Business owners have a lot on their plate when it comes to the day-to-day tasks of running their company, and part of this day-to-day includes managing employee requests and schedules. Any business owner who manages their payroll and HR functions in-house can find it frustrating to have to service their own employees when they employee needs their bank account info, W4 info, etc. to be updated. It is also time consuming for business owners to make sure that their employees are working their scheduled hours and accurately reporting those hours in a truthful and honest manner. An inefficient timekeeping method will cost small businesses money when it comes to overpaying employees and spending time correcting errors. Business owners simply do not have enough time to help accommodate their employee requests for updating payroll information as well as constantly monitoring their employee’s hourly reporting. These issues can lead to many costly headaches, such as:
· HRIS Requests: How can a business owner help make changes to their employee’s personal info in their payroll software when they have so little free time in a day? The more time a business owner spends updating and verifying employee information, the less time they have to focus on revenue generating activities.
· Time & Attendance Reporting: Time & Attendance (T&A) can be a huge headache for business owners who do not have help with monitoring schedules and reported hours. On average, 96% of business owners report that employees make mistakes when reporting time worked. This is backed by the fact that the APA estimates that the average employee steals 4 hours and 5 minutes of time every week. There are enough factors limiting a business’ cash flow, don’t let an outdated T&A process be one of them!
· Buddy Punching: “Buddy Punching” is when an employee punches in for another employee to make it seem like they got to work earlier than they did or left later than they did. About 74% of employers report experiencing payroll losses related to buddy punching.
· Technology: Companies without the proper technology in place for HRIS and T&A are prone to errors and the time to fix these errors can be costly. Also, with more employees working remotely these days, how can an employer make sure they are accurately tracking the hours of an employee they no longer see in person on a regular basis?
As a business owner you might see the information above and think that there is no way to keep track of all this information while still running a business, but with CornerstonePEO we can help you manage all of this! Here are some ways our HRIS and T&A technology can benefit your company:
· HRIS Requests: With our HRIS payroll software, the employee has their own individual sign in to the software where they can access and update their personal information. If an employee needs to update a bank account number or information on their W4 for example, they can do this all themselves! Our HRIS software is truly self-service and business owners can keep focusing on growing their core business instead of dealing with these small tasks.
· Time & Attendance Reporting: CornerstonePEO has an automated time keeping technology that helps remove human error from the equation for business owners. By automating your T&A and payroll solutions with CornerstonePEO, your payroll data will be seamlessly imported from your timesheets into our payroll system.
· Buddy Punching: By using geolocation and phone number-authentication technology, CornerstonePEO can help ensure that employees are not using buddy punching or other methods to steal time and money from their employers. The geolocation feature not only alerts the business owner when an employee arrives to work, but when the employee leaves work too.
· Technology: The technology that CornerstonePEO utilizes not only makes it easier for the employer to track T&A accurately, it also makes it easier for employees to correctly punch in and out for the day. Using mobile phone punching features, employees can clock in using their mobile phone. CornerstonePEO now offers a proprietary auto-schedule feature that allows the business owner to build a schedule with rules for the schedule and then the software populates the shifts in real time. If an employee needs to take a sick day that is no problem because the schedule can be filled with another employee who is ready and available to work that day.