How To Keep Track Of Employee Hours Easily And Painlessly
Approximately, 99% of America’s 28.7 million firms are small businesses. Along with the freedom of running your company comes many responsibilities. One of these responsibilities is to pay your employees their correct wages on time. Moreover, issuing correct paychecks means keeping track of employees’ work schedules. When you’re searching for ways on how to keep track of employee hours, choose Moxy Payroll.
Bookkeeping Can Be Laborious And Dreary
Often, entrepreneurs don’t realize some of the tasks with running a company can be tedious. Undoubtedly, some of these tasks are repetitive and time-consuming. Calculating payroll, computing taxes, and other bookkeeping responsibilities often fall into this category.
One of these duties, payment of employment taxes, can involve steep penalties if done incorrectly. In fact, the IRS assessed companies over 5 billion dollars in civil penalties for the year 2020. These civil penalties arose from a failure to comply with the U.S. tax code.
Moreover, manually calculating payroll is time-consuming. Some experts estimate business owners spend almost 5 hours per pay period computing, filing, and paying employee taxes.
How To Keep Track Of Employee Hours – You Have Several Options
Generally, most businesses offer their employees a salaried or hourly rate of employment. Salaried workers earn a preset amount of pay regardless of how many hours they work. Whereas employers base hourly workers’ pay on the number of hours worked. In the U.S., the majority of employers pay their workers an hourly rate.
Certainly, when paying an hourly rate, you must choose a method of how to keep track of employee hours. An accurate record of time worked is essential for a correct payroll. Essentially, you can choose from several options:
- Paper timesheet
- Time clock
- Mobile App
- Payroll management system
Regrettably, many businesses still rely on paper timesheets. This is unfortunate because paper records tend to be less accurate due to human error and deliberate misreporting.
Certainly, using time clocks improves the accuracy of record-keeping and payroll. Your time clock will automatically generate a record of employees’ regular and overtime hours.
However, dishonest employees can “game” the system by having another employee clock in or out for them. Some companies rely on a biometric clock to eliminate cheating employees. These particular time clocks use unique body data like a fingerprint, to keep track of employees’ hours.
Another option is to use a mobile app time clock. One appealing aspect of using a mobile app is the number of free options available.
While all these options can adequately keep track of your employees’ hours, you still must calculate payroll. Additionally, you won’t have any options for revenue tracking, inventory management, or tax compliance.
The Perfect Solution: A Payroll Management System
Alternatively, a payroll management system can keep track of employees’ hours and streamline your bookkeeping. Moreover, the right payroll solution can provide you with much more. Moxy Payroll delivers a customized system specific to the needs of your company at competitive pricing:
- Employee hours
- Overtime
- Tips
- Vacation time
- Federal and state tax liabilities
- 401k
- ACA reporting
- POS integration
- Personalized legal alerts
- Security of all data
Plus, we also offer a cloud-based point-of-sale system to accept payments anywhere – kiosk, website, or even your customer’s home. Additionally, we provide engagement tools to build customer loyalty. Likewise, we can help with all your capital needs with secure loan terms and rates. Finally, we offer a free demonstration so you can see firsthand the full capabilities of our system. Call us at 803-739-1190 and one of our friendly staff will set up an appointment at your convenience.
FAQS To Help You Sort Through Payroll Companies
Finding the ideal payroll company to fit your business involves asking many questions. To help you, we’ve compiled a few of our most commonly asked ones.
Can Your Payroll Management System Meet The Unique Needs Of My Business?
Your employees are your most valuable asset reflecting the character and appearance of your company. Correctly calculating payroll is a crucial part of keeping your employees happy. Thus, finding the ideal solution to your payroll headache is paramount to the success of your business.
Certainly, tipping can present some unique payroll challenges. Other concerns may be different scales of pay, type of employment, or overtime.
Sometimes, businesses may have full-time, part-time, temporary, or freelance contract employees. Moxy Payroll can easily calculate pay for all the types of employees in your workforce. Additionally, we make calculating overtime, benefits, and ACA reporting requirements straightforward and uncomplicated.
Do You Offer Restaurant Payroll Software?
Yes! Restaurant workers, like other service industries, rely on tips for their wages. Typically, the U.S. Department of Labor will allow service industry business owners to pay less than minimum wage. However, one important provision is that the employee’s wage combined with tips equals the federal minimum wage. If it does not, the employer must make up the difference.
With our partner, Heartland, we offer integrated POS and payroll systems. When customers add a tip, our system can automatically sync the information to your payroll management system.
What Type Of Support Can I Expect?
Primarily, the best payroll management system is only as good as its support. That’s why Moxy Payroll is pleased to be a proud partner with Heartland, a company with stellar customer service.
When you choose Heartland, you get a dedicated representative to assist you with questions or issues. This includes on-demand access to human resource professionals to guide you on labor laws.
Yet, even before you become a customer, we want to help you succeed. Discover practical tips for payroll management by following us on Facebook. Or, just give us a call at 803-739-1190!