Back
This week, we explore the impact of time tracking salaried employees on your company’s payroll.
Productivity is the baseline of how well your company is performing. While it should not be the be-all, end-all, it is incredibly important when it comes to matching incomes to expenses. The more revenue you make, the faster your company can grow. Plus, you will also be able to procure the resources to provide your employees at all levels with extra perks. These perks will encourage morale and help increase staff productivity and retention.
Accountability Goes Up
Staying on task is incredibly important. Both salaried and hourly employees are bound to this during the workday. It doesn’t matter whether they are working remotely or are occasionally coming into the office on certain days while staying away on others. Especially given the current circumstances of the world, productivity can slump, but accountability becomes even more important. Time tracking can help gauge how long it takes to accomplish administrative and clerical tasks. Knowing how long it takes to finish a project can also boost workflow. Keeping employees accountable helps businesses avoid excessive and unrealistic payroll spending.
You Can Keep Track of Revenue
Keeping track of revenue is essential. Without it, you won’t be able to see how much money you are making and how much room for improvement there is still to be done. Getting more client work accomplished throughout the day brings you many happy returns. Time tracking gives you solid data that can predict how long projects are expected to take and whether if they represent smart investments in both the near and distant future.
Evaluating Current Capabilities
What is your company currently capable of? The answer to the question will be different for everybody. What this means is that you can better distribute your current workload amongst your team, no matter how large your salaried teams are – they could be in the sales department, the web content department, or other divisions that make up your agency.
Monitor Client Billing and Cost Measurements
Billing by the hour calls for accurate recordkeeping to avoid discrepancies and disputes with clients, customers, and patrons. Communication between your team members and external stakeholders is also a fundamental part of making sure everybody comes away happy with the results. By having your salaried employees perform time tracking functions, you can handle both client billing and cost measurements in the simplest way possible.
trust the professionals at the harding group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for emails or phone calls and will strive for open communication with our clients. Whether you are interested in business advising, tax preparation, bookkeeping and accounting, payroll services, Training + support for QuickBooks, or retirement planning, we have the expertise and years of experience to help. We serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of taxes, contact us online or give us a call at (410) 573-9991 for a free consultation. For more tax tips, follow us on Facebook, Twitter, YouTube, and LinkedIn.