Maintaining proper time management is crucial to effectively running a successful business. You want your company to run like a well-oiled machine with no inefficiencies or wasted money. This is the case whether you work for an investment company or cyber security firm. Without accurate and efficient scheduling, your company will be losing money due to lack of productivity. Unfortunately, the old-school manual time tracking methods of the past did little to increase efficiency in the workplace. Processing information on paper is already a slow process, and with its susceptibility to errors, miscalculations, and fraud, it was clear that there needed to be a new way to address business time-tracking needs.
Thankfully, payroll software solutions were developed to help alleviate these issues, and today there are a wide variety of software options on the market that can help you with any time-tracking challenges you may face. Not convinced yet of the benefits of time tracker software for your human resources department? Here’s 5 excellent examples of how using a time-tracking solution program will actually benefit your HR and payroll departments as well as your overall business!
5 Ways Time Tracking Software Solutions Help Businesses
Faster Payroll Processing
To calculate the payroll, employee T&A (Time & Attendance) data must be gathered and paired with the appropriate pay rate for each employee. After comparing the pay rates to the hours worked, the payroll department can calculate the gross pay for each worker. Once that’s complete, all the necessary taxes and deductions must be applied to produce the net pay for each employee. This process is repeated for every employee and must be completed before paychecks can be issued, which is extremely time-consuming. However, if you use payroll processing software that is integrated with the T&A system, employee compensation will be calculated in real-time as the hours pour in, which saves your staff a lot of time manually determining each worker’s pay.
Elimination Of Punch Card Fraud
Chances are if your company currently uses paper time cards to track employee hours, there’s a fair amount of time card fraud going on. Timecard fraud occurs when an employee alters the hours on their time card (or has a fellow employee do it) to give them a larger paycheck despite working less. Sadly, this is nearly impossible to prevent if you keep track of T&A on paper, but it’s easy to eliminate if you use a digital alternative. With a cloud-based time tracking solution, employees must clock in/clock out using the monitored system. Unless they have administrative access, these hours can’t be changed, effectively preventing time card fraud!
Sometimes it’s necessary to discipline an employee for tardiness or absenteeism. This situation could be as basic as simply not showing up for work, or more subtle, such as taking 20-minute breaks instead of the allotted 15. Unfortunately, without accurate records, it can be hard to prove these infractions occurred. This ultimately results in a “he said/she said” situation, which may not end in your favor should you fire the employee and they decide to file a wrongful termination action. Fortunately, payroll software keeps track of employee hours down to the second, which can help you hold employees accountable and prevent any unemployment losses in the future.
Automated Reports Generation
Creating reports is a routine task for most businesses, and T&A data is often essential to these reports. While gathering the necessary data may have been a time-consuming task in the past, payroll software allows employees to gather all the information in a matter of minutes. The software can automatically generate reports for you using the specified time frame, so whether you need individual, monthly, quarterly, or even annual reports created, the process is quick and pain-free.
The Future of Time And Attendance
As a modern business, the question isn’t whether or not to make the switch; it’s “which time tracking solution should I use?”. Although it is possible to find a standalone system to manage your time-tracking needs, it’s much more efficient to use an all-in-one system solution to run your business. This type of solution not only handles your T&A but HR and payroll as well! If maximum efficiency is the main goal of your business, then an all-in-one system could be just what your company needs to get ahead (and stay ahead) of the competition.
Invest in time management solution software today to optimize your company’s productivity and improve its bottom line big time! These SaaS solutions will power up your HR and payroll departments along with your overall profits!