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3 Ways Time & Attendance Software Can Help Grow Your Company

icontime theft icon4 min read
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What method or tools does your business use to track the hours’ employees’s work? If you’re an HR or payroll professional, chances are you’re already familiar with the hurdles of accurately tracking employee time. Hopefully, you’re using a time and attendance software that can easily track employee punches and streamlines them into payroll. What might come as a surprise is that a time and attendance software won’t just make work easier for the payroll and HR professionals in your office, it can help your business grow. 

First, let’s go over the specifics of what a quality time and attendance software should be capable of: 

  • All employee hours will flow directly into payroll (hint: we can help!). This eliminates dual entry between platforms, so you can trust that wages are paid accurately.

  • Your software should be hosted in the cloud, making it accessible to anyone, at any time. This also means that the data is always securely stored in a place where it cannot get water damaged, lost, or stolen, unlike paper time cards.

  • A quality time and attendance software should allow you to build out a weekly schedule for multiple locations.

  • Being able to quickly pull reports to see which employees are available to work and which employees are close to hitting overtime is essential in a quality time and attendance software.

These are only a few of the benefits of using time and attendance software. If you are still tracking employee time in a manual fashion, or if your current provider doesn’t offer these capabilities, it may be time to look for an option well suited to your business needs and company size.

If your business is on the fence about using a time and attendance software due to cost, keep in mind that this Ernst & Young study found that every manual HR task costs $4.51. This may not seem like much, but remember, that’s $4.51 for every manual data entry. If you’re a small business manually tracking the time of 20 employees for an 80-hour workweek, you can see how the costs can add up fast. 

So how can a time and attendance software help your business grow?

Increase efficiency

One of the main benefits of a timekeeping software is its efficiency. If you are currently using a manual time tracking method, then you are familiar with all the pain and frustration this can cause. Dual and lost data entries, illegible handwriting on time cards, and lost punches are only a few of the headaches from manual timekeeping processes. 

By incorporating an automated and cloud-based time and attendance software, your HR or payroll professional will be able to focus on other tasks. They will no longer have to add hours or calculate overtime because the software will do it for them! Depending on your software’s capabilities, you can even get alerts when an employee is close to reaching overtime. These assets will allow your payroll or HR staff to increase their productivity while saving that $4.51 per manual data entry.

Reduce time theft

It is no secret that time theft is a real issue that affects many businesses. The American Society of Employers estimates that 20% of every dollar earned by a US company is lost to employee time theft. There are many ways employees can “steal” company time, including falsifying hours, handling personal business while being on the clock, buddy punching, and more. With a time and attendance software, you can capture hours in real time. Also, depending on the time tracking method you use, you can see who punched in and out, at what time, and what location. 

For example, the only way to punch in and out when using a biometric time clock is by using the employee’s fingerprint or facial recognition. This means that the employee has to physically be at the location, which effectively eliminates buddy punching.

What’s more, Dominion has the capability to restrict employee punching based on IP address. So if you’re allowing employees to work from home, you can stipulate that they can only punch from a specific, pre-determined IP address.

Save on Payroll Expenses

Using a time and attendance software allows you to spend less time tracking where your employees are and what they are doing, and instead spend more time building your business. Since you no longer have to worry about tracking employee time, you can focus on more important tasks such as finding the best talent, finding ways to reduce turnover, and so on.

When you invest in something, you want it to be able to grow and change with your business. A time and attendance software can grow with your company without becoming irrelevant since it will be updated to suit your needs. At the end of the day, you need to track the hours worked by your employees, whether you do it manually or by using technology. The fact is that using technology will be easier for you and your employees. Also, it is important to keep in mind that a time and attendance software has the ability to grow and keep up with your business. If you gain more employees, then you can always add them to your software.

Learn more about how a time and attendance software can help your business grow by requesting a free, personalized demo below!

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