Key Benefits of Using Time and Attendance Tracking Software
As more companies look for easier ways to increase their revenue, they often look externally rather than internally.
A recent survey of small businesses found that a mere 20% of small businesses actually spend money on tools to increase employee productivity, which means that many companies may suffer from an incompetent workforce and don’t even know it.
Here are some of the main benefits of implementing a time and attendance tracking system for your business.
Waste Less Time on Payroll Management
The most obvious advantage that comes with time and attendance tracking is that less time is spent on processing and tracking time spent in-office. When upgrading to a new system, you’ll spend as much as 70% less less time calculating payroll on a monthly basis.
This gives employees more time to spend on their respective jobs, as opposed to the potentially daunting task of managing payroll.
Avoid Time Theft and Buddy Punching
Time theft is an epidemic affecting many different businesses, often comes in the form of buddy punching, which involves one employee clocking in for another when late.
Whether deliberate or innocuously done, time theft can accumulate in cost over time, but this is avoidable through the use of automated time and attendance systems.
Eliminate Human Error in Bookkeeping
A large number of errors can occur when bookkeeping, mainly because there isn’t a perfect employee.
Everyone is capable of making mistakes, whether it’s something as small as a misplaced digit leading that results in accounting errors, or a series of mistakes for every certain number of keystrokes.
These can result in serious issues that lead to a bad bottom line. An automated time and attendance tracking system can also prevent this.
Ensure Employees Are Always Well-Informed
One question that a lot of employees tend to ask is how much time annual time is left for PTO and sick days.
A dependable and accurate time and attendance tracking software can eliminate this uncertainty and help employees understand exactly how much time they have accrued.
Employees will also be able to view how much time they’ve worked and how they’re using their time, insight that can be significantly helpful.
Employees may be more encouraged to reduce inefficiencies if they can see exactly what they’re doing wrong.
Worry Less About Filling Out and Processing Paperwork
As the digital age brings with it more and more paperless solutions to day-to-day tasks, employee time and attendance is also going along with this movement.
The cost of replenishing items needed to maintain an old-school time and attendance system can quickly accumulate, but eliminating all of that can help you save money and time in the long run.
These are merely a few of the many different benefits you’ll get with a professional automated time and attendance tracking solution for your business.
As the technology continues to develop further, we’re likely to see even more innovative changes that change the shape of the future of businesses both large and small. In the end, you’ll be able to have the upper hand over the competition with the help of complete time and attendance tracking systems that truly work for you and your business.