How to Account for Paid Time Off and Sick Days
Companies of all sizes face the daunting task of remaining efficient and productive while employees utilize paid time off or take a leave of absence due to illness. The process of managing time utilized and time remaining starts small and grows exponentially as a company scales. Policies that were once effective, suddenly shift. In fact, the mismanagement of employee time off costs businesses in the United States over $1 billion in productivity each year.
A good Paid Time Off (PTO) software package should integrate with your Payroll module to provide a complete solution that automatically manages complex vacation and sick time policies which helps you shrink overhead costs by reducing paperwork and the time required by the payroll team to manage record keeping. The software should also enable staff to manage complex payroll situations quickly and accurately, while offering better service to the employees.
And because different companies use different methods to calculate an employee’s remaining time off, the software should allow the calculations to be defined and set up by the user in an attempt to create one module to fit these varying calculation methods. When users process payroll the software calculates vacation and sick time during the calculate checks process. The updated vacation and sick time data is posted to employees’ records when the payroll checks are posted.
A software bolsters production, allows you the flexibility to manage multiple plans at once, gives you real-time numbers to help you determine effectiveness, and will assist in streamlining your budget.
Discover how you can tap into PTO’s suite of tools or how you can unlock more from your current Microsoft PTO system by contacting Express Information Systems today.