There’s more to a business organization than making profits. As a matter of fact, the magnitude of revenue that a business organization is likely to generate depends a great deal on the way an organization runs its daily affairs and routine operations.
All the routine tasks, operations, managerial patterns and standard operating procedures are governed by some laws and regulations imposed by the state. These laws are designed and imposed to safeguard employees’ rights and foster a beneficial business environment for employees as well as the organization.
Since these laws are imposed by the state and governmental regulatory institutions, it is imperative for the organization to comply with the laws, or else they might have to face a lawsuit.
Business compliance laws vary and depend on the state as well as federal business regulatory laws. Here are some major aspects of business organizations that are circumscribed into the loop of law and state regulations.
- Affordable Care – The organizations are obliged to provide their employees with specifically formulated healthcare benefits, medical insurance, and other related perks as part of the employment package.
- Employment Status – The organizations must specifically determine the employment status of the employees, as in, exempt or non-exempt, or temporary or permanent.
- Disabilities Act – The organizations are obliged to show no discrimination against the employees with disabilities and treat them on the absolute scale of merit.
- Payroll Compliance – The organizations must maintain an accurate record of wage, hour and overtimes and generate error-free payrolls, after making accurate additions and remittances.
Health and Safety – The organizations are obliged to provide a safe, sound and secure workplace environment to the employees.
The Efficacy of a Time and Attendance System for Workplace Compliance
Smart and automated Time and Attendance Systems have made it a whole lot convenient for the organizations to stay compliant with the rules and policies defined by the government.
A majority of these compliance affairs involve a lot of data recording, processing and analysis and the smart and automated functional paradigms of a Time and Attendance system can efficiently do the job. Here are some of the ways where a time and attendance system can be used for better compliance.
- Data Recording:A Time and Attendance System keeps an efficient and accurate record of attendance and time entries of the employees and provides accurate relevant data for payroll calculations and other management functions.
- Payroll Generation:The system eliminates the exasperating process of work and time sheets analysis, provides accurate data to the HR and payroll teams and automates the system of payroll generation.
Wage and Hour Calculation:Wage, hour and overtime calculation is a crucial task, and a time and attendance system makes it convenient to calculate monthly wages by assessing the record of the monthly wage, work hours and overtimes.
- Leave Management:A Time and Attendance System automates the system of leave management and makes it convenient for the managers to manage employee leaves as per the specific rules defined for sick, casual and annual leaves, as well as leaves of absence and eventually minimize the unplanned absences of employees.