If you’re a business owner or manager, then you know how essential profits are for your business to grow and thrive; it’s practically the whole point of a company to begin with. Unfortunately, getting and staying profitable is not exactly an easy task. There are tons of logistics to manage and a lot of competition, no matter what space you’re in.
If you’re not using the most recent technology to help you, then you’re missing out. One of those technologies is employee time tracking software. With the right features attached to your software, you can help minimize losses and maximize profits for your business.
Time Tracking For Accurate Hours and Less Time Theft
The most basic employee time tracking software features are also one of the most critical. In terms of your profitability, time and attendance tracking are one of the first things to make sure you get right. Inaccuracies can balloon your labor budget, which can cause your profits to disappear at a fast pace.
Online time clock software not only automates the timesheet management process so that it’s easier to make sure reports and payments are accurate, but it also limits the possibility of time theft through buddy punching and padding timesheets. Additional features can track productivity to ensure that your employees are staying on task.
Time tracking also helps ensure that hours are being spent the right way and that there aren’t issues with training or unnecessary overtime. Unlike timesheet padding, where employees fill in extra hours for themselves, sometimes employees work over because they are not productive or cannot get the work done during their regular scheduled hours.
Managing Projects and Remote Workers
Another significant expense for businesses that eats into profits is having inaccurate project costing or not managing teams of workers effectively. If you’re trying to stay on top of what your tasks are costing, you need certain essential features.
One is the ability to know how long your projects are taking and the other is to understand what you’re spending on the project in terms of resources and labor costs. Team time tracking software can include project management tools that show you exactly how long employees are spending not just on the project as a whole but on individual parts of the project.
You can then use detailed reporting features to determine what the project costs you in time and resources versus what you’re billing for. Over time this helps you cost out projects better by knowing what it will take to complete the job. However, if there are persistent issues with a team or specific employee, you also have the data you need to address those issues.
Billing and Payroll Accuracy
One of the critical things that will cost your business money is not having accurate data when billing customers or paying your employees. Errors cost not only time and money, but they can make your employees and customers lose faith in your business.
One of the features that employee time tracking software has is integrating reports and timesheets directly into their respective departments. This means that bills are guaranteed to be accurate when sent out. Management can send employee timesheets directly to payroll for processing, getting employees paid faster, and keeping them happy.
This also ensures no unnecessary losses or problems with labor law compliance for not paying employees accurately; both can be hugely detrimental to a business.
Running a business is one thing; ensuring that it stays profitable is another. Employee time tracking software can help you ensure that your employees are staying on task and that they’re paid accurately for their efforts.
Great post. Technology has increasingly gained an important role in business management, processes and payroll. knowing your KPI’s and developing a data-driven system based on metrics, is the best way to take your business to an upper level.
Thanks for sharing.