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Paper Timesheets – The Source of Lost Time & Revenue

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LMN News

by: Batman

Part of a new series of blog posts from the Super Heroes on the LMN Support Team.

Ink and paper.

Not much has changed since they were first invented thousands of years ago. Treaty’s were bartered, declarations were drafted and paper timesheets were pioneered to track employee time.

Even muttering the words ‘paper timesheets’ bring a cold shudder down the spine of all office and payroll administrators alike. They are reminded of the countless hours of tabulating all of the math correctly, tracking down foremen with missing/incorrect timesheets, and inputting all of the data for accounting all under a timed deadline.

With paper timesheets, their time is as accurate as what your foremen jot down; with no way to back check or verify if this was indeed the case. Were they actually on-site at the time they said they were? Is that the exact time they were there? Foremen rounding their time is a huge factor to consider as well. While it may appear to be a few minutes here or there, it can easily snowball into a much larger problem: lost revenue.

When using our “Lost Time Calculator” the snowball effect of lost dollars can add up fairly quickly as shown in Fig. 1 below. Even with a conservative rounding of five minutes a day for three 3-man crews, that’s nearly $3000 you now have to pay out to your crews that directly impacts your bottom line. Feel free to see how much potential revenue you may be losing out on by accessing the “Lost Time Calculator” here.

Fig.1 shows you the time/dollars lost for a company running three 3-man crews, with an average round off of 5 minutes a day (2.5 mins per clock in and out)

Having an accurate, live to-the-minute timetracking system in place is key to help ensure you are paying out the right amount for your field staff and keeping your hard earned revenue where they belong: in your bank accounts.

Empower your foremen with LMN Time! No more paper timesheets to have to lug around; real-time to-the-minute tracking can be done from their fingertips. Your foremen are already carrying their phones around with them as it is, take advantage of this and utilize their smartphones as another tool for them to use out on the field.

Stay tuned for future blogs on the full potential and power of LMN Time.

Did you know about our weekly webinars on LMN Time? It’s a live session where you can chat with one of our awesome Superheroes and address any questions you may have on LMN Time. Check out our Events Calendar and register for one of these sessions today!

For further questions, reach out to us at: support@golmn.com or call us at 888-347-9864.

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