Your payroll system could be leaking, losing data and dollars by the minute, and it’s very possible you don’t even know it.
Maybe it’s a slow drip of mistakes. Perhaps it’s a weekly trickle of employee fraud. It could even be a broken mainline, the result of poorly designed interfaces, a flawed implementation, or an overextended ERP system.
If payroll were tightly integrated with your ERP system, there would be no risk of leaking expenses. But your payroll system is only as good as the data that goes into it. Time and labour data collection is a common weak point in any corporate infrastructure, one that usually escapes detection and can leak hundreds of thousands, even millions, of dollars each year.
Even if one overlooks fraud and waste, considering that up to 70 percent of a company’s costs are people costs, time and labour data collection is a great place to look for quick payback. Collecting information — hours worked, shift differentials, work rules — is one of the areas least exploited when it comes to automating business processes. By tightening up your time and labour data approach, you can streamline business processes and significantly cut costs.
Download this white paper to learn more.