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in this issue


message from the CFO

Dear Subscribers,

Welcome to By the Numbers. For this issue, I would like to address the importance of effective payroll procedures as it relates to tracking employee’s paid time off (PTO).

Many companies with strict internal policies often find that standard payroll applications lack the power and flexibility needed to handle PTO tracking. They often resort to managing PTO manually, which in most cases, leads to it being done poorly and costing the company money.

Poor PTO tracking causes two problems. First, the company is not getting the optimal efficiency out of their employees, and second, unused PTO can create a large liability on financial statements. Costly mistakes occur when payroll administration, already stricken with complex payroll rules, fails to properly record employee paid leave time.  With increased pressure on internal controls coming down from Sarbanes Oxley regulations, companies must have the proper controls in place to make sure employee leave time is being handled correctly.

At Time Spot, we make it a point to stay informed about issues affecting the workforce management industry like this one. That is why we offer products that automate error-prone processes, provide administrative relief and help to eliminate losses caused by manual procedures and clerical confusion.  We work hard to continually enhance our products and to offer solutions that help companies manage their workforce productivity.

Regards,

Craig J. Smith, CPA
Chief Financial Officer
Time Spot, Inc.

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featured case study

BankWest of Nevada Gains Time and Efficiency With Online Solution After Old Software Leaves Them Stranded.

BankWest of Nevada faced a challenge when the software they used for time and labor management became obsolete. With less than a year before their current system would no longer be supported, BankWest of Nevada was forced to decide between upgrading to the new company’s software or converting to an entirely new system.

As an employer to over 600 people, Bank West of Nevada needed a comprehensive yet affordable solution they could rely on. The company that provided BankWest of Nevada their Simplex Winstar time and attendance software was purchased by Kronos, leaving BankWest of Nevada with limited options for how to continue tracking employee time and attendance. The high cost to upgrade was sufficient enough to send BankWest of Nevada shopping for a better solution.  Read the full case study

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industry article

Department of Labor cites Valley firm for unpaid overtime
 

From The Business Journal Phoenix:

Some Valley workers will finally be paid for overtime hours they worked, but were never properly compensated for.

The U.S. Department of Labor has recovered more than $107,000 in unpaid overtime for 35 employees of a Phoenix company.

According to the Labor Department, Package by Package originally paid these employees straight time for all hours worked over 40 hours in a work week, in violation of federal labor laws, from April 2002 to April 2005.

The Fair Labor Standards Act requires covered employees to be paid the minimum wage for all hours worked and time and one-half their regular rate of pay for hours worked over 40 per week. Employers must also maintain accurate time and payroll records. Read more

What do you think about this article?  We want to hear from you!

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upcoming events

Southeast Human Resource Conference
Website

We will be exhibiting at this event October 17-18 at the Georgia International Convention Center, booth #113.

HR Technology Conference
Website

Look for us at booth #909 during this conference, being held Oct. 19-20 in Chicago, IL.

HR Southwest
Website

Visit us in booth #1001 at this show, Oct. 26-28, in Fort Worth, TX.
 

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about us

Time Spot, Inc. is a leader in web-based, client-server and desktop time and labor management solutions. The company's family of software and data collection products automates employee time and attendance tracking, the management of labor resources and payroll processing. The Deloitte Technology Fast 500 has named Time Spot one of the top fastest growing technology companies in North America for the last two years.

Contact Time Spot for more information:

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