Time is money. We’ve all heard the adage. And never is it truer in the business world than when it comes to tracking employee time. According to a study by , the U.S. economy loses 50 million hours a day because of inaccurate time and attendance tracking. For a company of just 15 workers, that translates to a loss of roughly $1.6 million in annual revenue.
Accurate time and time attendance has never been more important…and in today’s remote/hybrid landscape, it’s never been more complicated! That’s why for businesses big and small, automated time and attendance tracking is no longer a luxury; it’s a necessity.
An Excel-lent alternative to manual input
Many companies today use spreadsheet software such as Excel for tracking time in the workplace. While these systems help to monitor and calculate employee hours and deliver automation in several areas, there is still a lot of manual collection and input required, which presents a myriad of obstacles and risks, including:
- Human error: It only takes one misplaced decimal or digit to negatively affect payroll.
- Paperwork: Collecting time and planning schedules can be both time – and space – consuming!
- Costs: Inaccurate reporting, buddy punching, and over-payment adds up. (See the first sentence of this article!)
Timely benefits for both employers and employees
An automated time and attendance software solution replaces burdensome tracking procedures and eliminates collecting payroll information manually, making life simpler for both sides of the business:
- Collect, manage, and process time, all from one source
- Build and monitor schedules
- Access detailed reporting in real-time
- Close payroll with one click of a button
- Clock in from the convenience of their own computer, from any location
- Track the exact time worked on each task or project, helping them prioritize
- Easily access their own information such as remaining personal or sick days
- Enjoy a streamlined process that leads to faster approvals for time-off requests
Accu Data’s feature-rich time and attendance tracking program
At Accu Data, we offer an automated solution that enables you to effectively collect, manage, and process employee time and attendance data across multiple locations, all managed through a simple but powerful online interface. It’s easy to set up and use and practically eliminates human error, helping you increase efficiency and improve profitability.
Are you ready to improve your time and attendance tacking? today for a free consultation. We’re also happy to discuss our host of other Human Capital Management (HCM) services, including payroll, benefits administration, applicant tracking, and more.