Despite mass migrations toward technology and away from doing things by hand, many employers admit to being stuck in the rut of manual entry for their payroll information.
A PayTech Trendline Survey of 775 industry professionals yielded surprising results as to the true cost of manual entry methods.
- The price of human capital
79% of survey respondents admitted to having one to three workers in their offices whose job consists entirely of gathering and manually entering timecard data. Eliminating manual entry allows these employees to use their time in more efficient, strategic and rewarding capacities. With so many options for automating the time entry process, doing it by hand is simply a waste of time, talent and resources.
#2 Mistakes will cost you
Despite the number of employees hired to oversee time entry, survey respondents indicated that the biggest money waster in their companies is the time it takes to continually correct manual entry errors. Another significant cost is the time taken to fill out time sheets. A third of respondents admitted to facing both of these costs due to manual entry. Human error and wasted time can both be combatted with a simple solution: time and attendance software.
#3 Companies know they need to change
PayTech’s survey revealed that 87% of respondents know they should eliminate paper time sheets and manual entry. However, respondents cited barriers such as cost, dealing with change and legacy systems tying them to their current method. While the temptation to stick with the status quo is understandable, the benefits of automated solutions far outweigh any perceived barrier. The technology is there, so it should be utilized.
Of those respondents who have moved away from manual entry, over half use a payroll service provider and close to 80% use time and attendance software. In other words, the right technology is key. Paycor offers companies a simple, easy-to-use time tracking application, ReadyClock, as well as a more robust, enterprise-level solution, Time and Attendance. Using time tracking technology allows you to eliminate human error, reduce costs and focus on running your business. To learn more about how Paycor’s time and attendance software can help you concentrate on strategy instead of manual processes, contact us today.
Source: PayTech Magazine
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