5 Benefits of Using Employee Time Tracking Software
Posted by Brewcity on November,05 2017
In their search for increased revenue, businesses usually look outward instead of inward. As a result, very few invest in tools that can help improve employee productivity. Many businesses will try to increase their revenue by launching new customer acquisition techniques and expanding into new markets. But these are not the only viable options. When implemented, employee time tracking software applications can be an easy but highly effective solution. Your business will undoubtedly benefit if you switch from manual bookkeeping to a dedicated system. Unfortunately, the advantages of upgrading aren’t always obvious. To help you understand how these systems can help your business, here are some of the benefits offered.
1. Reduce the time spent on payroll
Your employees and HR will spend fewer hours tracking, recording and processing their daily, weekly and monthly working hours. By upgrading, businesses can reduce the hours spent calculating payroll by up to 70 percent. Relieving your employees of the need to account for themselves allows them to focus on their respective jobs, which, in turn, increases productivity and revenue.
2. Prevent time theft
Employees can clock in for counterparts who are late, otherwise known as buddy punching, or take longer-than-allotted lunch breaks. Whether intentional or innocuous, such practices can cause businesses to lose a significant amount of money. When installed, automated systems can help prevent such issues.
3. Prevent human error in bookkeeping
None of us is perfect, not even when we are using a spreadsheet, calculator, or other computation devices. Statistics show that even the most accurate of typists will make at least one mistake every 300 keystrokes. Accounting errors can occur due to one misplaced decimal or digit. Such errors will need correcting and can have a negative impact on your bottom line if left uncorrected. Employees cannot account for breaks and other lapses or recall exactly when each of them started and finished work. Also, they wouldn’t accurately remember when they started working overtime. Expecting any of these would be an exercise in futility. According to a recent report, reporting work hours several times a week will in most cases lead to a timesheet that is not entirely accurate.
4. Spend less on paperwork
For starters, it can take a lot of hours to sort through, organize and process paperwork. Secondly, maintaining an old, paper-based system often means replenishing items like printer ink and toner, paper, and pens. In the long run, many businesses will find such costs prohibitive.
5. Keep employees informed
Those working in HR are often faced with the challenging task of determining the number of days off an employee has left and whether he/she has any sick days remaining. Time-tracking software applications can make that information available to employees whenever required. In this way, discrepancies are unlikely to cut into work. Giving employees access to their work-time records gives them an insight into the duration it takes to complete particular projects and how well they’re using their working hours. This insight is invaluable because it can help them eliminate inefficiencies.