Using a time clock app can make the difference between a successful business and one that is just floundering in mediocrity. Today, many companies are still not using online time clocks to their full advantage. Business owners are hesitant to implement such a solution because they think they will only cost them more money. The truth of the matter is that implementing a time clock solution can save your business thousands of dollars every single year.
In this article, we’ll take a look at just a few of the ways your business can save money by implementing a modern time clock app.
Eliminate Buddy Punching: Buddy punching, which is a form of time theft, occurs when one employee punches time for another. If an employee is running late, they may ask their friend to punch in for them even though they are not on the premises. Not only is buddy punching demoralizing for other employees who show up on time, but it can quickly eat into your labor costs.
With a time clock app, you can take advantage of advanced features such as facial recognition or picture on punch. This allows you to ensure that employees are only punching time for themselves. Couple these features with geofencing or an IP address lock, and you can restrict employees from only punching time at a specific location. By eliminating buddy punching, you can guarantee that employees are only punching time for themselves and when actually at work or on-site.
Improve Payroll Accuracy: One of the most common causes of payroll errors is due to manual time tracking. It can be challenging for employees to remember their exact hours worked, and they often end up overestimating. This estimation of hours results in employees frequently being overpaid. Your budget suffers in turn. Additionally, manual work hour calculations completed by HR staff are often subject to error as one incorrect keystroke can result in over or underpayment.
With an employee time and attendance app, employees can punch time, and their hours are recorded down to the second. No more having to estimate hours worked. Time clock solutions also automatically calculate hours worked, both regular and overtime, based on rules such as a 40-hour workweek. When the time comes to process payroll, all information can be seamlessly transferred to an external payroll system for checks to be cut. No more having to worry about clerical errors.
Efficient Scheduling: Another common way that businesses lose money is due to inefficient scheduling. If it’s a slow time of the year and you have all of your employees working, then you’re likely losing money. If you schedule one employee for too many shifts, they may incur overtime, resulting in lost money.
An employee time clock app allows you to see precisely how many hours employees are scheduled on any given day. If an employee runs into overtime, you can spread out their workload to others who haven’t yet reached that threshold. Online time clock software houses historical time tracking data, which you can reference to determine busy or slow times. You can use this information to keep from under or overstaffing.
Efficiently managing finances, especially labor costs, is an essential part of any successful business. Luckily, you can all but guarantee that your employees are only being paid for time spent working with a time attendance clock. Through improved payroll accuracy, you can ensure that paychecks are precise week after week, resulting in increased employee morale and even productivity. Lastly, a time clock app allows you to schedule your employees efficiently, so only necessary staff members are working on any given day.
If you’re looking to improve your finances and ensure your labor budget is on point, then it may be time to invest in a time clock app. Not only will your company benefit from reduced labor costs, but your employees will appreciate you investing in a solution that ensures they are paid for every minute spent on the clock.