For businesses, time is money. This means that accurate record-keeping is essential for a company to function and save money. Online employee time tracking software simplifies a large portion of employee recording, keeping by automating the timekeeping process. This helps businesses better manage hours, keep track of productivity, and reduce overall employment costs through effective time management.
There are a number of ways that using an online time clock can save businesses thousands of dollars in actual capital and lost productivity each year. Let’s take a look at some of those ways!
The most obvious benefit to using an online time clock is the accurate managing of employee hours. Not only does this simplify the payment process for businesses and employees, but it also helps companies track employee productivity during operation hours to ensure that hours paid are actual hours worked. Lost productivity, especially during peak business hours, can cost businesses large amounts of money. It also prevents disputes in the event that an employee is unproductive or hours are unscheduled.
Another benefit of being able to manage employee hours through online time clock software is the ability to adjust hours based on need. For instance, if too much overtime is being paid, there may be an issue with loss of productivity that needs to be addressed. Overtime wages are generally much more expensive than regular hours and cost businesses thousands in lost profits. Companies can save thousands of dollars by minimizing or eliminating overtime altogether by using an online time clock. An online timecard system also prevents any form of time fraud thanks to the added security provided by unique employee punch in credentials.
Lastly, being able to manage employee hours through online timesheet software allows for more scheduling flexibility. This can help businesses to eliminate gaps in staffing and other shortages due to unforeseen circumstances. This helps to mitigate losses and improve overall productivity by ensuring proper staffing levels at all times. Multi-department businesses often use online time clocks to keep track of not only employee hours but employee positions, enabling them to move employees around as needed from one department to another or to adjust staffing on days when additional business is to be conducted.
One of the best ways for businesses to save money is with accurate bookkeeping. Using an online time clock allows businesses to eliminate the need to manually check and count employee time, which generally requires the hiring of additional employees. The automated process calculates regular hours, overtime, breaks, lunches, and in some cases, employee productivity. Being able to track these factors automatically allows businesses to free up resources for other tasks, which saves money and helps companies to monitor payroll expenses.
Employee wages are a large portion of many businesses’ expenses. Every hour worked by an employee costs a business money that is intended to be returned by the productivity of that employee. Companies can see lost or wasted time, overtime hours, as well as employee absences. Not only is money saved through accounting savings, but productivity is also boosted through visibility. Employees are incentivized to be productive while working so that they get paid.
The main benefit gained from using online employee time clock software is the time saved during the timekeeping process. Not having to manually track employee time, solve disputes, or handle scheduling issues allows businesses to focus on more critical tasks. This time saved translates to thousands of dollars in wages saved and thousands of dollars in overall productivity gained due to an online time clock’s advantages.