Time Clock Solutions for CPAs: Thomson Reuters | Timerack
July 19, 2017
By Louie Calvin, Senior Product Manager, Thomson Reuters Accounting CS Payroll Software
Are you a CPA looking to enhance your payroll offering? There’s no better way than implementing time clock solutions in your clients’ businesses.
Time clocks are simple to implement. In many cases they integrate with your current payroll software. They also provide an additional revenue stream for your firm, in addition to other benefits we’ll explore in this post.
Here are seven smart, profit-generating and time- and error-saving things you and your clients can do when you implement time and attendance solutions in their businesses.
Collect Employee Data Faster
There’s nothing more frustrating to a payroll processor than waiting for, or chasing down, clients to get what’s needed to prepare their payroll. Time clock applications manage employee changes and hours/time data throughout the pay period in electronic format—much easier than fielding phone calls or emails.
Correct, Accurate Payroll Calculation & Reporting
Anytime your team can reduce human error, you’ll spend less time correcting or delaying payroll. Today’s technology, which includes data-sharing and use of APIs, eliminates double data entry. An automated time system also makes recording hours easier for remote workers, or when employees travel. Depending on the system, reports upload directly into your payroll software, reducing the need for manual entries. The payroll preparer has the benefit of documented client sign-off on the data they submit, import into your payroll application eliminates manual data entry and payroll checks are automatically ready for your review.
Re-Focus Your Valuable Time on More Important Business Areas
In addition to the peace of mind that comes from knowing you receive approved and accurate payrolls from your clients in a decipherable format, fewer manual entries and corrections means you’ll have more time to focus on other, more valuable areas of your business. (Your client will have more time, too; the only task they’ll have is to review and submit time sheets to you.) In my experience, the payroll process takes about 10-15 minutes per employee per pay period. So if you have one client with 10 What great things could you do for your business with that extra two and a half hours each week?
Develop Additional Streams of Revenue for Your Business
With such fast and easy payroll calculations, you could easily increase the number of payroll clients without adding additional staff. That means more profits for your business.
Ensure Employees Are Accurately Reporting Time
With a time clock system, you can set up security parameters to make sure the employee is the one reporting their own hours—and that they’re reporting them accurately. You also have the ability to monitor time in and out, meals, breaks and more. Remember, wages that are overpaid or underpaid can result in liabilities that put your business clients at risk for fraud, with the statute of limitations up to three years.
Comply with Affordable Care Act (ACA) Regulations & Labor Laws
ACA requirements have changed in the last few years—and it’s imperative to comply in order to avoid a penalty. A time clock will help you track the number of employees you have and the hours worked, so you’ll know if your clients are reaching the threshold of offering health insurance. You can also track and monitor time to make sure your clients are in compliance with standard labor laws, especially if they employ a minor.
Track Time & Projects to Streamline Workflows
Your clients can monitor how many hours are worked, as well as the employee pay rate to make sure they’re on budget with their payroll costs. Your clients can see time off entered by employees and monitor, approve or deny a request. The client also has the ability to create and assign a client task or project to an employee, to know where their time is being spent. And it’s helpful for employees, too. They can request time off, and see the details of a project including what tasks need to be completed.
It All Adds Up to Greater Value for Your Clients
As you can see, a time clock system will not only save your firm and your clients time and money, it will help reduce input errors and even give your clients’ employees peace of mind that they’re being paid for their time accurately.
If you’re ready to implement time clock solution in your firm, or want to refer your clients to a time clock program, visit the Payroll Products section of our Preferred Partner page to learn more about the time clock services offered by Thomson Reuters partner Timerack.