When businesses look for ways to increase their revenue, they often look outward rather than internally. A recent small business survey found that only 20% of small businesses actually invest in tools to increase employee productivity, meaning that many companies may suffer from an inadequate workforce and don’t even know it.
Here are some of the top benefits of implementing an employee time and attendance tracking system.
1. Waste Less Time on Managing Payroll
The most obvious benefit that comes with time and attendance tracking is that less time is spent on tracking and processing time spent in the office. When you upgrade to a new system, you’ll spend less time calculating payroll every month by as much as 70%. Employees can focus on respective jobs instead of leaving accounting up to themselves as a daunting, time-consuming task all its own.
2. Prevent Time Theft and Buddy Punching
Time theft is an epidemic across a wide range of businesses, and it often comes in the form of buddy punching, which entails one employee clocking in for another when they’re late. Whether innocent or deliberate, time theft can be costly over time, but this is avoidable with automated time and attendance systems.
3. Avoid Human Error When Bookkeeping
Many errors can occur in bookkeeping, mainly because nobody is perfect. Everyone is liable to make mistakes, whether it’s something as small as a misplaced digit leading to accounting errors, or a series of mistakes for every certain number of keystrokes. These can result in serious issues that lead to a negatively impacted bottom line. An automated system can also prevent this.
4. Make Sure Employees Are Always Informed
One question that a lot of employees tend to have is how much time they have left off for the year in PTO or sick days. Reliable 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 see exactly how much time they’ve worked and how they’re using their time, insight that can prove invaluable. Employees may be more encouraged to eliminate inefficiencies if they can see exactly where they’re going wrong.
5. Spend Less Time on Filling Out and Processing Paperwork
As the digital age continues to push us toward completely paperless solutions, employee time and attendance is also following suit. The cost of replenishing items needed to maintain an old-school time and attendance system can accumulate, but eliminating all of that can help you save money and time in the long run.
These are simply some of the many benefits you’ll get with an automated time and attendance tracking system. As the technology continues to develop further, we’re likely to see even more innovative changes in the near future that can further streamline these processes. In the end, it really pays to have an efficient time and attendance tracking system in place if you want to save time and money while making running your business easier overall.