Why is timekeeping essential to your business?
Part of running a successful business involves monitoring every facet of it with precision and accuracy. Accounting for every dollar gives you the control you need to make informed, intelligent decisions with your money. One of the largest business costs can be your workforce, and figuring out the exact minute when the clocks are punched is very important to your company’s success.
Business Cents is your source for back office solutions. We take an honest, customer-driven approach to helping you enhance your business by outsourcing important services such as payroll, document management, computer hardware solutions, data backup, and accounting and bookkeeping. We foster a friendly work environment where we adapt to the specific needs of your business, knowing not everyone fits the same plan.
Many companies take a lackadaisical approach to keeping tabs on employees. An open-door culture is a good way to facilitate a happy work environment, but consequently you leave yourself susceptible to being taken advantage of financially if you can’t properly track hours. Here are some reasons timekeeping is essential to your business:
Analyzing Your Workforce
From an owner’s standpoint, employees’ hours are an investment. Part of determining if an investment is successful or not is to establish a true ROI. If you aren’t keeping tabs on when employees are clocking in or out, you’re missing out on valuable data on your company’s efficiency. By keeping time, you can figure out exactly how many hours it takes to accomplish a task. Being left in the dark on such information can lead to poor decisions down the line.
By the same token, you’re able to weed out those who take advantage of your time clock. Inefficiencies in your workforce should trigger change, and keeping time gives you proof if action is required. Having a paper trail of when an employee clocks in and out benefits your employees, as well.
If those reasons weren’t enough, failure to do so is also against the law. The New Hampshire Department of Labor states that an “employer must keep a true and accurate record of all hours worked and all wages paid each employee. These records must be kept for a minimum of at least four years.” Make sure you’re staying compliant by tracking your hours!
Be Punctual
Workers feel comfortable and confident operating within the bounds of their contracts, and shouldn’t feel jilted if they’re working long hours. Timekeeping ensures your schedule stays on track, forcing accountability in timeliness. A punctual company is a professional one, as it proves you value both your time and your client’s time.
When outsourcing your back office services, reach out to us at Business Cents. We know how to run a successful business, and we take great pride in serving our customers the way we’d want to be served.
Call us today and make your job easier!
