Your employees are your greatest asset, but they can also be your biggest expense. Since 80% of small businesses fail within the first year, it’s critical that you utilize technology to maintain accurate and reliable labor records. Traditional timesheets are quickly becoming a thing of the past; instead, businesses are relying on time and attendance tracking software to help save them thousands of dollars each year.
Here are some of the top benefits of an automated time and attendance system:
1.) Accurate Time Tracking
Manual timesheets are subject to human error. Illegible handwriting can lead to inaccurate wages being recorded. If later disputed by the employee, time must then be assigned to adjust the payroll after the pay period has passed. Some employees may abuse the manual system by “stealing the time” and clocking in or out inaccurate hours.
Time and attendance software eliminates time theft and reduces human error by relying on electronic data that is collected when employees clock in and out over a secure web browser, from an electronic biometric time clock (using fingerprint or face scan) or via a mobile app on their phones.
2.) Increased Productivity
The Human Resources department will no longer need to spend hours collecting time cards and entering data into accounting programs. Time and attendance tracking software can accomplish the same task in a matter of minutes. This will lead to an increase in productivity as employees can focus on completing other tasks.
3.) Increase in Savings
Eliminating payroll error and time theft combined with the increase in productivity will directly result in an increase of your businesses’ savings.
Time and attendance tracking software can be used to notify supervisors of employees who clock in earlier or later than their allotted time shift. Any undesired attendance practices can be nipped in the bud before being allowed to develop into unwanted habits.
4.) Encourage accountability among employees
Employees can access their time records at any time. This encourages workers to keep track of their performance while identifying areas that can be improved upon. They can also stay up to date on available vacation days without needing to make an inquiry in the HR department.
5.) Improved Compliance With Labor Laws
The Department of Labor can request an audit of your company at any time. The data collected by automated time and attendance software will ensure that you’ll be able to provide the necessary records at a moment’s notice.
Switching to an automated time and attendance system can save your company time and money, improve efficiency and employee morale all while maintaining compliance with labor laws.