When it comes to business expenses, it's always best to keep them at a minimum. That's why businesses large and small are constantly looking for ways to reduce costs and be more efficient - and controlling labor expenses can be one of the best ways to achieve this.
It is estimated that payroll fraud happens in almost 30 percent of all businesses, and it occurs almost twice as much in smaller companies than bigger organisations. But it's not only payroll issues you need to worry about; labor costs can be responsible for up to 60 percent of a company's expenses these days, and it often only gets worse.
Keeping Labor Costs in Check
Whether you are in the healthcare, manufacturing, hospitality, retail or any other major industry, labor costs are among your biggest expenses. By tracking every task performed by your workforce, you can not only keep an eye on expenses, but you can identify ways to reduce them. This is where professional labor costing software comes in.
You can track every hour worked, view attendance reports, and even manage your employees' leave days and absenteeism. With the right tools, you can pick up irregularities and have complete control over your workforce expenses.
The Benefits of Labor Costing Software
Labor costing software has a lot of benefits to offer. It gives you accurate, actionable data that you can use to make informed business decisions that will increase productivity and help reduce overall labour costs.
Here are a few additional benefits:
- You can see where time is being spent, to assess whether a project is profitable;
- Make accurate payments to your employees based on the tasks they perform;
- Effectively track overtime and make corrections where necessary;
- Identify and eliminate non-billable hours.
With professional labor costing software you can easily manage tasks, project costs and get accurate reports so that you can see exactly where your money is going. Plus you'll have the added benefit of complying with labor regulations, and even protect yourself from payroll fraud. You can easily consolidate task reports with attendance registers to track operating costs accurately, ensuring that your company meets its profitability goals.
These ongoing efforts will quickly add up and significantly reduce your company's labor costs over time.
Implementing Labor Costing Software Into Your Business
Labor management software can easily be integrated into your business as it is scalable and very customisable. It can handle your business as it grows, and keep accurate track of every aspect of your staff expenses. It's also a great task management tool, so it can serve as a project management system as well.
Synerion offers professional labor costing software to streamline your business and reduce overall staff costs. Contact us today for more information on how our leading solutions can benefit your business.