When it comes to running a small business, let’s face it, there are always areas that could use improvement.
Small businesses come with many unique and interesting challenges, but they don’t all have to be complicated. While you might not realize it now, an updated time tracking system, complete with an easy-to-use user interface, can make the process of growing your small business easier than ever.
While some issues might be harder to fix, upgrading to a new time tracking software system can easily benefit your small business and get you soaring to new heights.
The old phrase ‘time is money’ certainly rings true for most business owners; and when it comes to time tracking, it’s easy to save both time and money with just a few simple steps.
Here are just a few ways that time tracking can greatly benefit small businesses.
Save Time on Payroll
While you might not know it, time spent on payroll can actually be costing your business more money than it needs to. On average, it takes seven minutes to add up just one employee’s time card. Multiply that by however many employees you have and you will be running up the clock with unneeded expenses. With an automated time tracking system, though, payroll time; including vacation time, paid time off, and overtime is automatically calculated and less expensive too!
Prevent Buddy Punching
According to the American Payroll Association, time theft impacts almost 75 percent of all U.S. businesses. While you might assume that as a small business owner, you are exempt from these costs –in many ways, you are actually more at risk. Fewer employees mean that relationships can form more easily among staff. While this is a good thing; the downside to this is that the idea of having someone clock in for them while they aren’t there becomes more appealing when your team are friendly with each other. With an updated time clock system though, you can help to prevent buddy punching. Features like facial recognition and GPS tracking can help to ensure that everyone is on-location when they’re supposed to be.
Limit Human Errors
Where there are humans, there are bound to be errors. No one is perfect, even if you have systems and protocols in place, there are still errors that will inevitably be made. With an automated time tracking system, though, you can help to reduce the amount of human interaction that’s involved with the time tracking and payroll process, helping to eliminate the chance of errors occurring.
Allow for Business Growth
As a small business owner, it’s a good idea to always be on the lookout for systems and solutions that can grow and change with your company. While a paper-based system might work for your company now, as you expand and as add more employees to your business, a paper-based system will quickly become an archaic and cumbersome way to track and calculate your employees’ time. Whenever you have more than a few employees, it becomes vitally important to have a system in place that can help to ensure accuracy and productivity, all at once; something that time card software offers.
Tracking how long it actually takes an employee to complete a task can help you to determine whether your employees are living up to their full potential, and will also show you how your team is spending their time. It will also help you to make important, data-based decisions on hiring, and improve accuracy when it comes to billing and estimates too.
An accurate time tracking system means accurate paychecks; both of which can lead to happier, more motivated employees. Additionally, since a web-based time tracking system can also help to eliminate the chance of buddy punching, your team will feel less pressure to clock in for friends, and instead will be able to focus more closely on the job at hand.
Overall, a new time clock system is a win-win situation for everyone, and is something that your company and your team all stand to benefit from.