Labor is often the single largest cost of any business, which is why accurate time tracking is crucial. But accuracy can be compromised when HR departments use manual workforce management procedures, which can lead to errors, resulting in higher costs, lower productivity, increased liabilities and ultimately reduced profits.
That’s why many companies now use an automated time and attendance system to maintain control over what they’re really paying their employees. If you haven’t started using a time tracking software solution, here are five reasons to make the switch:
- It eliminates manual time reporting errors
Time card tracking is a very labor-intensive practice, particularly for companies that pay employees by the hour. Searching for lost time cards, trying to decipher messy handwriting, and manually punching in numbers into a spreadsheet all add up to unnecessary hours…and likely mistakes. Using an automated system reduces human error and wasted time, not to mention employee dissatisfaction that comes with an incorrect paycheck.
- It’s integrated with payroll
Most automated time and attendance solutions are designed to integrate seamlessly with new or existing accounting and payroll systems. Accu Data’s time-tracking application, for example, resides alongside payroll, eliminating the need for duplicate data entry or importing time into spreadsheets.
- It prevents time theft and buddy punching
It doesn’t matter if you’re a small business where everyone’s on a first-name basis or a large enterprise with hundreds of workers, time theft and buddy punching are issues every owner and HR manager needs to be conscious of. New research has revealed that businesses lose $373 million annually to time theft. Fortunately, automated time tracking offers a variety of collection methods to accurately keep tabs on employee hours. At Accu Data, we offer everything from keypad entry to swipe card readers to proximity readers to biometric (finger scan verification) scanners.
- It offers enhanced reporting and scheduling
An automated solution allows administrators and supervisors to access scheduling and reporting data in an instant, including absent or late employees, employees currently on premises, current and historical time cards and more. With personalized dashboards that are simple to read and easy to edit, employers have the ability to track hours and fix time cards in seconds, allowing you to pay your employees right after their shift is over.
- It minimizes non-compliance errors
Wage and hour compliance can be a jungle, and if you aren’t properly tracking your staff’s labor hours and overtime, you can find yourself facing fines, lawsuits and, worst case, even the closure of your business. An automated time and attendance system helps you avoid these pitfalls, alerting you to any possible Department of Labor violations and offering compliance checks for ACA, OSHA, the IRS and more.
Automated time and attendance software works best when it’s part of a singular system that includes not just payroll, but all of your Human Capital Management (HCM) functions. Contact Accu Data today for a free consultation and to learn more about our many HCM capabilities, including Applicant Tracking, Benefits Administration, Learning Management Systems and ACA Compliance.