Is Time Tracking Software Worth It?
You run a business where employees clock in and clock out so you can monitor their hours to calculate their pay, performance and overtime. But you wonder if it is time to upgrade your employee time clock system and invest in up-to-date time tracking software?
You ask yourself, can you cut back on reporting abuses, such as “buddy punching”? Will you relieve the administrative burden on your payroll staff? Will the efficiencies and savings you gain pay for your investment in the technology?
Deciding If Time tracking Software Is a Good Fit for Your Company
Of course, there is no simple answer to the question. There are a lot of different factors at play. How big are you? What’s your corporate set-up like? What kinds of projects do you work on and what kinds of clients to you work for? And the list goes on.
For example, if you have clients to whom you present invoices with billable hours, then a time tracking software solution can help you seamlessly record time of the pertinent workers and convert this data into timesheets, which can be used to create billable entries in professional invoices.
Increase Efficiency and Ease of Use
From an administration point of view, a time tracking software solution can cut out “human error” – which can, for example, result from employees estimating their hours and break times – and provide accurate tracking of time.
An organization using manual tracking of time requires someone from payroll to physically go around and collect all employee time cards for a pay period. Then the information is manually entered into the payroll system, a time-consuming and error prone process.
With an advanced electronic time reporting system, the software does this work for you, logging hours, tracking break times, and letting employees review their hours and schedules. The systems can also send this data to your payroll system and does all the organizing and calculating for you.
This means that your payroll administrator will spend minutes, rather than hours, on payroll tasks, saving you related expenses.
Good for Employees, Too
While time tracking software helps to keep your employees honest and accurate in tracking their hours worked, it also provides them with benefits.
A worker, for example, who doesn’t keep good track of their hours might be missing out on overtime pay. The system can ensure that they are credited for all the hours they work, ensuring they are treated fairly and that your company is compliant with local labor laws and, if applicable, union contract agreements.
A time tracking solution can also make it easier for workers to log their hours from a different location. Rather than having to go to a specific time clock in a specific place, they can have options to do this remotely through, say, multiple-location clocks or a system that enables them to record hours automatically via computer or phone.
Such flexibility is good for companies that have employees who work in multiple locations, or are on the road a lot, or have the flexibility to work from home.
We are committed to solving today’s biggest time-and attendance-tracking challenges, and delivering the highest level of service possible. To learn more about paid time off accrual and other related issues, download our Free Attendance Policy eBook.