In today’s corporate world, workforce management consumes a lot of time and money. Payroll management and time management consist of around 50% of the budget of these companies. In order to reduce these costs, corporations usually cut their employees salaries and are also forced to layoff in order to maintain and increase their return on investment. Others try to increase the normal office hours of the employees to meet their targets on time. This might lead to worker resentment. To avoid all these malfunctions of time keeping and payroll processing, companies are now adopting a biometric scanning system of fingerprint attendance.The manual methods of payroll processing are usually tedious and time consuming. Time keeping is a huge headache for the administrators as there are proxies and time thefts by the workers which costs the organization millions of dollars. This is something no organization can afford if it has to survive in this competitive market. The biometric scanners can record the in time and the out time of the employees and there can be no time theft as the scanners work on fingerprints and these cannot be duplicated. These scanning machines are highly accurate and along with time keeping, these also record lunch times, meal breaks, the department in which the employee is working, the type of work being performed and many more.At the end of the month,payroll processing done manually can consume almost a day or two depending on the size of the organization. While in the case of biometric technology, all the time feeds and work and leave details are directly transferred to the system and the whole work is completed in around 20 mins! So no more collecting of time cards from employees. Plus there is a chance of error when doing things manually but all the employee details are stored and sent in electronic format automatically for processing. This leads to increasing productivity, cost reduction and time saving.Many experts believe that biometric technology is the future as it will remove swapping completely. The employees no longer have to roam around with passwords and swapping cards as biometric scan uses human traits such as fingerprint scanning and retina scanning which are unique to every individual and cannot be duplicated. So no more proxies and time errors as fingerprint scanning cannot be manipulated thus saving huge amount of money for the company.Many are misled that there might be some privacy concerns as the fingerprint images can be hacked and then can be used for various malpractices thus violating the privacy of individuals but in reality it enhances the privacy of any person as the finger print images are not stored but these fingerprint images are converted into coded binary data that cannot be inferred in any way.Thus fingerprint scanning is the employee authentication process of the future as there will be no swapping, sharing or stealing of time or credentials by anyone. This ease of usage, accuracy and saving of payroll costs will increase the productivity of any organization.
MYOB is a powerful and versatile software package that will assist any business to improve its business productivity. There are a variety of MYOB courses available that will show you how you can not only set up your records properly, but also how to get the best out of them. Using the reports facility is one simple way you can keep on top of your business by creating a snapshot of your business as it currently stands.The more advanced features of many MYOB modules give businesses even greater capacity to maximise profit opportunities by giving accountants some powerful tools to assist their clients in planning for a profitable future.Let’s take a look at some of the things you can do with MYOB to make your business more productive and more profitable.Make Better Decisions. By utilising the information that can be generated within MYOB, business owners can discover methods of streamlining and improving their business. You can look at things like tax liabilities, projected financial data and other important performance measures to predict the effect of any business decision.
Cash Flow Projections. MYOB allows your accountant to create a scorecard of your business which is easy to read and understand. You can use this to determine emerging cash flow issues as well as profit performance. Having this information on hand at the press of a button means that you will always be on top of vital data that best describes your business.
Adding Value. You can utilise a ‘what if’ scenario query to examine the effects on cash flow or profits of any decision you are thinking of implementing. This is a great way to establish a clear picture of the impact on the overall business before a decision is actually made. This data is also vital in supporting the loan applications as many banks will be able to use the data to assess any finance application.
Meaningful Numbers. MYOB has a sophisticated analytical system in place which converts raw data into something which is easily understood by the non accountants. This places business owners into a much more powerful position by giving them a hands on knowledge of financial data that they can use much more easily and sensibly. These numbers can then be used to develop specific strategies to improve business.
Anticipate Changes. Imagine being able to predict the effect on your business in the event of a potential interest rate rise. In today’s business environment borrowings are a critical aspect of the business which need to be constantly monitored, and in an environment of rising interest rates being able to anticipate the changes well in advance can make planning a much more straightforward proposition.In a nutshell, MYOB provides you with the capacity to analyse in depth any aspect of your business. This analysis can then be further developed by strategising and exploring possibilities and make them easily understood by producing simple flowcharts of key results. Your MYOB Certified Consultant can show you how to utilise the tools contained in this extremely powerful software package.