Software designed to track employee time provides many significant benefits for small businesses. Across all industries, time clocks help employers to not only fulfill payroll obligations but also identify areas to improve efficiency.
Small businesses should not sleep on the opportunity to upgrade their time tracking system. With a better one in place, employers have a helpful tool that identifies unnecessary tasks. Some of these tasks can even be outsourced to help businesses improve productivity.
Time is Worth Tracking
Accurately tracking time each day empowers small businesses to make better use of this valuable commodity. Simply by recognising areas lacking in efficiency, lost time is regained and feeds into profits.
Devices such as those that monitor work time accurately reducing the liability of not paying employees in full. This creates employee dissatisfaction.
Continuing to use paper timesheets is not a good business practice. Time and attendance systems for small businesses can help to save time and resources. Issues like buddy punching and other forms of time theft become easier to avoid.
A large number of clerical errors are directly caused by paper tracking systems. Problems are not readily visible until there is a lawsuit or federal penalty. However, time and attendance software safely archives employee data. Information is easily accessible if a dispute arises.
Time and Attendance Systems are Fast and Efficient
Speed and efficiency that comes with time and attendance systems for small businesses go directly to the bottom line. Companies that have a mobile workforce can appreciate the convenience these systems provide.
Using a mobile app, employees can clock in and out on their smartphones. Wherever they are the time tracking system goes with them. Data is immediately transmitted to the payroll system, removing another chance for human error.
Older systems had a lag time for calculating payroll. Typically, this would lead to delays in determining job costs and hours worked. This could be detrimental to small businesses. With so many changes in state and federal regulations, having up-to-date numbers on hours is critical to staying in compliance.
Small Businesses Simplify Tasks with Time and Attendance Systems
Time and attendance systems for small businesses have a significant role no matter the type of company. A business that needs people to operate must have a way to monitor the work that is being produced. For most, if not all businesses, the workforce is the biggest expense and asset.
As such, this makes having a system to dramatically simplify tasks more critical to playing big. Just consider the amount of time it takes to track work hours and calculate accrued benefits using traditional methods.
An automatic system that calculates data reduces labour costs and ensures wages and benefits are paid on time. Tailored reports provide specific information from one source. Employees are not tracking down missing timesheets or duplicating tasks by creating yet another spreadsheet.
The right software program can help businesses automate labour forecasting and management activities. Motivating more companies to turn to time tracking systems comes from many reasons such as:
- Being overwhelmed with paperwork
- Rapid growth
- Efficiency initiatives
The demand is there for these products. Whether by design or pull from the competition, sellers are delivering time systems prepared for niche industries with a variety of technical requirements.
More Compelling Reasons Small Businesses Should Upgrade to Automated Time Tracking Systems
Moving to time tracking automation has at least five more ways businesses will see a reduction in costs and an increase to their bottom line.
1. Recording hours worked.
Although the way people work has been revolutionised, recording those hours has lagged far behind. Technology is catching up and finding many employers still stuck in paper-based time card systems.
Even outdated swipe card systems leave too much space for mistakes. Between overpayments, buddy punching, and human error, operating budgets are making up for too much lost time. On the other hand, businesses can save on annual payroll expenses.
From biometric fingerprints and mobile apps to web-based solutions, time and attendance systems for small businesses have traveled a long road. Administrative staff will not spend time inputting holiday time or breaks, for instance, and can devote more manpower to money making activities.
2. Calculating hours worked.
Calculating hours worked. Only one other task can take more time than recording hours. Calculating payroll on a weekly, bi-weekly or monthly basis can become an all-day affair to perform those calculations by hand.
Imagine the difference an automated system can make for a business with 50 to 100 employees. Something that once lasted several days will take less than a day to complete.
3. Wasting resources on paper-based systems.
Wasting resources on paper-based systems. Paper time cards are a strain on the environment. This limited resource must be reordered and restocked continually to ensure enough materials are on hand for employee use.
Not only are businesses deepening their carbon footprint, but employee time and energy are two additional resources being wasted. Their time is better spent on other mission critical tasks when the paper cards are replaced by an automated process.
4. Erasing timekeeping legal issues.
There are a lot of financial resources wasted in many businesses in Ireland due to overspending, inefficiency, and lower production output. Savings made using Time and Attendance Systems could have been used to grow and fund other initiatives.
Misclassifications, inaccurate timekeeping, and no historical payroll data, sets small businesses up to pay these large tax tabs. Avoiding this unnecessary expense is as simple as switching to an automated timekeeping system.
Time and Attendance Systems Deliver Financial Advantages
Making a business investment that leaves more money available for finding new customers or improving relations with current ones is worth it for every small business. Implementing absence management software within a small business makes total sense. Costs for switching to a new time tracking system pales in comparison to the money that is lost on inefficient and outdated tracking methods.
Financial ramifications are tremendous when small businesses choose to stay with comfortable, yet time-consuming, expensive and wasteful, ways of knowing how many hours employees work. For many small businesses, implementing an automated system can equal the difference between failing and being successful.