For many business owners, payroll can be a major stressor. It encompasses so many different factors, such as hourly wages, employee attendance, and more. However, there is a lot of information you can glean from payroll analytics, which is a professional service we offer here at Citizen Accounting. Here are three of the most valuable insights professional payroll analytics can provide you with.
- Employee attendance. Payroll tells you what employees have been working when they’re supposed to be at work. You can use employee attendance information for many purposes. For example, if you notice one particular employee has been absent a lot, you can use that information to talk to them about what is causing them to miss work. If one employee is putting in a lot of effort, you may consider giving them a raise.
- Amount of overtime. Overtime costs can add up over time, especially for smaller businesses. Depending on the individual circumstances surrounding your business’s operation, the amount of overtime you’re paying employees may lead you to consider hiring an additional employee to put less strain on your existing employees and lessen the amount of overtime you have to pay.
- Productivity. Sometimes, the information you get from payroll analytics can be cross-referenced with other information to provide you with further valuable insight. For example, if you have a lot of employees taking breaks at certain times or requesting vacation at similar points in the year, you can cross-reference this with how productive your business has been at certain times. This can help you make more informed decisions about approving employee vacation time.
Our payroll analytics service will give you a valuable and meaningful look into how your business operates. Call us today if you want to know more about how payroll is affecting different factors in your business.