How to Automate Employee Payroll Tracking?
Payroll tracking is an essential part of managing any business, but it can also be time-consuming and prone to errors, especially for larger staffing companies. With the increasing availability of technology and automation tools, businesses now have the opportunity to streamline their payroll tracking processes, reduce manual labour, and improve data accuracy.
In this blog post, we'll explore the most important aspects of payroll tracking, including the benefits of automation and common features to look for. Whether you're a small business owner or a large enterprise, this guide will discuss why scheduling software is the most efficient tool for payroll automation to optimise your payroll processes and free up time for more strategic tasks.
Focus on Key Areas
In order to automate payroll tracking while not making any compromises in the business processes, we need to understand the key aspects of payroll tracking for staffing companies. These should be looked at as individual parts of a larger approach for optimising your operations, managing healthy revenues and avoiding errors.
Manage Complex Pay Rates
If you are operating within a bigger staffing company, managing complex pay rates can cause major headaches. You will need to manage a large pool of employees and temporary workforce, each with their own positions, skills, qualifications and thus different pay rates. The pay rates can also differ depending on your clients and their job locations.
Having a good system for managing pay rates will be the basis of payroll tracking. This is the first step you will need to take to automate payroll tracking. While there is a multitude of staff scheduling software solutions in the market today, many of them don't have the key features for managing staff pay rates, and in many cases, the management is still handling this manually on spreadsheets or even with pen & paper.
One of the most efficient ways to manage employee pay rates is to have these features on your staff scheduling software. This will reduce manual project management needed to match pay rates with the right staff members and job sites. But this will also provide an overview of job costing for efficient budget tracking.
Track Time Accurately
Keeping track of employee hours across multiple clients can be difficult, particularly if employees work different shifts or schedules. For this, you would need an efficient time-tracking solution to have every pay period calculated correctly. Tedious and inefficient manual time-tracking methods are prone to buddy punching and human errors. Fortunately, this is becoming less of an issue as employee time-tracking software has been replacing these legacy systems.
When seeking out the right software provider, it's crucial to understand which employee time-tracking features are necessary for your staffing company. An employee time-tracking app can provide a cost-efficient way to track time without purchasing additional equipment. You should also consider whether GPS tracking is necessary for you to ensure that staff clocks in at the correct job site.
But most importantly, your employee time tracking software should provide the core of payroll tracking. Together with pay rates, this would be a basis for automated timesheets with salary information that your management can export to payroll software or just a few clicks.
Manage Absences and Holidays
Absences and holidays are an inseparable part of any staff management process but can also bring unnecessary administrative costs if not managed efficiently. For accurate payroll tracking, it's important to separate paid time off from unpaid leaves and absences while automating the process as much as possible.
Scheduling software with absence management features is one of the best ways to overcome these challenges, as it can automate payroll tracking while accounting for both paid and unpaid holidays and absences, together with employee work hours. This would be the most efficient way to reduce administrative work and avoid payroll errors.
Manage Profitable Charge Rates Transparently
Just as with pay rates, invoicing clients for hours worked by employees can be complex, especially if there are different rates for different clients or if clients have their own invoicing procedures. For staffing companies, automated pay rate tracking is only half the battle when they are tracking billable hours manually.
You can save time and costs significantly when your staff scheduling software can calculate charge rates for you. As an added bonus, you will have an overview of not only costs but your operating revenue. This will provide you with invaluable information for optimising labour costs and fine-tuning your pricing.
To keep clients informed and happy, staffing companies should always look for transparent and quick communication about pricing and charge rates for hourly employees. This can be done most efficiently when your scheduling platform operates as vendor management software for your clients to have a real-time overview of staff, schedules and charge rates.
Be on Time
Payroll processing for staffing companies often needs to be done quickly, as employees may need to be paid weekly or even daily. Having implemented custom pay rates and employee time tracking software, you will save time on manual tasks and avoid human errors. But even then, timesheets should and are often required to be approved by all three parties – your management, your employees and your clients.
Getting a three-way timesheet approval can be a very time-consuming and stressful process with an unnecessary amount of touchpoints. Streamlining communication and providing your clients and your staff with the tools for overviewing and approving timesheets can be a key aspects of being on time with salaries.
Ensure Labour Compliance
Staffing companies need to comply with a variety of employment and tax laws, which can be challenging to keep up with and can result in penalties if not done correctly. If your staff scheduling platform can provide you with the tools for complying with legislation such as Wages and the Fair Labor Standards Act or The Workin Time Directive in the EU and UK, it will be one less thing to worry about.
7 Reasons to Choose PARiM Staff Scheduling Software
PARiM Staff Scheduling Software will help you manage all of the previously discussed challenges that every staffing company faces. What makes it the best time-tracking software platform for accurate payroll management?
1. It's an All in One Solution
PARiM is an all-in-one employee scheduling solution for staffing companies to streamline their operations, manage costs, increase revenue and grow. It provides you with industry-leading time-tracking software to automatically calculate payroll timesheets.
