Running a successful business is all about risk and reward. From offering a new line of products to instituting new company-wide initiatives, every choice comes with its own benefits and risks. So, what kind of Return on Investment (ROI) can you expect from an automated time tracking system?
Improved Workforce Management
Businesses lose money when they don’t take full advantage of their resources. Poor scheduling and too much overtime not only affect your bottom line, but they also affect employee morale. Having real-time access to employee schedules, work hours and leave requests allows you to verify on the fly that all areas of your business are adequately staffed, which in turn helps you avoid unnecessary overtime costs.
Automated time tracking also reduces the time it takes to distribute, fill out and approve time cards and timesheets. There’s no more manual data entry because it’s already done for you via the web or a time clock. And having all of that information at your fingertips, easily accessed by everyone you choose, means that supervisors can quickly review and approve employee attendance, with the reports you need to stay on top of your business just a few clicks away.
Reliability, Accuracy and Company Culture
Your automated time tracking system won’t ever call in sick on payroll day. Since all of the data is entered electronically, you won’t have the headaches and mistakes from deciphering handwritten timesheets because reducing the number of times humans touch your data greatly reduces the chances for errors.
Statistics show that large amounts of money are lost annually due to over-payments. Many companies don’t closely verify employee punches vs. timesheet entries. Take those few minutes each day that an employee rounds up or down, multiply them by the number of employees, then multiply that by the number of pay periods. The dollars add up quickly.
An automated system lets employees know that they are being closely monitored, which virtually eliminates long breaks and early leave times. So not only can your automated time tracking system prevent unnecessary costs, but it can also increase productivity.
Other Cost Savings
In addition to all of these other areas, an automated time and attendance system eliminates the regular paper costs of time cards and timesheets. Not only will you no longer have to purchase these consumables, but you also won’t have the costs associated with filing and storing them.
Implementing an automated time tracking system allows you to get rid of your old, outdated methods which, compared to the most up-to-date systems, have limited functionality and are more expensive to service and maintain. You will eliminate the yearly licensing fees as well as the costs of staff needed to install, update and maintain them.
Think it might be time to make the move and update your time and attendance procedures? Decide how you want your process to go, do a little research on the automated systems available, then contact them for more information. And ask for a demonstration and even a free trial so you can see what you’re getting. A little time spent now will bring you big rewards for many years.