If only there were more hours in the day to run your business, right? You’re not alone there. According to a survey by Accounting Today, small business executives report spending about 25% of their time doing employee-related paperwork. In an 8-hour day, that’s two hours spent not growing the business. Importantly, executives say they would much rather be spending time generating revenue.
What’s more, spending time on employee-related paperwork has some real costs attached to it. A recent study by PricewaterhouseCoopers found that small to medium-sized companies spend an average of $2,000 per employee per year on administrative paperwork related to payroll, heath care benefits and time and attendance.
Time and money. Two things most entrepreneurs need more of on any given day. And the surprising thing is that there are new ways to get more of both: through technology applied to human resources.
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