5 Time Reports You Should Be Using
Today’s HR Managers face many challenges. Their job requires them to wear many hats, one of which involves reporting.
Reporting provides HR Managers with a wealth of information so the right decisions are made. Specifically, time reports can give you valuable insight into trends and metrics related to labor expenses, turnover, and more to drive your business forward.
We understand how important it is for HR Managers to find information fast and we’re here to help. So here are 5 time reports you should be using as part of your business strategy.
1. Scheduled Vs. Actual Hours Worked
Why You Should Use It: You can use this information to determine if your schedules need to be adjusted for the actual hours being worked. You can see who worked longer or shorter than their planned schedule and how the overtime hours influence your budgeting. This data can help you better control overtime costs and ensure you’re not over- or under-scheduling employees.
2. Labor Expense
Why You Should Use It: Every business needs to have a finger on the pulse of what their labor expenses entail. Having this type of critical information allows you to decrease profit loss by making more informed decisions about processes like:
- Hiring: If your company experiences high turnover, it may be time to reevaluate your hiring process.
- Employee Engagement: If you’re experiencing high turnover, you may also want to take a look at your company culture and employee engagement activities. Happy employees are more productive and loyal.
- Compliance: If you’re not actively monitoring labor expenses like overtime, you could be creating compliance risks associated with regulations around benefit eligibility and the ACA.
3. Rounded Punches
Why You Should Use It: Companies typically round time worked to the nearest time increment ( the nearest 10th of an hour or 15 minutes) for a couple of reasons: 1) It simplifies the payroll calculation process if you’re processing payroll manually and 2) It prevents employees from accumulating extra time on the clock by punching in early or late. Rounding also prevents employers from deducting time from employee pay in the event they clock in a few seconds early or clock out a little late.
Having a report that provides you with this information makes it easier to compare your employees’ actual punch times to rounded times to evaluate how the rounded time will affect your payroll. You can then adjust your rounding rules as needed.
4. Employees In/Approaching Overtime
Why You Should Use It: You can use this report to help control labor costs and adjust staffing needs to ensure you’re in compliance with overtime rules:
- Federal Rule: Any time after 40 regular hours per week is considered overtime. Hours not worked (PTO, Sick, Vacation, etc.) are not included in the overtime calculation.
- Healthcare Overtime Rule: “8 and 80” overtime rule, meaning that any time after eight hours per day is overtime, and any time after 80 hours in a two-week period is overtime. This rule is mutually exclusive.
- California Overtime:
- Any time after 8 hours in a day is overtime.
- Any time after 12 hours in a day is double time.
- Any time after 40 hours in a week is overtime.
- Seventh Day Overtime: Any time after 8 hours on the seventh consecutive day of work is double-time.
5. Change Audit Log
Why You Should Use It: You can use this information as a running audit trail of changes being made to time cards to monitor activity and reduce compliance risk.
Time Is On Your Side
Time reports can offer a wealth of valuable information that will make it easier to get the data you need to make better decisions that align with your business strategy. Our top 5 picks are:
- Scheduled Vs. Actual Hours Worked
- Labor Expense
- Rounded Punches
- Employees In/Approaching Overtime
- Change Audit Log
Using these 5 time reports will help better control labor expenses and overtime so you can reduce profit leaks and compliance risk.
How APS Can Help
The APS Analytics and Reporting provide several stock reports, custom report options, and dashboards to easily pull all the attendance information you need to help grow your business. We offer all the time reports mentioned in this article, as well as:
- Daily Clock In and Out
- Missed Punches
- Shift Differentials
- Scheduled Time Off
To learn more, please visit our website at www.apspayroll.com or call 855-945-7921.
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