Manual time entry done by time-sheets, punch cards, and swipe card systems leave too much room for mistakes such as system errors, dishonesty, and human error.
Here are 5 ways that automated time and attendance tracking can benefit your business:
1. Improves Accuracy and Helps Lower Costs
Automated time tracking and reporting software saves money by putting an end to inaccurate time reporting, buddy punching, absenteeism, tardiness, time abuse, and overpayment. A study done by the Axsium Group found that organizations can save up to $1,600 per employee per year by implementing automated time and attendance tracking.
2. Simplifies Your Payroll
Manually tracking employee time can be a mind-numbing task for employers. Incorporating automated time and attendance tracking software can help businesses drastically cut the time it takes to calculate their payroll. Efficient time and reporting software, such as NetClockIn from Corporate Payroll Services, integrates your employees’ time worked with your payroll software. You just need to approve the time.
3. Prevents Time Theft
According to a survey conducted by Kessler International, 30 percent of employees have admitted to falsifying their time records. This was either done by setting earlier arrival and later departure times or using the “buddy punching” method where co-workers punch in for them. With NetClockIn, time theft can be lowered and even completely eradicated due to password implementation and fingerprint readers.
4. Quickly and Efficiently Creates Reports
Time and attendance software allows employers to quickly generate accurate reports on time worked, absences, schedules, and more.
5. Helps Maintain Legal Compliance
Inaccurate records can cost your organization in overtime payments and can interfere with legal compliance which can lead to fines or other sanctions. Time and attendance software can send an alert when clock-ins do not match a planned schedule, seem to conflict with company policy, or when employees are nearing overtime hours.