Below are a few implications a business owner can face when tracking time manually.
- Data loss and/or corruption can result in lawsuits.
- Maintenance of manual spreadsheets can cause redundancy, errors, and inaccurate payroll processing.
- Over payment due to time theft can increase the cost of Workers’ Comp. $$
- Underpayment can result in DOL claims to include back wages plus attorney’s fees and more.
- Inaccurate PTO and FMLA can lead to disgruntled employees and DOL claims.
- Miscalculations for tax payments and filing can result in fees and penalties.
- All the above can result in costly, time consuming reparation.
To sum things up, business owners are often spending far more money using manual tracking than they would be by automating their system. If you haven’t automated yet, watch for our next post. We will share a simple checklist to help you get started.