Today’s timekeeping software offers you so much more than merely tracking your employees’ time. It can streamline your payroll process, decrease errors, cut overtime costs, reduce time theft, and make it easier for your managers and supervisors to better schedule, monitor, and administer your employees’ hours. Using timekeeping software frees you from manually entering your employees’ time and applying other wage and hourly rules, including overtime, breaks, meals, and more.
Plus, the software is convenient for your HR personnel and supervisors to use. It reduces labor costs. In addition, every business relies on reports to track how the company is performing. With a few clicks, timekeeping software can produce important reports that update you on the status of your employees’ work hours, breaks, etc.
Using timekeeping software can also alleviate repetitive, boring administrative tasks that are not only unproductive, but strain resources. As a small business, your staff will no longer have to manually calculate, tally, process work hours, and review performance data. They will be able to do more within a short time, freeing them to direct their time to more sophisticated tasks.
Easier to Maintain Compliance
Complying with labor laws and regulations is stressful. Accuracy is vital. Timekeeping software eliminates human errors and reduces the stress of adhering to policies. It also creates and files comprehensive audit trails that can be referred to in case of an audit or if compliance is questioned.
Every business looks for ways to provide more services while cutting costs. Timekeeping software offers accuracy and savings when it comes to processing your payroll. Humans are prone to mistakes, leaving your business vulnerable to hidden costs, such as overtime and payroll errors. Automated timekeeping alleviates this problem, often saving your business as much as 8% in payroll costs.
It also provides you, as a small business owner, insight into how your business operates. Reports show where your business functions profitably and areas that need improvement. You can also track labor costs, project expenses, job costs, and more.
A Peek Into Your Business’s Financial Outlook
No business owner likes unwarranted surprises. You started your business to make a profit and grow it successfully. Timekeeping software provides insight into how your business operates and helps you change course before expansive losses occur.
Time is Money
You pay your employees a fair wage and, in turn, you expect them to perform accordingly. They may not be aware that checking personal email, making personal phone calls, logging onto Facebook during business hours, or taking extended breaks takes away from what they were hired to do. Timekeeping software can help reduce this kind of time theft.
Today’s timekeeping software offers flexibility for your business and your employees. If you hire freelancers or your employees work remotely, their time can still be tracked via their smart phones, laptop or desktop computers, tablets, and other Internet-connected devices.
These are some of the advantages of timekeeping software. If you’re new to it or haven’t switched yet, research shows that, after choosing a reputable timekeeping software service, you will notice helpful benefits within a few weeks. And, be sure to check businesses that offer a free trial offer.