How Timesheets Can Boost Your Profit

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The effects of accurate and automated time tracking on fraud, mental wellbeing, and billing

Meet Joaquín García, a Spanish civil servant at a water treatment plant in Cádiz, a port city in southwestern Spain. The local papers dubbed him as “el funcionario fantasma,” the phantom official, because he continued collecting his annual $40,000 salary for six years without showing up for work. Despite having the plant manager’s office right across from his, no one noticed his absence.

“I wondered whether he was still working there. Had he retired, had he died? But the payroll showed he was still receiving a salary.”

— Jorge Blas Fernández, Deputy Mayor

The lesson here is that employee time tracking is an imperative part of workforce management since labor is often the biggest operating cost. So while using timesheets will not magically up your overall profit — nor will managing them be the sexiest admin task (yet) — they do give you valuable insight into areas of your business where profitability can be created, improved, and retained.

But be warned that not all timesheets are the same, and the difference will either help or harm your bottom line.

 

Keep wage and hour lawsuits at bay

Learn more about the 7 deadly sins of the FLSA — and how to avoid them.

Between 1995 and 2015, the number of private FLSA wage and hour lawsuits, brought by employees against employers, rose by 450 percent. The list of offenders seems to get longer, while the total fines get more and more expensive. An estimated 7 out of 10 businesses do not comply with wage regulations, primarily due to timekeeping inaccuracies and the lack of accurate payroll data.

In the case of Joaquín García, he counter-sued his ex-employer and argued he shouldn’t be penalized when it was the company that failed the situation. Sparing your profit from fraud or lawsuit payouts means you actually get to use the earnings for your business. Having the proper time tracking solution in place means better compliance, indisputable audit trails, and accurate data.

 

Tame the payroll monster

Approximately 7 percent of full-time US employees have experienced major depression (MDD) either caused by, related to, or exacerbated at the workplace. The total economic burden of MDD is estimated to be $210.5 billion, with lost productivity at $44 million. We know what you’re thinking. “Payroll and mental health? Talk about reaching!”

Yet CNN Money ranked Payroll Administrator as one of the most stressful jobs, and one that is often thankless. Dennis Danilewicz is Senior Director of disbursement services at NYU Langone Medical Center. He says when all is well, he gets zero feedback. But when something goes wrong, it’s immediate and unforgiving.

But what if you could save 2 to 11 percent on gross payroll costs and transform timesheets to payroll in minutes? What if you could shave hours off your administrative costs? You’ll end up with happier and healthier employees and improved productivity, and you’ll gain hours back in your day.

 

Bill accurately with automated timesheets

A study by AffinityLive found 50 percent of respondents worked for organizations that directly used timesheets to bill clients hourly or determine retainer amounts. The study also found an outdated timesheet technology was costing the US economy $7.4 billion a day in lost productivity.

Just by capturing this lost time, a 15-person organization could add up to $1.4 million to their top-line. Tower Air, Inc. was able to bill up to 20 percent more with automated time tracking, just by accurately recording every second worked. You can do the same.

 

What’s not to love about accurate-to-the-second timesheets?
That’s right, absolutely NOTHING!
Start tracking time with TSheets by QuickBooks, free for 14 days!

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