5 Ways Time and Attendance Software Can Boost Your Bottom Line
Far too many businesses across the country and beyond fail to optimize their time and attendance practices both for themselves, as well as for their employees. Shortcomings in accurately tracking employee hours leads to business suffering, as it often loses money and employees become disengaged.
The good news? The right business solution can amend this timekeeping obstacle.
These tools come in a range of shapes and sizes to help business owners and managers make the right choices when it comes to employee time tracking and scheduling.
Ready to reverse your fortunes and reap the benefits of better organization? Here's a detailed look at how time clock software can boost your business.
What is an Employee Time Clock?
An employee time clock is a piece of software that helps business owners track employee time and attendance with complete confidence and accuracy.
These tools offer a range of features to take employee time tracking far beyond the all-too-familiar sheets and scraps of paper. These technology-driven solutions make it simple for employees and managers to input and track their time.
This makes life simpler for all parties. The best tools are also accessible on the move from a variety of devices. This keeps everybody in the loop and makes sure that morale isn't affected by last-minute changes, inaccurate payrolls, and unpredictable schedules.
Once hours are added, they are then collated and tracked. This makes it possible for business owners and managers to generate reports and assess labor expenditure while guaranteeing compliance with the most recent labor laws.
The best employee time clock software is certainly worth the investment. Many business owners successfully use these tools to unlock powerful benefits that have a proven impact on their bottom line.
Here's a closer look at some of the 5 key reasons you need to invest in a great employee time clock.
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One - Objective Time Tracking
Analog time tracking techniques are awful for business. Using pieces of paper and word of mouth can affect your business in the following ways
Employees might find they are underpaid for their hours
Team members might commit time theft
Payroll activities become a time-consuming headache
Nobody truly has a view of the full picture
Businesses struggle to learn from previous experiences
The best employee time clocks put an end to this.
Time tracking software helps you to achieve consensus between employees and management, eliminating the potential for any confusion or disagreement. That objective data can then be used to help you run a well-organized and transparent business where everybody feels comfortable and informed.
Two - Identify Problems with Attendance
A minute here, a minute there all those late arrivals and early departures can cost your business money.
Your employees might not mean to arrive late, but the absence of an employee time clock can often encourage time theft. It's only natural that your employees will try to make the most of their own time, after all.
Time theft can be very harmful to businesses. In fact, businesses across the country lose multiple millions of dollars each year due to time theft. The average employee steals an estimated 4.5 hours per week. This is a real issue that you can solve with a great piece of employee time tracking software.
The best tools give you total visibility into the habits of your team. This helps you to quickly identify any potential issues and flag them with your team before they become a bigger challenge. This also helps to foster a culture of punctuality within your business.
Some business owners believe that an employee time clock might be unpopular among their team. This isn't the case. In fact, most employees love the fact that they can confidently log their time and evidence of their punctuality.
Three - Track Costs in Real-Time
Labor is often the biggest area of spend for a business. It's critical that business owners are able to lower labor costs where possible to maximize their profits.
It's essential that you dig into the numbers to understand if you have too few or too many employees currently staffed. This analysis can help you avoid over-working or under-working your team.
Employee time clocks can help by granting you the power to track your labor expenditure in real-time. This gives you the ability to make the right scheduling choices at the right time.
Some businesses might find, for instance, that overtime hours are starting to spiral out of control. A great piece of time tracking software can set alerts and trigger you to act before it's too late.
Online employee scheduling software that makes shift planning effortless.
Try it free for 14 days.
Four - Automates Payroll Tasks
Many business owners and managers find that payroll tasks are among the most unpleasant within any business. It's often a complex manual task that is filled with the potential for error.
Those tasks also take up a lot of time that could be better spent elsewhere. If your time tracking infrastructure is particularly poor, too, you may find that putting together the payroll becomes an unpleasant puzzle!
An employee time clock app can give you a shortcut to the payroll finish line. These tools do all of the heavy lifting so that you don't have to worry you can focus on more deserving tasks safe in the knowledge your payroll will be perfect.
This automation also liberates more time for you to export reports and make scheduling tweaks. It's no wonder businesses that install an employee time clock witness significant improvements to their employee scheduling.
Five - Facilitates Growth
You may feel like an employee time clock would be overkill for your current needs, but these tools remove a lot of the growing pains that expanding businesses may experience. If you expand your team and have a great employee time clock system in place, you'll save a lot of time and effort that could be utilized elsewhere.
Ambitious businesses often decide to install their employee time clock sooner rather than later. This gives them the power to make informed decisions from the beginning and prepare for the growth that they are going to experience.
This infrastructure can really help to create a sense of legitimacy within a business, too. It may sound dramatic, but some businesses will fail to attract top performers if they are not able to present themselves in the best light and handle the fundamentals.
What to Look for in the Best Time Clock Software
Interested in what an employee time clock can do for you? You're going to want to find the tool that's best for your needs.
Here's a closer look at what the ultimate time and attendance solution should deliver to its users.
Slash Labor Costs
Labor costs often account for as much as 70% of total business costs and according to Reuters, that figure is rising steadily. That's because labor costs cover things like wages, benefits, taxes, and more.
It's obvious that businesses want to keep those labor costs to a minimum. This can help run a profitable business where profits aren't simply offset by high labor costs.
A time clock should make it easier than ever before to schedule employees and of course track worked time.
A new feature is the implementation of biometric data to time clocks, meaning that in order to punch in/out, an employee must provide a physical source of data by means of fingerprint, eye, or facial scan to confirm that only said employee is clocking in or clocking out for a scheduled shift.
With a biometric time clock, buddy punching is a thing of the past, and you can look forward to getting the most accurate tracking possible.
Accurate reporting gives you the full picture so that you are empowered to make the right choices that cut labor costs and benefit your business.
Creates Mobile Connectivity
Tracking is often complicated by the fact that employees forget to check-in and out. This simple mistake can throw your metrics off and contaminate your data.
A strong time clock should rid of this frustrating scenario. A powerful solution embraces mobility so that managers can make changes while on the go.
Those adjustments make it easy for managers to keep data clean and accurate.
Best of all, that functionality uses geo-location that verifies the employee is on-site before allowing that employee to clock in.
Eliminates Time Theft
Time theft is an unfortunate issue that plagues many businesses and erodes its bottom line. Businesses have to use every tool at their disposal to fight back against time theft and protect themselves.
Time clock software should offer employers the ultimate way to tackle time theft. A strong system makes it simple to maintain an audit trail of every single employee's punch in/out time. This gives you complete insight over a large period of time, making it simple for you to reward good performance and identify any concerning issues.
You can take control today to protect your bottom line and make your business more profitable than ever before.
Automates Time-Consuming Manual Tasks
Time and attendance software now takes care of manual payroll tasks for you.
The platform gives you the power to easily view and confirm all the hours and extra pay within a given time period. Editing and adjusting is extra simple, making the process quicker and giving you time to focus on other important tasks.
This tool should also make it a breeze in finalizing payroll and then sending it along to your payroll provider. It's effortless and easy to use, and above all else, the app will cause less stress and create more free time.
Achieve Compliance with Labor Laws
Labor laws are constantly evolving and it can be a challenge to keep up. It's important that you do fulfill your legal obligations, though, given that some serious issues could arise if not.
In the past, it was difficult to track labor laws and avoid violations when new laws came into place. Now, you're offered an intuitive set of features so that managers and employees can accurately track every employee's working time accordingly.
Free time clock app features should also be included with your software. These features should include notifications, warnings, and visual indicators to make sure that everyone in your business works in a way that is compliant with the various laws out there.