When it comes to tracking the time and attendance of your employees, there are usually two schools of thought. A business can either go with the newer and more sophisticated time tracking software, or use the reliable, but more old-fashioned punch clock. That doesn’t mean this is an easy decision to make. There are pros and cons to both, so let’s take a look at how the two compare.
There are a few benefits when it comes to using a punch clock for tracking employee time and attendance. One key advantage is the availability of a hard copy should it be needed. Today’s time tracking software options are robust, but that does not mean they cannot become corrupted or manipulated. The punch clock is a reliable option that allows you to rest easy knowing employee data is safe and secure.
Another benefit of the punch clock is the initial setup costs. Typically, these costs are much less than those of time tracking software. From installation fees to maintenance upkeep, the charges associated with a punch clock will more often than not come in lower than the initial installation cost of time tracking software.
A few other benefits of using a punch clock include:
- Less time clocking in and out by employees
- Real-time attendance statistics
- Ability to enforce attendance policies
- Reduce payroll errors
Of course, punch clocks are not flawless and have their fair share of drawbacks as well. One such drawback is that it easily allows for the manipulation of clocking in and out. With a physical timecard, employees can clock in and out for one another, even though they may not be on the premises. As a result, the company is paying for time that was never actually worked.
Additionally, the use of paper cards is an added expense, which must be accounted for on a regular basis. There is also the question of how to dispose of used timecards since doing so in an improper method would not be considered environmentally friendly.
Time Tracking Software
There are several key advantages to using a time tracking software, especially for small and medium-sized companies in Ireland, and one key benefit is the ability to clock in from anywhere, anytime. Employees working remotely or off-site have the ability to submit their time just by logging into the software and providing their hours worked. In the same vein, this allows for more natural tracking of time and attendance, along with a myriad of other capabilities contained within the time tracking software.
Another benefit of time tracking software is its ability to integrate with most of today’s payroll systems. Using time tracking software allows for the easier production of payments, eliminating pain points within the payroll process, as well as reducing the possibility of human error.
Time tracking software is typically simple and easy to use and can include a customisable interface that suits the needs of the company. The system is easy to learn and does not require a lot of time on training or implementation.
An additional benefit to note for time tracking system is its multiple opportunities for logging and tracking time. These can include PC Based tracking, desktop readers, mobile phone and landline clocking, and text alert clocking. The advantage here is that a company is not limited to a clock on a wall, and can implement and integrate the time tracking software that works best for its needs.
A few other benefits of time tracking software include:
- Improved morale of employees
- Reduction in miscommunication
- View expenses in real-time for projects
- Perform forecasts for budgeting purposes
- Provide analytics for operations and team performance
However, just like time clocks, time tracking software does have its share of disadvantages. On average, time clock software does cost more to install, implement and maintain. Initial integration will require the services of a software expert, and additional customisation or features may result in other costs.
Another drawback, as mentioned previously, is the possibility of corruption or deletion. Time tracking software is not perfect and can become corrupted by a virus, which can result in the loss of time and attendance records. Additionally, while it is highly unlikely, it is also possible to wipe or delete the database if it comes into range of a magnetic field.
Based on the information provided, it is clear that time tracking software is superior in many ways to the clocking-in punching system that has been around for decades. That does not, however, mean that it is the best option for you or your company. It is essential to weigh the pros and cons of each and make an informed decision.