Businesses in every industry are always on the lookout for ways to save money –without compromising on the quality of their products or services.
It’s not surprising that according to one survey, growing revenue was found to be the top challenge for businesses with 11-50 employees and 51-100 employees, and the number two challenge for companies with over 100 employees. Many companies are looking for ways to lower costs, but one of the best ways to do that –may be closer to home than you might think: a new, web-based time clock system can help to promote efficiency, and maximize your team’s productivity. It’s a great way to grow revenue, and improve your company’s bottom line.
With this in mind, here’s a look at a few ways that upgrading your old time tracking system to a new, web-based one can help your company to save both time and money.
One of the most significant benefits of a new time tracking system is a reduction in payroll errors. Mistakes can, and will happen in payroll, and these errors can be costly. Money spent in overpayments, as well as time and money that’s spent trying to correct errors can quickly add up. But with an online time tracking system that connects with your payroll processing software, there’s no need to worry about potential mistakes that are made during the transfer of information –the information from the employee’s timecard will automatically transfer to the payroll system, it doesn’t get any simpler than that!
Reduces Time Spent Processing Payroll
An updated time system can quite literally, cut the time spent on payroll in half, no matter how many employees you have. Additional employees means additional work, especially where payroll is concerned. A bigger workload also means slower processing time, which can be a drain on resources, especially if you have to hire an additional bookkeeper, or increase your current bookkeeper’s hours to keep up with the work. But with an online time tracking system, you’ll be able to slash the amount of time that’s spent on payroll, improving efficiency, and reducing wasted resources. Your team won’t have to spend time deciphering handwriting, manually imputing hours and data, and balancing sheets by hand.
A time clock system that allows for manual input of hours, leaves room for errors, and also leaves the door wide open for fraud. Statistics have shown that 19 percent of employees (1 out of 5) have participated in some form of time theft, something that the American Payroll Association estimates can cost companies up to 7 percent of their gross annual payroll. Since there’s little accountability with manual timesheets, there could be a discrepancy, or an employee could say that they worked for a specific amount of time, and it would be difficult for you to verify it. But with an online system, your employees are held accountable for their actions. They’ll be able to log in via webcam, smartphone, or a fingerprint tracking system. This will also reduce the chance of employees covering for absent coworkers. With an updated system, you’ll be able to know for certain that your employees have worked the hours that they’re logged for.
Helps to Boost Morale
Finally, new time tracking software can lead to a company-wide boost in morale. Without accountability, workers may feel pressured to cover for their coworkers who arrive late, which can cause stress and frustration. Additionally, when workers see coworkers getting away with time theft, if can cause them to feel upset and discouraged, or tempted to engage in it themselves; leading to a deterioration of morale. But with a time tracking system that will make it difficult to cheat the system, workers will be held accountable, improving equality and fairness in the workplace, and creating an environment that’s focused –will more productive.
As you can see, an online time clock system can help to make your workplace more efficient and productive. Stop wasting time with payroll processing and unnecessary errors, and quit spending time tracking down time fraud. With a new time tracking system, you’ll be set and ready to focus on other, more important issues, like growing your company.