For many small businesses, increasing profits is a constant challenge.
In fact, growing revenue has been pegged as the top business challenge for companies with 11-50 and 51-100 employees, and the number two challenge for businesses with over 100 employees. While many companies try to maximize their profits by making cuts or raising prices, there’s another money-saving option that’s often overlooked –upgrading the old punch card system to up-to-date an online work clock.
While many small businesses still rely on old-fashioned punch cards, or handwritten logs that document hours worked, these outdated methods could be costing your company more than you may realize due to errors, as well as wasted time and resources.
With traditional time tracking methods, it’s easy for workers to round their time up –with little or no accountability. Another less-than-honest practice that some workers engage in is clocking in to cover for their coworkers. But even for the most honest employees, there’s still the chance of mistakes leading to overpayment. Accidental errors can easily be made when the logging hours or when calculating payroll.
If your business is growing and expanding, you may want to consider investing in online time tracking software that can simplify your job and help keep everyone on the same page. Online time management clock software creates accountability and reduce the time that it takes to process payroll. They also significantly reduce the chance of errors.
Let’s look at a few benefits of a modern time tracking system and see how upgrading your software can help to save your business money –making it more profitable.
- Improves Accuracy
According to the American Payroll Association (APA), clerical errors from manually totaling employee hours can range between 1-8 percent of a company’s total payroll –an expense that can add up quickly.
Payroll automation though, can reduce processing costs up to 80 percent, eliminating the chance of human error, and saving you from overpaying your team. According to a survey by Axsium Group, companies save on average $1,600 per employee when they implement an automated time tracking system. If you have a handful of employees, it’s easy to see how quickly this could add up.
- Prevents Time Fraud
A reported 19 percent of employees –or, one out of five workers, have participated in time theft by clocking coworkers in or out.
With an online time card system, you can prevent employees from exploiting loopholes in the system, helping to ensure that your company isn’t paying out for time that wasn’t worked.
- Saves Time
Payroll can be a time-consuming process. Deciphering handwritten time cards, calculating overtime or time off, and manual data entry can all take time, not to mention can also increase the chance of errors.
An online time card system, though, is a fast and efficient way to manage your employees’ time. If you choose an online time card system that is able to sync up with your payroll, you will be able to simplify and streamline the payroll process considerably.
- Provides Mobility
A time card software solution can help your small business to grow by enabling you to go mobile.
GPS enabled time tracking systems allow your team to log in remotely, allowing them to check in via webcam. Whether your team is always on the go or if you’re thinking of expanding into a different location, you’ll want a modern time tracking system that will show you where your team is located at the time of login.
Is It Time for a Time Card Software Solution?
If you’re finding it difficult to verify the hours that your team is working, then you may want to consider upgrading to an online time card system. Having an online time tracking solution that connects to your payroll is a great way to cut costs; saving you from paying employees for hours that they haven’t worked, as well as slashing wasted time spent on outdated payroll processing methods.
Finally, the best thing about a good time card software solution is that it will allow you to focus less on managing your employees’ schedules, and more on running your business –helping you to be more competitive and allowing you to maximize your business’ profits.