Even the smallest of businesses has concerns about time tracking and payroll issues. In fact, next to making profits, small business payroll usually tops the list of priorities for business owners. And that really makes sense. After all, if workers are not paid, they are not going to be happy, and if they are not happy, they are not going to be productive.
Obviously, when employees are productive, the business stands a better chance of making profits. It’s like one hand feeding the other. If you want to enjoy huge profits, you have to ensure that your payroll system is up to par.
Time tracking — it’s about more than just recording time entries!
A central focus of payroll is time tracking. Time in and of itself plays a huge role in a business’s ability to make profits. This takes into consideration things like how long it takes to develop and launch products, as well as how employees’ time is managed. Time tracking should be used for recording the time spent on various tasks and duties, not just the hours worked in a given time period.
When you record detailed information about time tracking, you can stay in control of payroll as well as the profits of your business. Accurate time tracking is empowering in many ways. However, this type of information is not easy to keep up with manually. Rather than using spreadsheets and other similar methods, most small businesses invest in time-tracking software to make the process easier.
Going from Manual to Software
Not so long ago, it was common practice in small businesses to use manual methods to record employee hours. In some cases, the employee was responsible for signing in and out of a log book; other businesses designated a specific person to be in charge of recording employee attendance. Clearly, these methods left room for error.
In addition, many times, small business owners did not have any real knowledge of how the employees spent their working hours. They didn’t know if the hours were productive or if the workers took extensive breaks, worked slowly, or procrastinated in some way in order to gain overtime hours later on. These are time-tracking issues that can have a natural impact on payroll and, of course, on business profits.
With all the problems related to manual time tracking, it’s not surprising that small business owners are happy to embrace the concept of time-tracking software. These systems are more reliable than manual time tracking; the best systems can provide incredible benefits. Many small businesses have enjoyed increased productivity and profits, plus less stressful payrolls!
Quality time-tracking software can make payroll less stressful and result in overall increased profits.
Programs to Consider
There are countless types of accounting, time-tracking, and payroll service software programs available. Before choosing one, it is wise to consider exactly what it is that your business needs as well as your personal preferences. Then do a little research into what is available on the market.
Below, you will find a list of a few programs you may want to consider.
- Sage HRMS: ideal solution for small business human resource management.
- Intuit: complete solutions for all your business needs.
- Payroll Mate: simplifies payroll in an affordable way.
The bottom line is, small businesses can definitely benefit from time-tracking software programs. Although making payroll less stressful is the most immediate benefit noted, increased productivity and profits may be the most important benefits gained. Either way, small businesses that do not use time-tracking software programs are missing out!
Debbie Allen is a freelance writer, blogger, and Internet marketer. She writes about various small business management topics and online marketing strategies.