Time theft is a enormous problem impacting the bottom lines of construction companies. Time theft occurs when employees accept wages for hours they did not work. Conservatively, about 2.2 percent of your weekly payroll is for unearned wages because workers report or punch in and are not on the job actually working.
Time theft costs your businesses substantial money. For example, a construction company employing 120 workers will pay out $5,200 weekly in unearned employee wages and over $257,000 annually.
AccuBuild offers a solution called A|B TimeClock ethat gives you control over time theft. A|B TimeClock is a tablet based system that records the time, GPS coordinates and picture of the employee each time they clock in and clock out.
There are several forms of time theft
Unearned Wages: Employees that receive unearned wages for work never completed is time theft. For example, a construction worker who reports that he started work as he leaves from his home and does not arrive on the job for 30 minutes, or an employee has their friend punch them in when they are not on the job site are situations where you are paying for time that was not earned. Employees falsify their time cards to show they arrived at work on time or left their jobs later than they did. These unearned wages are costing you every day.
Employees Punching the Clock for Buddies: Another example is buddy punching. Employee clocks in their friend's a time card when they are late. This keeps their friends from getting in trouble with a foreman and you then are paying out unearned wages. It also costs more than just money as project's get delayed and deadlines are missed.
Labor Audits become less intimidating because you can print reports that show each clock in/out with the employees picture, and GPS location.
Benefits of Using the AccuBuild Time Clock:
- Integrates directly into AccuBuild Payroll
- No manual time entries
- Approval Process
- No more buddy punching
- No more paying unearned wages
Reduction of Administrative Expenses: A|B TimeClock reduces overhead and makes your organization efficient because it ties directly into AccuBuild payroll. You can also assign each employee to a project and a phase of the project.