 100 or more employees? That human error could cost $156,000 or more annually.
“Everyone–
every boss and every manager wants to save money,” says Smith. “So if your company is already at peak performance in all other aspects, why not take a few hours and see if your company can also streamline the payroll process? It is simple math–if you cannot create more employees, try and concentrate on creating more hours for your current employees to use!”
Now beginning its push into the international market, HourDoc is still making headlines. Having been in business now for over four years, HourDoc continues to lead the way when it comes to an advanced hr payroll system that offers timeclock integration, advanced electronic scheduling and timesheets, automated overtime tracking, payroll reporting that is 100 percent Internet-based.
HourDoc.com is an easy-to-use, web-based time and labor tracking system that provides companies advanced online tools to monitor and manage their employees. HourDoc.com’s scalable time management technology is specially designed to expand to meet the unique needs of growing businesses.
A proven and affordable software-as-a-service solution, HourDoc replaces tedious manual time entry and reporting processes by allowing employers to tap into real-time labor data on-demand so they can readily assess and manage work schedules, time and payroll reports, and staffing needs anytime or anywhere. For further information about the company and these statistics, visit: www.hourdoc.com
Source: PRLog