Tracking your employees’ hours is very important. It offers employers many benefits such as easier, faster, and more accurate payroll processing, more efficient work administrations, better record keeping, and more. According to Wasp Buzz, a survey revealed that 80% of workers admitted to time theft. This is because not using the proper time tracking systems, like using paper time cards, for instance, can lead to “buddy punching”, which contributes to thousands of dollars being lost each year by businesses. The best solution to this problem is to switch to an automated time and attendance tracking system. According to the American Payroll Association (APA), 65% of the organizations surveyed said they were either in the process of switching to, or already used, an automated time and attendance software to track their employees’ hours. So what are the benefits of switching to an automated time and attendance software? I’ll tell you.
Tracking time and attendance manually requires employees to report their hours worked per pay period after the fact, instead of reporting it every single work day. This can lead to a number of issues. First of all, not everyone has legible handwriting. When the person who processes payroll receives a time sheet they cannot read, inaccurate time and wages will be recorded and processed, which will call for corrections after the pay period has ended. Secondly, every manual process requires a high level of trust. If by any chance your employees decide to write down the incorrect time, or have their friends punch their card for them, this will result in time theft, which will affect the company in the long run. As I mentioned before, this can cause businesses thousands of dollars.
Making the switch to an automated time and attendance software will ensure accurate records and will minimize human error.
I already mentioned that switching to an automated time and attendance software will save any business a lot of money. If you need more convincing, I’ll be glad to share that a study done by the Axsium Group found that organizations save up to $1,600 per employee after making the switch. So think about it, how much money could you business save?
Automating your time and attendance could eliminate time theft and overtime costs. There are also indirect cost savings associated with this. You can potentially get better insight on your employees, analyze how much time they spent on their work, and the return on investment of their work.
Time and attendance automation will not only save you money, but also time. A time and attendance software provides solutions that will make life easier and more manageable. If you are tracking employee hours manually, when it comes time to run payroll you will find yourself collecting time cards, reentering data into your payroll software, and then you will need to ensure everything was entered correctly. This is a tedious and time consuming task. Studies show that it is not uncommon for businesses to spend 5 or more hours running payroll when done manually, which adds up.
Switching to an automated time and attendance software will undoubtedly save you time. There are many different ways to collect your employees’ hours, depending on the software you choose. Some softwares, like Dominion’s Time & Attendance Software, allow you to collect the data through a mobile punch, a computer, or even biometric time clocks. These will collect time electronically, which means you will not have to manually enter employee hours into the your system, since it will be done automatically. Reducing the time it takes to run payroll while also increasing data accuracy by automating your time tracking process will increase productivity in the long run.
In conclusion, having an automated, single-source time tracking solution means your hours flow directly into payroll, making your work more efficient, saving you money in the long run, and eliminating any chance for human error. With Dominion’s time and attendance software you get simplified scheduling, you can approve and review hours, you can quickly pull reports to see which employees are available to work and which employees are close to hitting overtime, and you can ensure you are staying compliant by quickly pulling reports of hours worked and paid.
If you are interested in Dominion’s Time & Attendance Software and would like to receive your first month FREE, click here.