As a business owner, it is important to constantly look for new ways to cut down on your bottom line. You need to be able to make the most out of your operating budget without sacrificing the quality of your products or services.
By tracking time and attendance, you can boost productivity, streamline your daily operations, improve employee morale, and enjoy numerous other benefits. These systems help to simplify the way you run your business and keep track of your employees.
Find out how you can save money, prevent employee absences, and help your business grow. Here are 9 real benefits of time management software.
#1 – Increase Accuracy of Your Time and Attendance Tracking
Entering payroll information manually can easily lead to errors. Over time, you could be losing a significant amount of money simply due to payroll errors.
One of the primary benefits of using time management software is that you can accurately track the hours worked by your staff. You do not have to worry about errors
#2 – Boost the Productivity of Your Staff
Using a time management system is simply more efficient than manual entry. Not only will you increase the accuracy of your payroll, it will take less time to complete these tasks. Your HR staff will spend less of their working hours dealing with payroll and more time focusing on other aspects of their job.
Depending on the size of your staff, whoever is in charge of payroll could be spending an entire workday per week manually entering payroll. In a modern world, there is no need for this waste of resources.
Simply switching to these systems can free up 8 hours or more of payroll each week. Employee hours are automatically logged. They are then entered into a database. You can also integrate these systems with your existing payroll software.
#3 – Prevent Payroll Abuse and Time Fraud
Time fraud is a very real problem and businesses often overlook the damage that it can cause. Fraudulently filling out a time sheet or having a co-worker punch in or out for an employee can result in unnecessary payroll expenses. These forms of time fraud and payroll abuse can be prevented.
Using time management software, staff hours are tracked in real time. Every minute is logged and sent to the central database. There is no room for error. Along with preventing time clock fraud, the clock-in system you choose can help to prevent buddy-punching.
#4 – Give Your Employees Access to Their Schedules
Another advantage of using time tracking software is that you can give your employees access to their schedules. Allow your staff to check their own schedules. Give them the ability to view their available vacation hours. You can even allow them to submit time off requests.
Using an employee self-service module, your employees become empowered. They can have more control over their scheduling. When combined with rostering software, your staff can adjust their availability and have your rostering software automatically take these changes into consideration.
#5 – Time Management Systems Are Scalable
These systems continue to manage time and attendance while your business grows. Manual attendance entry can result in errors. These errors become more frequent as your business expands. A small HR or payroll team cannot handle manual payroll for thousands of employees without having occasional errors.
As your business expands, this software will continue to provide the solutions you need. You do not have to worry about switching to a different system when your staff reaches a certain size.
Time management software is scalable. Whether you have a few employees or thousands, you will be able to continue accurately tracking time and attendance.
#6 – Receive Real Time Analytics
Real-time analytics lets you monitor attendance at any time. You and your managers will have instant access to employee schedules. You can see which staff members are currently working. This can be beneficial for filling shifts or creating future schedules.
You will also get custom reports. These reports will contain the metrics that you are most concerned about and they will be automatically generated and submitted to the central database. You can choose who and when to send these customised reports.
#7 – Prevent Absenteeism and Enforce Your Attendance Policy
Enforcing your attendance policy is easier when you electronically log the hours worked by your staff. There can be no dispute as to whether or not an employee worked his or her shift. When combined with real-time analytics, you can enforce your attendance policy. This also provides the benefit of allowing you to prevent absenteeism.
You will be able to detect trends involving tardiness. By catching these issues before they become major problems, you can cut down on missed shifts. Your staff will be aware of the consequences of not working their scheduled shifts. This can help to prevent employee absences.
Also, your employees that show up to work on time will appreciate receiving fair treatment. Everyone should be held accountable for missing their scheduled shifts.
This should provide a natural increase to the morale of your staff thereby bringing us to the next benefit of using time management software.
#8 – Improve the Morale of Your Entire Staff
In addition to the amazing benefits already discussed, time management software can help to improve the morale of your staff. Honest staff members will appreciate not having to deal with co-workers that regularly miss shifts.
When a staff member calls off for their scheduled shift, other employees need to pick up the slack. This is less of an issue with time tracking systems.
Using employee self-service, you will also be able to empower your employees. They can get access to their schedules and make vacation requests. This adds a level of self-sufficiency. By giving your staff more control over their scheduling, you can benefit from improved job satisfaction.
#9 – Time Management Software Saves You Money
Your business saves money when you upgrade to modern time management software. You save by cutting down on payroll error, along with the rest of the benefits. You can improve efficiency and productivity. You can cut down on absenteeism and payroll errors. This combination of advantages results in substantial savings.