Paper time cards: the worst business practice ever
ConstrucTech, in a 2018 study, reported that approximately 40% of construction companies still use paper-based time and attendance systems.
Some businesses can’t let go of outdated practices, even with modern alternatives available. According to FinancesOnline:
- Over 1/3 of time tracking systems are outdated (across all industries)
- In the US, 38% still use paper timesheets and punchcards. This is higher in Canada, where 58% still use these systems. (WagePoint)
- 80% of those surveyed who use paper systems reported that they needed to correct 80% of the timesheets that they receive. (WorkPuls, 2019)
No accounting for the old ways
Researchers at the University of Utah revealed a 40% error margin using “paper time and attendance” methods in the construction industry.
Furthermore, inaccurate paper time cards exacerbate problems when tracking expenses and revenue; this affects timely payments.
Additionally, reading handwritten time cards can create hours of extra work for accountants; this leads to more mistakes, both in the field and in the main office.
Lastly, if the government requires a company to use Certified Payroll, submitting weekly payroll documents that adhere to federal standards cultivates errors and adds stress.
Time theft steals more than hours
Time fraud costs money. From the FinancesOnline report '72 Critical Time Tracking Statistics: 2021 Market Share Analysis & Data':
- Time theft affects 75% of businesses (Connecteam, 2020)
- Buddy punching can cost employers roughly $373 million every year (WorkPuls, 2019)
- 49% of American employees openly admit to time theft (WagePoint, 2019)
- 77% of your company's gross annual payroll may be wasted on time theft (WorkPuls, 2020)
Construction timesheets made easy
Mobile solutions—such as a cloud-based time tracking application—can alleviate these issues. hh2 Remote Payroll enables your employees and supervisors to log time anywhere, anytime, and on any device.
Additionally, if your company bids on public works or government-funded projects, hh2 RemotePayroll complies with Certified Payroll stipulations.
Even better, hh2 Cloud Services products seamlessly integrate with top construction accounting ERP systems including Sage Intacct, Sage Construction Real Estate, Acumatica, Procore, ComputerEase, Foundation, Viewpoint Vista, Viewpoint ProContractor, and Viewpoint Spectrum. Also, hh2 Universal Construction Model (UCM) offers seamless integration between Autodesk Build and Sage 300 CRE. Click below for a live, one on one demo.
Why is Certified Payroll So Important to Construction?
Seven Reasons to Switch to hh2 Remote Payroll
FinancesOnline Time Tracking Statistics
Want to ditch the paper and move to the cloud?Get a free, live demo of hh2 Remote Payroll