08 Jun Facts You Didn’t Know About Time & Attendance Software
Purchasing a time and attendance software may not be the first thing small business owners think of when considering ways to achieve their expected revenue growth. While we’ve allowed technology to transform the way we communicate and conduct our business transactions, time and attendance software has been slow, forcing employees to recount their work days and hours manually, often days later. Resistance to make the switch to an automated time and attendance system is often due to a lack of knowledge on the subject, usually pertaining to the cost, usefulness and prevalence of the software.
Listed below are a few facts about time and attendance software that will convince you to upgrade the system for your small business to ClockIt.
LACK OF USAGE OF AUTOMATED TIME AND ATTENDANCE SOFTWARE, DESPITE OBVIOUS FINANCIAL ADVANTAGES.
While there are entrepreneurs who manually manage their time and attendance, thereby being vulnerable to errors during payroll processing, there are companies who have installed expensive time and attendance software, yet have to work on spreadsheets during payroll time.
BUSINESSES THAT AUTOMATE THEIR WORKFORCE SEE REDUCTIONS IN TIME SPENT ON ADMINISTRATIVE TASKS AND ON ERRORS
Most businesses spend between 30-50% of total operation cost on labor. This comprises of the largest one expense category for most small business owners. Handling time and attendance records are necessary to give an accurate picture of the cost involved in maintaining an engaged workforce and the overall success of your business.
ONE CAN CALCULATE THE AMOUNT OF TIME SAVED BY SWITCHING FROM MANUAL TO AUTOMATED TIME AND ATTENDANCE
Industry research states that on an average, the supervisor takes seven minutes to calculate time-card data for each employee every payroll cycle. With that time eliminated thanks to automation, some companies have found that calculating payroll takes less than a quarter of the time that it used to.
TIME FRAUD IS SURPRISINGLY PREVALENT IN THE WORKPLACE
Employees often steal time by falsifying time records, “buddy punching” and not clocking out for unpaid breaks. In an organization, more than 50% of hourly employees punch in and out earlier or later than scheduled.
FILLING OUT TIMESHEETS IS NOT ACCURATE
The majority of the timesheets filled out by employees are only “somewhat accurate.”
Did you know? Moving from a weekly to a daily system would recover $52,000 per professional, per year, in billable time!
AUTOMATED TIME AND ATTENDANCE KEEPS YOU COMPLIANT WITH THE LAW
New regulations from laws require understanding who has qualified for a specific benefit and the time period, this task can be made easy by having automated data that can easily be referred to.
AUTOMATED TIME AND ATTENDANCE ENABLES EMPLOYEE SELF-SERVICE KIOSKS
Self-service kiosks for time and attendance software allows both employees and supervisors to look up hours logged on, improves accuracy, and shows increased engagement in their work.
Making the upgrade to an automated time and attendance software will completely erase the inefficiency of manual time and attendance keeping system. To know how to make this transition, click here.