Time and attendance systems that need time clocks, punch cards and paper-based time sheets, cost business owners thousands of dollars and lost productivity hours each year. In a survey of service-industry employees conducted by Kessler International, a whopping 80 percent of workers admitted to time thievery.
Despite modern technology continuing to revolutionize the way we conduct business; many small business owners overlook the importance of maintaining accurate time and attendance records. The benefits of switching from a manual time tracking system to an automated one aren't always immediately apparent, but using a dedicated time and attendance tracking system can help create a more productive, positive, and efficient business environment over the long term. Here are four ways using a time and attendance tracking software helps your company grow.
No More "Buddy Punching"
According to the American Payroll Association, over 75 percent of companies lose money as a result of "buddy punching" (workers clocking in for friends who are late for work.) Other forms of time theft include taking longer breaks than allotted and recording hours that haven't actually been worked on a time sheet or time card. Whether these "time thieves" are acting intentionally or not, time theft can have a significant impact on your business. Automated time and attendance software eliminates buddy punching and other forms of time theft.
A large part of running a business involves organizing, processing and sifting through paperwork. Not only is managing paperwork time-consuming, but it can also be expensive when the cost of paper, pens, toner, and printer ink are taken into consideration. Time tracking software eliminates the need to maintain a paper-based time and attendance system, so you can focus your time and resources on other aspects of the business.
If your business is in early start-up stage, a manual or paper-based time and attendance tracking system may be sufficient for your needs. If you plan to grow your business however, you'll want a time and attendance system that grows with your organization as you hire more employees and have more hours to track.
A good timekeeping software program will allow workers to view their time and attendance records on their own at any time. Allowing your employees to access their information is a great way to encourage your team members to better use their time at work. Sometimes, seeing a visual representation of how much time has been spent on particular tasks can motivate staff to work more efficiently.