How Time And Attendance Software Saves Money
How workforce Management System Can Lower Overhead
One of the selling points of time and attendance software is that it saves money. Look at any website or listen to someone that’s selling it and it’s one of the first things they mention.
We’re going to show you how.
Waste and inefficiency are thieves, and payroll is one of the areas where they steal the most. Here’s how to slow them down.
Stop Time Theft In its Tracks
One of the most common forms of employee theft is time theft. Early or late punches during which no work took place, people punching in friends or multiple employees who arrived late, hours being manually fixed to cover an extra-long lunch break…these are all forms of time theft.
Some studies estimate that time theft across most organizations can add up to four hours per week per employee; that’s 200 hours per year! This kind of theft can bleed a business dry.
A time and attendance software system can eliminate many forms of manual fixes and time theft. Punches are accurate, and can only be made by the employee themselves. Late arrivals are late arrivals again. Fixing friends’ time cards is no longer an option.
Manual Errors Are Eliminated
One of the most common problems with manual timekeeping is that time sheets become rife with errors when people sign in and out. These can be misread, get smudged, or can be falsified easily. That means timesheets result in waste and also unpaid hours.
However, a time and attendance software system preclude these errors from happening. A digitally logged punch is the digitally logged punch. This keeps anything from being misread. Granted, things can still get missed; people can forget to punch in and so on. However, a time and attendance software can keep any manual errors and inaccuracies from happening.
Payroll will also have to spend less time fixing this type of error, which frees them up to concentrate on other job duties.
Overtime Issues Can Be Managed
Overtime poses two distinct threats. First, unearned overtime or erroneous overtime steals money, straight out of your pocket. A time and attendance software system can ensure that any overtime that is paid is overtime that an employee was supposed to be working. You wouldn’t want to pay anyone for the time they didn’t work; doubly so at time-and-a-half.
Another risk posed is that of unpaid overtime, time worked that should be paid that wasn’t. While unearned overtime merely takes money that shouldn’t be paid, unpaid overtime comes with other costs including regulatory actions and litigation. Look at news reports of unpaid overtime and you’ll see report after report of millions paid out by companies for OT that was due workers and wasn’t paid.
While some unpaid overtime is due to unscrupulous labor practices, much is also due to inaccuracies in reporting. A time and attendance software system, however, ensures that employees get what they are due. Give our workforce management professionals a call, we’re here to help, CONTACT US.