Capital Bank, headquartered in Raleigh, North Carolina, is an entirely owned subsidiary of Capital Bank Corporation (Nasdaq SmallCap: CBKN). The bank currently offers a broad range of financial services with 15 banking offices throughout six counties in the Greater Research Triangle region.
Because of its strong management team and active board of directors, Capital Bank has experienced exceptional growth as a result of its Hometown Banking strategy. Achieving constant earnings and growth, the bank became profitable in just its second full year of operation.
Before Capital Bank began using ADP Office Timesheet, its payroll processing required that a part-time employee would work 20 hours per week (40 hours per bi-weekly payroll cycle) dedicated to ensuring the accurate collection, verification and manual entry of employee timesheets. It quickly became obvious to Capital Bank management that this process was inefficient and could easily be improved by implementing an automated system.
Already an ADP customer for payroll, Capital Bank once again turned to ADP for a solution to the labor-intensive manual processing of time collection and verification. To optimize its business process management, ADP suggested using ADP Office Timesheet, the private label version of PSA Timesheet. The solution offered several benefits:
A standardized Web-based time entry interface for employees in all of the company’s 15 locations • Quick and easy online timesheet approval for group managers • Seamless integration with ADP eTIME to eliminate the need for manual entry following time data collection
Since February 2001 Capital Bank has been reaping the benefits of using ADP Office Timesheet across the organization. The payroll processing cycle has now been reduced from having a part-time dedicated resource working 40 hours per cycle to having a single resource working only 4 hours per cycle. This optimization made Capital Bank’s payroll process 10 times more efficient. In addition to the time saved, the risk of inaccurate payroll resulting from human error has been significantly reduced due to the fact that ADP Office Timesheet seamlessly integrates with ADP eTIME.
Eileen Scott, Capital Bank’s HR Specialist, is very satisfied with the product’s performance in the company’s environment: “ADP Office Timesheet was fast and easy to deploy and has an extremely low learning curve allowing my colleagues and myself to focus on what is important to us – our customers”.