The latest statistics reveal that more than 20% of small businesses plan to invest in tools that improve employee productivity in 2017. Another study reveals that an astonishing 80% of workers have admitted to time theft. That is where an effective time and attendance tracking software comes in handy for small businesses. The traditional paper time card based time tracking system has become a failure with “buddy punching” and other mishaps costing the company thousands of dollars and hundreds of hours in loss each year. Here are some of the important benefits of time and attendance tracking systems.
The most important benefit of an effective time & attendance tracking software is the less time spent on payroll functions. Some businesses have been able to cut their time calculating payroll every month by up to 70%. Buddy punching or punching on behalf of a friend when he/she is late for work has cost several thousands of dollars in losses to most companies. In fact, time theft is quite costly whether it is innocuous or intentional. An automated time system can prevent such theft altogether.
Processing employee time and attendance work on paper are quite time-consuming and costly. Automated time systems and software can help save a lot of time and money in the process. Although a paper-based time and attendance system may work for your small business right now, it will not be enough when your business starts to grow over time. That is why you need to shift to an automated tracking system without delay. Most employers wait until they have wasted so much of time to shift to an automated system. But you shouldn’t wait for such a long time. Make sure you purchase a quality time tracking software on the market.
Employee absenteeism can have a huge effect on your small business. That is where a good time tracking software comes in handy. It will allow you track the absenteeism of the employees and report the reasons for it. This will help notify staff at the payroll and administration department in the organization. When you know who gets absent most of the time, you can decide on the right disciplinary action to be taken for such employees. That is why you need a reliable time tracking software for your small, medium or large business.
User friendliness is an important task to look for when buying the latest time tracking software on the market. There are many tracking systems on the market, but all these products are not created the same. That is why you should do the necessary research before selecting the right time tracking software on the market.
In conclusion, time tracking software is very important to a small, medium or large scale business out there. These software systems come with many benefits. TimeTrex is one of the most reliable and high-quality time and attendance tracking systems on the market today. The above read offers information on the benefits of time tracking software.