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Home » Business And Finance Articles » What Is Time And Attendance

What is Time and Attendance

Time: The collection, calculation, reporting and integration of all information necessary for employee compensation.

Attendance: The tracking of infractions and leave in order to provide a fair, unbiased and uniform application of attendance policy.

Time and Attendance systems produce real-time performance data by orchestrating people, processes and technology. Implementing a Time and Attendance system will typically yield an 80% reduction in manual effort, a 3% savings in total payroll (labor cost) and the visibility to make better workforce management decisions.

This page is dedicated to defining the benchmark of industry standards, and enabling you to set expectations before you begin your search.

A quality Time and Attendance solution will provide depth, flexibility and utility in the following areas:

Data Collection
(http://www.legiant.com/whatis/datacollection.htm)
The ability to directly interact with the employee to gather raw time, leave and labor data through the use of any data collection method that is appropriate for your employees.

Exempt Time Collection
(http://www.legiant.com/whatis/exempttimecollection.htm)
Provides a solution for the non hourly employees and allows for a different method of time accounting for the salaried employees.

Time Accounting
(http://www.legiant.com/whatis/timeaccounting.htm")
Calculates time by applying your rules to the raw data collected-including overtime, premiums, rounding and labor distribution.

Labor Distribution
(http://www.legiant.com/whatis/labordistribution.htm")
Accounts for time worked by location, department, branch, cost center, job, position, project, or any other names you may need.

Scheduling
(http://www.legiant.com/whatis/scheduling.htm)
Provides a user friendly method to schedule both work time and time off. Group schedules, individual schedules, rotation schedules and demand based schedules should all be a part of the solution. As should workflow approval for employee leave requests with automatic checks for available Vacation, Sick, and Paid Time Off.

Reporting
(http://www.legiant.com/whatis/reporting.htm)
Generates accurate, real time data to the appropriate decision makers. Few have the ability to utilize Push Technology; a capability that ensures specified reports are automatically email to your in-box.

Leave Tracking
(http://www.legiant.com/whatis/leavetracking.htm)
Calculate, display, and track sick, vacation, PTO, FMLA and all other types of leave. Leave tracking should integrate with the employee schedule, the timecard and your current Human Resources or Payroll application.

Attendance Tracking
(http://www.legiant.com/whatis/attendancetracking.htm)
Maintains an attendance calendar for each employee with multiple years of data, and eliminates favoritism by enforcing the organizations attendance policy in a fair, non biased manner.

Interfacing
(http://www.legiant.com/whatis/interfaces.htm)
Using XML, ASCII files or database integration, Time and Attendance should fluently communicate with applications including Payroll, ERP and HRIS.

Workflow
(http://www.legiant.com/whatis/workflow.htm)
Uses your approval structure to provide logical event routing and notifications via e-mail or other messages.

Hosting Your System
(http://www.legiant.com/whatis/hosting.htm)
This method eliminates your Information Technology requirements for the database, server hardware, operating system, data backups, security management, system management, service packs and patches.

At Legiant, we are Time and Attendance specialists dedicated to the best solution for your organization. Time and Attendance is not a neglected peripheral application, it is perpetually nurtured as our company focus. Our objective is to minimize the time you spend on Time and Attendance, and maximize your productivity and efficiency through superior product architecture and unparalleled support.

For more information about next generation time and attendance systems visit: http://www.legiant.com.

And here is another random article you might be interested in...

How Does Bankruptcy Work?

Of course, bankruptcy is your last resort. It is tough but provides a legal remedy for your financial situation.

Bankruptcy is a 3-step process:

1. You must first file in federal or state court saying you are "insolvent" â€" meaning you have no cash or assets (things you can sell) to pay your bills.
2. You have to arrange a repayment plan with creditors and the court.
3. You "discharge" â€" meaning settle your debts with creditors for usually a lower amount than the original bill. This gives the creditors some of their money back.

Pros and Cons:

Pros:

1. Legal protection from creditors
2. Takes care of most of your debt
3. You may get to keep your home
4. May stop financial ruin
5. Enables a fresh start

Cons:

1. Bad Credit
2. Still have to pay some debt
3. Have to go to court
4. May loose your assets
5. Loss of privacy (usually they print your bankruptcy in the paper)

What if I don't file bankruptcy â€" what could happen?

Bad credit rating â€" making it hard to ever borrow again

Creditors may sell your property you put up as collateral â€" like your car or house

Lawsuit â€" and if you lose, you'd have all the legal costs from both sides plus your bills

Garnishment â€" your wages could be garnished up to 10% to pay creditors

Types of Bankruptcy

Chapter 7 â€" straight bankruptcy

This is when you sell everything and pay back creditors. You can keep your house, but must pay taxes, alimony, fines, and student loans.

Chapter 13

This allows you to keep your stuff, but the court appoints a trustee to help you with your wages and pay back your creditors usually within a 3 to 5 year window.

Hopefully, this information has helped your situation, but please, it is always smart and sometimes required by law, to consult with an attorney before filing.