Resources
Directory Submission Services May Be The Holy Grail For Better Business Online
What Internet Marketing Firms Did not Tell you for Getting Ranked?How can your business web site make you cash flow monthly without really having to invest in to much of SEO work?What Read more...
|
Resources
Home Business Ideas Simply Need Germinated.
By Christos Varsamis
In order to be successful with a home business ideas will have to be new and innovative and in order for that to happen, your approach will have to innovative as well. There are many businesses out Read more...
|
Resources
Accounting Outsourcing Services Can Make The Task Easier For You
By Michelle Barkley
Accounting is one of the crucial aspects that need to be taken care of to run a business successfully. You must know that not all business owners are very good at taking care of accounting and other Read more...
|
|
#Welcome to
Benefitforyou.com - your comprehensive business ethics resource.
Below, you'll find extensive information
on leading business ethics articles and products to help you on your
way to success.
How Your Business Can Save $6500/year.
By Mike Benoit
If you run a small business, you probably have a hidden expense that’s eating your time, and your business’s money: Tracking employee time and productivity.
When businesses are small, traditional practice is to use some sort of manual time keeping system to log employee hours. Each employee fills out a paper time sheet, the payroll administrator goes over the time sheets, cuts the checks, handles the deductions and government paperwork, and deals with requests for time off, overtime and vacation days.
As businesses grow and add employees, this manual system becomes more and more cumbersome. The steps to automation start out small – an automated punch clock and pre-printed time cards, and a rapid switch from manual time keeping to using a spreadsheet.
But even this level of automation requires manual re-keying of data, and as the number of employees grows, the more demanding the needs are for your time and attendance and payroll systems. A lot of businesses end up “trapped” with a legacy system, usually cobbled together out of several different parts, perhaps even with custom programming in the mix.
Payroll accounting is a repetitive and aggravating task which takes up valuable administrative personnel who could be serving your in other revenue generating capacities. Even with all the automated steps described above, payroll calculation errors account for nearly 10 billion dollars in assessed fees and lawsuits annually in the United States alone. Some estimates say that one in four employers make regular and habitual payroll errors, mostly dealing with withholding or insurance deductions. Others say this estimate is undercounting the problem, and that as the tax code gets more arcane, it will only get worse.
The single most common cause of payroll errors is, well, human errors. Especially in systems with paper based punch clocks or manual time cards, human error (as simple as transposing digits or double entering figures) can be very costly, and cause the need to do adjustment checks or entire correction payroll runs. Most payroll errors are in the range of 1-8%, and even at 1%, when multiplied over several employees, adds up to tens of thousands of dollars of lost revenue.
Human error gets compounded when paper time cards get smudged, coffee gets split on them, employee’s “buddy punch” for each other or they just record their time inaccurately. Couple this with the time spent to verify results, and the time spent doing
Mastering Master Data Management - Sponsored Link
Ad - www.sap.com May 13 2008 3:19AM GMT
|
|
We strive to provide only quality articles, so
if there is a specific topic related to business that
you would like us to cover, please contact us at any time.
And again, thank you to those contributing daily
to our business ethics website.
Mastering Master Data Management - Sponsored Link
Ad - www.sap.com May 13 2008 3:19AM GMT
|
