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Timekeeping Blog

cut payroll costs

Cut Payroll Costs-It’s Not Just A Fantasy

Posted on 04 Jan 2019

Things can be deceiving in fantasy football. We just finished our second season in our Chronotek fantasy football league. It was a 13 week regular season and going into the last week my record stood at 5-7. That seems shameful, doesn’t it? In 12 years of playing this game, have I not learned anything? But if you dig a little deeper you would see that I was doing a lot of things right. I led the entire league in total scoring and there lies the hidden deception. Every week my team scored a lot of points, but my head to head competitor that week randomly scored just a few more points than me. In fact, while I led the league in scoring, I also led the league in points scored against me. In the fantasy football world, we call that unlucky matchups. I may could have beaten every other team in the league that week, but the one team I played outscored me. So, at 5-7 I was on the bubble with 2 other teams to grab the 6th and last spot for the playoffs. It came down to the final nail-biting seconds of the Monday Night Football game between the Eagles and Redskins. While Golden Tate tried to crush my hopes and dreams, I limped into the playoffs with a .20 victory over my Operations Manager. Yes, .20. There is a “point” before the 20. As a business owner, do you sometimes feel that you’re doing all you can, but still can’t catch a break and barely squeaking by?

You treat your employees fairly. You deliver the best service possible to your customers and work hard to maintain a good relationship with them. You aren’t frivolous. You mind your pennies. But at the end of the month you run out of pennies and search the couch cushions for more. No matter how hard you work and strive to do all of the right things, your monthly expenses outscore your revenues. Have you considered that there may be a hidden weakness in your game plan?

Let’s look at your #1 business expense-labor costs. You could easily be spending 50-70% or more on payroll. You may believe that ‘it is what it is.’  You need your employees to get the work done to please your customers to make money to pay your employees. You may feel helplessly stuck in this cycle and that it’s impossible to cut payroll costs. But do you use handwritten timesheets to track hours for hourly, remote employees? If so, this could be the difference between you winning and losing every week, every month. We lay out some math for you to review in Handwritten Timecards Are A Money Trap that may enlighten you. The key takeaway is that handwritten time cards are costing your business, but a simple investment will turn the game around and will help cut payroll costs.

Chronotek maintains timekeeping as a core component in our online clock in, clock out time card system so companies can successfully beat the payroll offenders.  Accurate employee time tracking will recapture those pennies and the dollars will take care of themselves. By the way, I crushed everyone in the playoffs and won our league. You can crush it, too. Get your secret weapon to cut payroll costs today.

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