Accuracy is defined as the quality or state of being correct or precise. Another definition of accuracy is the degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.
Importance of Accuracy at Work
It is hard to think of a job where accuracy is irrelevant, so if you can think of one then please let me know. Just take a moment and think about your job and duties that you perform on a daily basis. How important is it that you are accurate at what you do? Chances are that your answer would be ‘very important’... and if not, then maybe it’s time for you to start hitting the bullseye.
To be accurate and precise at work is what helps a company grow, profit, and function efficiently. Accuracy can also help a company when it comes to knowing their budget, employee expenses and projections for revenue.
A company can improve their image and brand when it comes to being accurate. Precision plays a huge role when it comes to how the community views your ethics. If your company is providing inaccurate information then some could have the perception that your company is being unethical, unprofessional and/or not trustworthy. This is obviously not a good thing to have reflected back on you and your company.
Mistakes That Can Be Costing You Money
Have you taken the time to think that you may have payroll errors? Unfortunately these kind of problems happen more frequently than you think. Today I would like to concentrate on this topic because it is easily overlooked. I would like to share some information from a knowledgeable article that provides hard-facts about this topic.
According to workforceinstitute.com “Our most recent survey reveals that an estimated 82 million Americans – more than half of the U.S. workforce – have experienced a problem with their paycheck during their career. These paycheck errors include late payments, non-payments, over-payments, and incorrect payments.” ("The Workforce Institute Helps Empower Organizations to Address Human Capital Management Issues."The Workforce Institute. N.p., n.d. Web. 10 Apr. 2017.)
These statistics can be impacting your company’s financial status as well as negatively impacting your employees financial status as well. Many of these errors are created from lack of technology. Various businesses are still practicing the older version of handwritten time tracking tactics. “The American Payroll Association’s 2016 Trendline Survey reported that only 40% of its members responding had fully automated payroll systems.” ("The Workforce Institute Helps Empower Organizations to Address Human Capital Management Issues."The Workforce Institute. N.p., n.d. Web. 10 Apr. 2017.)
For example, workforceinstitute.org reports that “in fiscal year 2016, the Wage and Hour Division of the US Department of Labor found more than $266 million in back wages for more than 280,000 workers whose employers failed to comply with federal labor laws.” The article also states that much of this is contributed to how data on how hours worked is collected ("The Workforce Institute Helps Empower Organizations to Address Human Capital Management Issues."The Workforce Institute. N.p., n.d. Web. 10 Apr. 2017.)
These stats kind of prove the point I am trying to make and the direction that I am heading. Simply put, a lack of accuracy could be costing you or your employees money! Here at OnTheClock, we recommend that business owners look closely at their accounting, payroll tracking and employee time tracking to see if it is being documented accurately. Our service improves your accuracy, convenience level and reduces stress when it comes to proper tracking of your employee’s time and hours. We pretty much make your life easier.
Solutions To Saving Time And Money
The reality is that we are all humans and mistakes are inevitable, but there are many ways how we can decrease them from happening. Listed below are just a few ideas that seem to be commonly used techniques, tools and habits that can be adopted to benefit your proficiency.
- Upgrade technology when needed. If your system is outdated, then maybe it is time to look into a service that can better suit your accommodations. Software as a service has increased over the years due to its accuracy, efficiency and time saving features.
- Care about what you are doing. Treat your tasks at hand like you would expect someone else to do.
- Educate yourself about services you are using. Some services offer brochures, websites, feature pages, contact information, videos and other beneficial options so that you can understand what they have to offer in its fullest.
I encourage you to contact us so we can help educate you when it comes to providing a time clock tracking system that will increase your company’s accuracy, improve its image and save you money.