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5 Ways A Workforce Management System Can Fix Your Revenue Leaks

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Workforce Management System Stops Revenue Leaks

Is your company leaking revenue? A workforce management system can help stop your losses.

Payroll leakage, as the name implies, is certainly not a good thing for your business. But, too often these leaks fly under the radar. Just like any leak, sometimes they go unnoticed for a while and only capture our attention after there has been a significant loss. That’s where a workforce management system comes in.

The key to fixing your payroll leakage is, of course, finding those leaks before you have a flood on your hands.

That’s not always so easy to do, especially if you don’t have the proper workforce management system in place. In many insidious ways, money may be trickling out through a multitude of factors.

5 Possible Sources Of Your Payroll Leakage

  1. Excessive employee overtime
  2. Punch clock abuses
  3. Loopholes in pay policies
  4. Inaccurate time keeping
  5. Unreliable methods of data collection and reporting

Payroll is often a considerably large line item in any business, and in many cases, it’s the single greatest expenditure. Payroll reporting also figures into compliance: how do you know you’re accurately adhering to labor laws and federal guidelines if your reporting is fundamentally flawed?

There’s definitely a lot riding on getting payroll done correctly and credibly.

So what can you do?

5 Ways A Workforce Management System Can Fix Your Revenue Leaks

Throwing up your hands in frustration may be cathartic, but it’s not a solution.

The good news is that this problem can be controlled. Many firms are switching over to workforce management systems to combat their payroll leaks, and with good reason. Automated workforce management systems reduce labor costs by allowing you to track time and attendance effectively and efficiently, which has a direct impact on your profit margin.

1. Eliminate Manual Tasks

First off, these systems can virtually eliminate manual tasks for those who process payroll, as well as for all your employees. Timesheets are cumbersome to complete and ripe for inaccuracies. Entering data from paper is also much more prone to error-making. Secure self-reporting and check-ins that come with automated systems can completely eradicate this problem.

2. Better Track Employee Overtime

Overtime tracking can now be available at your fingertips. Most software packages come with an overtime alert function that lets you know when the time-and-a-half clock starts ticking. No surprises, no reliance on after-the-fact reporting, and no calculations are even needed.

3. Improve Scheduling, Improve Productivity

Scheduling of personnel is greatly enhanced by workforce management software. A lack of awareness of employee time and attendance data can hamper efficient scheduling: some may be overworked, while others are not working to capacity. Weak oversight of scheduling can decrease productivity and increase unnecessary overtime payments.

4. Automate Time And Attendance Management

Automated time and attendance systems allow you to easily track when and where people work, and provide crucial payroll data, anytime, anywhere. Key information is literally always at your fingertips. Your management team can be empowered with insight into ways to increase productivity.

Reporting is easy, visual, and far more powerful than onerous spreadsheets.

5. Have All Your Data At Your Fingertips To Avoid Any Compliance/Auditing Issues

Labor lawsuits are on the rise, and a compliance audit may potentially be in your future. These software solutions provide powerful data with no added expense, rather than the extraordinary amount of time and effort that may be needed to produce paper-based evidence. Don’t turn a difficulty into a nightmare.

What Does A Workforce Management System Bring To Your Business?

A workforce management system brings both insight and oversight to your business. Managing employees’ time and attendance powerfully and proficiently will not only plug your payroll leaks, but can stop the problem at its source.

Find out if your company is ready for a Workforce Management System >>

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