In the past, payroll and time tracking were separate areas. However, the advent of advanced payroll software allows businesses to integrate payroll and time tracking. Companies that want to do this first must figure out which programs will work for this application and how to use the program's features to integrate payroll and timesheets.
Once companies figure out how to do this, they can complete payroll more quickly and make fewer payroll mistakes. Companies may even be able to streamline their HR departments. Read on to learn more about how to integrate payroll and time tracking.
How to integrate payroll and timesheets
The best way to integrate payroll and time tracking is through comprehensive human capital management (HCM) program. Most of these programs will link their time tracking application to the payroll application. This means that you will not have to calculate time sheets and payroll separately.
The information from the employee timesheets will automatically be in the payroll application when it comes time to process employees' compensation. However, not all payroll programs integrate payroll and timesheets. When you are looking for a payroll program, you should make sure to find one that does link the timesheet and payroll applications.
Finding a payroll program that integrates payroll and timesheets
It is essential to find a payroll program that allows you to integrate the payroll process and employee timesheets. You will likely need to find an HCM program rather than a payroll-specific program. HCM programs incorporate various HR functions, including payroll and employee timesheets.
All the leading HCM software applications automatically link their timesheet functions to their payroll applications, making payroll much more straightforward. When you are looking for a program that links payroll and timesheet functions, make sure to ask questions of the software company's associates to learn more about how these two applications work together.
Learn how to use the program's payroll and timesheet functions
The majority of the HCM programs on the market today are designed to be ergonomic. However, these programs are still relatively complex. You must read up on different program functions so that you know how to use them to their fullest extent. This will enable you to do payroll quickly and accurately.
You should also take advantage of any training offered by the software company if it is available. Many HCM software program companies provide training, although you may have to contact them and ask for it specifically. Such training may take several hours, but you will be able to save far more time in the future when you know how to use the program efficiently.
The benefits of integrating payroll and time tracking
Payroll can be completed more quickly
Perhaps the biggest benefit offered by integrating payroll and timesheet processes is that you can complete payroll more quickly. This is because you will not have to calculate employees' timesheets and payroll separately. This can save you valuable hours of your time.
If you are a small business owner and you have to do payroll yourself, you know that this is just one of many responsibilities to which you must devote your time. If you can eliminate one of these responsibilities or at least reduce the time you have to spend doing these tasks, you can work on other things that are more important to your company's success.
Payroll mistakes will be less common
Another significant benefit of integrating payroll and timesheet calculations is that you will make fewer payroll mistakes. This is because you must do one set of calculations instead of two. Depending on which HCM software program you use, you may not need to do any of the calculations yourself.
Either way, you'll be able to significantly reduce the number of payroll errors you make. Payroll errors must be avoided at all costs as they can cause employees to lose faith in the company. These payroll errors could even lower your company's employee retention rates if they happen repeatedly.
You may be able to streamline your workforce
Every penny counts when you are running a small business. If you use a software program that allows you to integrate payroll and timesheets, you may be able to streamline your workforce.
It is possible that tasks requiring two employees may only require one if you have the right HCM program. Also, it is common for many businesses to use freelancers to help with the payroll and timesheet process.
If you use an HCM program that integrates these tasks, you may be able to avoid spending money on freelancers. You also do not have to spend the time required to find and hire additional employees.