As with any workforce, Time and Labor Management involves the complex task of assigning personnel to schedules, ensuring that their qualifications match the positions they are supposed to fill and reducing non-billable overtime to ensure you are maximizing your resources. However, once you’ve connected that time worked to payroll management, how do you accurately bill clients for the time worked? This is where connecting time and labor management to not only payroll management, but billing management as well.
Time and Labor Management Integrated with Payroll Management
The most common connection within workforce management solutions is time worked to time earned, or payroll management integration. This is important to ensure that you are accurately building the means to collect time and labor management information to how your employees get paid. Having a solution that takes this information – time schedules, breaks, checkpoints – and then aligning it with wage rates, deductions and benefits is important for timely payment.
Payroll management systems that are capable of taking time and labor management information and cross-referencing it with employees’ wage rates can speed the time to ensure you are processing payroll effectively. But that is only one aspect to workforce management solutions.
Time Earned to Time Billed: How Billing Management Helps to ensure Profitability
While ensuring your employee’s are paid on time and accurately is important for a happy workforce, so is the ability to ensure a constant revenue stream in your business. This is why timely billing to clients becomes vitally important.
Just as you would want your time and labor management system to connect to payroll to ensure timely and efficient payroll processing, so too would you want integration with your billing management to ensure that you are billing the client in a timely manner. Time is only one component of the story; matching your time worked to appropriate billing rates adds an additional level of benefit.
You want your workforce management solution to be able to take the time worked, integrate it with the time earned in payroll, and then match that time worked to time billed in billing management. This way, you can generate invoices in real-time as you run your payroll. This helps you to build a revenue stream that is line with your operations.
You work the job, you pay your team – you get paid for it. All in one cycle.
How a Centralized Workforce Management Solution Builds Visibility and Control
Workforce Management Solutions that have a component of Time and Labor Management, Payroll Management and Billing Management provide a trifecta of operational benefit to ensuring that you are managing your business in an efficient manner. Companies that seek to automate these processes have a much higher likelihood of generating accurate, timely payrolls and invoices, and reduce the risks of errors and administrative tasks compared to more manual methods.
This way, with a centralized workforce management solution, you are able to build a single source of the truth to keeping your business in compliance, keeping your employees happy, and increasing your time to profitability with your clients.