Proper employee management and training can help SMEs prevent staff and money losses

Implementing a very solid and reliable workforce management solution can help SMEs avoid losing staff and money through failing to invest in their finance workers, a recent news report has been able to reveal.

The research reveals finance and accounting are largely overlooked when it comes to training, and many finance employees juggle financial responsibilities with their main role. Almost one in six (15%) never spend any money on training and a quarter (26%) only invest in ad hoc training rather than having a dedicated budget.

More than 60% of SME employees responsible for finance have another role, with half (50%) doing business development and sales and 34% having a role in office management. Three in five SME business owners (60%) are responsible for their company’s finances on a day-to-day basis, while only 26% of SMEs have one or more dedicated members of staff looking after finance or accounts.

As a result of not having qualified finance workers, AAT says every SME in the UK might have lost an average of £1,277 per year. These losses could include an average of £508 due to tax miscalculations, £399 lost due to an invoice not being issued and £257 for a payment bouncing.

A workforce management system can help SME owners enjoy an extensive overview of the available skills sets across their workforce, as well as organizing training for specific employees.

This is specifically where Time & Attendance UK could put its extensive experience to very good use.

We offer a complete proximity card time and attendance system that includes European Working Time Directive checking and reporting, Access Control, Fire Roll Call, and also makes good use of mobile and wireless technology so that your employee clocking and activity information can be accessed from anywhere.

Moreover, our specific position within this market segment, as well as proven experience in the field enables us to thoroughly customize our systems in order to meet all of your requirements, whether you’re an enterprise customer with multiple sites or a smaller business.

Proximity smart card technology allows your employees to quickly clock in and out, with the time and attendance software accurately recording attendances.

Furthermore, our all-in-one, Smart Card Time & Attendance recording workstation incorporates such features as job booking, job costing, labour hours analysis and security management.

If you want to find out more about the range of affordable, reliable solutions provided by Time & Attendance UK, just contact our dedicated product team, they’ll be more than happy to answer any question you might have.