A Paychex news release said the offering provides businesses with a way to automate time and attendance records.
Designed for mid-sized companies, the new offering features both Web punching and scheduling as well as biometric and barcode time clock options. Paychex hosts the application for its clients, the announcement said.
“Manually tracking time and attendance for an entire workforce, regardless of size, can be time consuming and expensive,” said Michael E. Gioja, vice president of product management for Paychex, in the announcement. “In the current economy, business owners need to use every minute and every penny to their fullest capacity. Switching to an automated time and attendance solution will help companies increase payroll accuracy, save time, and control costs.”
According to the company, the new product can help curb costs by:
- Controlling unplanned or unapproved time – Business owners can better enforce policies that govern when employees can punch in or out. For example, businesses can restrict employees from punching in prior to their scheduled shift.
- Reducing overtime – Real-time visibility into an employee’s scheduled hours or hours worked allows managers and supervisors to see when an employee is approaching overtime. Supervisors can use the analytic features to create automatic reports that alert them of such situations.
- Improving employee productivity – An automated solution reduces the time spent filling out time cards and time sheets. It also reduces payroll preparation time and time card approval processes.
- Increasing payroll accuracy – Missed or inaccurate time card punches that can potentially lead to overpayment can be reduced with the time card management function, which allows for time-punch data to be reviewed and edited, if necessary.
- Improving compliance – The product helps companies enforce policies to better adhere to state and federal regulations, reducing the risk of fines from non-compliance issues.
- Classifying hours worked – Businesses can track hours worked by class or function to increase reporting accuracy and potentially save on workers’ compensation premiums.
More information is available at http://largebusiness.paychex.com/timeandlabor/ .
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