As a professional in the recruitment industry, you know how important it is to manage timesheets accurately and efficiently. However, traditional timesheet management processes can be time-consuming and inefficient, causing headaches for both recruiters and clients.
In fact, according to UK statistics, processing time sheets manually can result in an average of 4% of payroll costs being lost. Additionally, businesses that rely on manual processes are prone to inaccuracies, which can lead to legal issues and financial losses. Implementing a digitised time and attendance system can help companies save these payroll costs and reduce the average number of errors that occur during processing.
In the UK, time theft, where an employee gets paid for time they did not work, is a prevalent issue, with 82% of employees admitting to it. This can result in businesses losing up to 5% of their gross payroll. Case studies show that companies that implement a reliable and efficient time tracking system can significantly reduce time theft, improve productivity, and save money. Time theft costs UK businesses an estimated £12 billion per year (Source: Trades Union Congress)
With these problems in mind, implementing a digitised timesheet management system can lead to significant cost savings and productivity improvements. This is where Quadzu's Timesheet Management module comes in.
With Quadzu, every placement made against a temporary, contract or ongoing job will generate a weekly timesheet containing data relating to the number of hours that the candidate is scheduled to work based on the Shift Pattern or Rota linked to the job they have been placed against. Timesheets can be accessed, edited, and approved by users, clients, and candidates and can be viewed either on an individual basis from the Placement or Worker Record or via a consolidated view of all workers at a site or across multiple sites. This consolidated view allows clients to realise significant efficiencies when processing payroll each week.
What makes Quadzu's Timesheet Management module different from its competitors is that it allows users to update information for multiple applicants at once. This means that the population of timesheet data is much more efficient and can save you and your clients a significant amount of time.
In addition to efficiency benefits, Quadzu's Timesheet Management software also offers financial management capabilities. Users can link Purchase Orders (POs) to timesheets when approving them, making the invoicing process much more straightforward. A saved PO can be allocated to a timesheet or group of timesheets at the point of approval, and all costs linked to the timesheet(s) will be deducted from the stored PO value. Quadzu also lists all timesheets that have been linked to the PO as per the specific approval event and will display the data for each timesheet from within the Purchase Orders section of the system.
But why is timesheet management so important in the first place? For one, it ensures accurate payment for your temporary, contract and ongoing workers. This not only helps you avoid legal issues but also promotes employee satisfaction, which can lead to improved retention rates. Additionally, efficient timesheet management can save you and your clients a significant amount of time and money by streamlining the payroll process.
Overall, Quadzu's Timesheet Management module is an essential tool for recruiters and clients alike. Its efficiency and financial management capabilities, combined with its ability to update information for multiple applicants at once, make it a standout in the recruitment software industry. If you're looking for a better way to manage your timesheets, visit our website to find out more about Quadzu's Timesheet Management capabilities.