Ask almost any employer, and they’ll tell you; there are plenty of benefits to having updated time clock software.
Aside from being able to accurately track your employees’ time and location and giving them accurate paychecks on-time and with less frustration and hassle, there’s another valuable yet often-forgotten benefit of using time tracking software as well: the ability to effortlessly generate helpful reports.
In addition to having a way to easily and accurately manage employees’ time, being able to track your employees’ hours worked and time off can help you to better gauge how your company is operating and show you when changes need to be made.
Ideally, both employers and managers should have access to reports to help ensure that everything runs smoothly and accurately within a company. In every organization, there are a lot of costs to weigh and balance, and without proper reporting, in many cases, you can your managers will simply be flying blind.
The value of a good reporting system cannot be overstated. With this in mind, let’s explore some of the benefits of a time tracking reporting system now and see why you’ll want to think about putting one to work for your company.
Impact of a Good Reporting System
When it comes to running a company, keeping a close eye on revenue is important. But your company’s bottom line doesn’t usually change drastically overnight. Instead, major dips are often cumulative; occurring slowly over time. This is where a reporting system can prove to be especially valuable. Because a time tracking system and integrated reporting system will give you access to the numbers that you need on-demand, whenever you need them, it’ll allow you to make decisions early on that you can implement right away; no need to wait until quarterly reports to see what’s going on.
Here are just a few areas that you can track with an up-to-date reporting system.
- Lost Productivity
- Employee Turnover
With the right time tracking program, though, you can track these areas and more, staying on top of often-overlooked areas. Reports can also be shared within the organization and can help you to gain immediate access to data that you need to make high-level decisions.
Now, let’s take a look at a few additional reasons to use time tracking software for reports.
Reasons to Use Reporting
Reports can help you to make informed decisions now to benefit your company in the future, helping to set you up for success and impacting your bottom line. Here’s a look at a breakdown of different ways that reports can help your business to run more smoothly and increase profits as well.
Better Equipped Management
Without the proper reporting, your managers won’t have a full view of what’s going on. The right reports, though, will show your management exactly what’s happening when it comes to attendance patterns, projects, payroll, and more. By giving your managers access to these reports, they’ll be able to track their team and will be able to make cost-effective decisions that will benefit your company. Reports can also help to improve the scheduling and hiring process, as well as make it easier to approve vacation time requests.
- Information to Make High-Level Decisions
Put simply, reports take the guesswork out of the equation. Because they’re impartial, they’ll be able to give you a clear idea about what’s happening throughout all levels of your organization; giving you the necessary information that you need to make high-level decisions and determine what changes should be made early on.
- Employee Benefits
Reports are beneficial for employees as well. Not only will you be able to ensure that your team is paid on time and accurately, but you’ll also be able to give your team access to reports on hours worked and their pay as well. Having immediate access to this information can help to motivate them to work harder since they’ll be able to see the bigger picture more clearly.
- Easy and Accurate Estimates
Estimating the right number of hours for a job is a challenge that every company faces. While there are many different industry-specific estimate programs available, the best estimator of all is experience. Being able to track your employees’ time and having a record of their time spent on each job, can better prepare you for future estimates that are far more accurate; allowing you to ensure that you don’t underestimate for jobs while helping you to bid more competitively.