But this is just the tip of the iceberg. PARiM will automate scheduling while managing profits with Pay & Charge Rules and ensuring compliance with labour regulations. Customisability and an unlimited staff database make it an ideal solution for larger staffing companies looking to streamline their payroll processes, avoid manual errors, improve accuracy and generate reports easily.
2. Manage Pay & Charge Rates
PARiM's Pay & Charge system is an advanced payroll tracking automation designed specifically for staffing companies. You can automate employee time-tracking and customisable pay rates, ensuring that payroll calculations are correct. This will avoid human errors, offer massive savings on management costs and allows you to focus on other aspects of your business, knowing that your payroll is being processed accurately and efficiently.
The system also generates invoices automatically based on employee hours worked and accordingly set charge rates for each client. This eliminates the need for manual invoicing, reducing the risk of errors and saving time for billing specialists. This feature makes it easy to accommodate different billing rates for different clients, automating the process, improving accuracy and avoiding disputes.
You can now easily manage holiday pay rates by adding multipliers or added hourly rates.
The Pay & Charge system also provides real-time monitoring of employee hours and pay rates, allowing managers to track employee activity and make adjustments as needed. This feature helps to ensure that staffing companies stay on top of their payroll and billing processes, reducing the risk of errors and improving efficiency. With real-time monitoring, you can make adjustments to employee schedules and pay rates as needed, ensuring that your payroll and billing processes are always accurate and up-to-date.
Finally, the Pay & Charge system ensures compliance with employment and tax laws by tracking employee data and generating reports required for tax and compliance purposes. This feature helps to reduce the risk of penalties and legal issues, improving overall compliance and mitigating risk. With the Pay & Charge system, you can be sure that your payroll and billing processes are compliant with all relevant laws and regulations.
3. Track Time Industry-Leading GPS Time Clock
PARiM GPS Time Clock system uses GPS technology to track employee locations and timestamps, ensuring that hours worked are accurate and verifiable. With this system, staffing companies will know that their employees are accurately tracking their time, even when working remotely or on multiple job sites.
The time-tracking system is accessible through a mobile app, allowing employees to clock in and out from their smartphones. This feature makes it easy for employees to track their time accurately, no matter where they are working and does not require any additional expenses in terms of hardware equipment.
The system also provides real-time monitoring of employee attendance, allowing managers to track employee activity and make adjustments as needed. This feature helps to ensure that staffing companies stay on top of their time and attendance tracking, reducing the risk of errors and improving efficiency.
The GPS Time Clock allows staffing companies to set up geofencing, which restricts employee clock-ins and clock-outs to a specific location. This feature helps to ensure that employees are only clocking in and out when they are at the designated worksite, reducing the risk of time theft and improving accuracy.
PARiM's time-tracking system also allows staffing companies to customise settings, such as break times and rounding rules, to suit their business needs. This feature helps to ensure that time and attendance tracking processes are tailored to the specific requirements of each business.
4. Add an Unlimited Number of Users
PARiM offers a unique pricing model that sets it apart from other staff scheduling platforms. The platform uses a no-per-user pricing model, which means that staffing companies can add an unlimited number of users to their staff database without incurring additional costs. This pricing model is particularly beneficial for staffing companies that work with a large number of full-time staff, part-time employees, and temporary workers.
When staffing companies work with a variety of employees, it can be difficult to manage their schedules and ensure that everyone is working the correct hours. The PARiM platform allows staffing companies to easily manage their workforce, regardless of its size. With the ability to add an unlimited number of users to the staff database, staffing companies can create and manage employee schedules without worrying about additional costs.
The no-per-user pricing model is especially beneficial for staffing companies that work with temporary workers. These workers often have fluctuating schedules, which can be difficult to manage manually. You don't need to worry about any caps on users as you can add as many temporary workers as needed to be sure that every shift will get filled.
5. Provide Clients with Real-Time Information
The PARiM Client Portal is a unique feature that sets the platform apart from other staff scheduling platforms. It allows staffing companies to create a custom portal for their clients, providing them with access to employee schedules, timesheets and charge rates. This feature is particularly beneficial for staffing companies that work with multiple clients and need to manage their accounts efficiently.
Clients can log in to the portal from any device, including smartphones and tablets, to view their account information. This feature provides clients with a convenient way to view staff members and their schedules and approve timesheets in-app, reducing the need for manual communication between staffing companies and their clients.
PARiM Client Portal allows clients to view their invoices and billing information in real-time, helping them to stay on top of their payments. This feature can reduce the number of payment-related inquiries staffing companies receive from clients, as clients can view their account information at any time.
Additionally, the PARiM Client Portal offers a secure environment for staffing companies to share sensitive information with their clients. The platform uses advanced security features, including SSL encryption, to protect client data and prevent unauthorized access.
6. Connect & Integrate for Further Automation
PARiM Integrations Marketplace offers an ever-increasing range of industry-leading software platforms that can be integrated into your PARiM environment to speed up data migration and payroll processing.
Use Zapier to migrate your staff information quickly to PARiM Staff Scheduling Software from other platforms. Likewise, Data Extraction will help you pull data from PARiM if you need to use it elsewhere. And our Wagestream integration will make sure that your employees will get the quickest access to their salaries.
