Avoid Payment Errors With Remote Workforce Monitoring From IQ:timecard
In a world where businesses are only just recovering from the recession and budgets are still extremely tight, there is no room for errors when it comes to payroll. After a series of blunders from big names when it comes to paying their employees correctly, IQ:yimecard is encouraging all businesses to review the way in which they record their client’s working hours with a new state-of-the-art workforce monitoring system.
John Lewis Partnership has long since been viewed as one of the most renowned and respected companies in the UK, but recently they had to fork out £40m in one go after it was discovered that they had been miscalculating holiday pay for a total of seven years. Each of their employees received an average of £540 to compensate for the error, but if it had been any of the thousands of other businesses in the UK making a similar error, it might have caused them to sink into the red because of the disruption it would cause to cash flow. IQ:yimecard offers a unique electronic call monitoring solution that can put an end to these kind of payroll issues and reduce human error across all elements of the system, to ensure that employees are only paid what they have earned.
David Lynes, Director of IQ:yimecard, says, “John Lewis’ error resulted in a huge dent in their budget for the year of 2013; it affected their profit reports and had many wondering whether executives would end up raiding the staff bonus pool simply to cover the money they needed to pay out. Errors like this can be catastrophic for businesses, and we are speaking out to all businesses to encourage them to streamline their payroll systems and minimise the risk of a mistake like this sending them under.”
IQ:yimecard removes the need for paperwork in many workplaces where remote workers and mobile employees operate. When they arrive or depart a destination, they simply call a designated number and the times are logged within a centralised system. This system is then used to calculate the exact amount of hours that have been worked, resulting in accurate payslips for employees and reducing the risk of fraud or unauthorised overtime.
Mr Lynes adds, “Businesses adopting a system like ours will find that the risk of human error resulting in overpayments to staff will significantly decrease. In the past, when filling in paper forms and relying on the good faith of employees to report their working hours, a small core of unlucky businesses found that their workers were fraudulently claiming wages they hadn’t earned. Even businesses that have not experienced this type of misfortune would be putting themselves at risk if they did not implement a secure system that would put this type of fraud beyond their remote workforce.”