7 Benefits of Tracking Time and Attendance

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As per a survey conducted by Kessler International, a whopping 80% of workers admitted to ‘time theft.’ While technology continues to revolutionize the way we do business, small and even medium business owners often neglect a very crucial aspect of their models: employee time tracking system.

Time and attendance systems based on paper, memory recall of the past week’s schedule and as it is sometimes referred to as ‘buddy punching’ or proxy-ing for a friend, lead to missing hundreds of hours and a massive amount of money lost each year. An automated system that utilizes time and attendance software will help you track your employees’ time, leading to a more productive, efficient and happy workplace for all involved.

Here are 7 benefits of tracking time accurately:

1) Cut Time Spent on Payroll

Most basic benefit is that less time will be spent, both by employees and HR. Employees can focus on their respective jobs, rather than the additional task of accounting for themselves.

2) Prevent time Theft

American Payroll Association estimates that over 75% of businesses lose money from buddy punching. Whether intentional or innocuous, time theft can be costly, and automated time and attendance systems prevent it altogether.

3) Avoid Bookkeeping Errors

A misplace digit or decimal can lead to major errors in the book, sometimes are left uncorrected and affect your bottom line negatively.

4) Keep Your Employees Informed

Allowing employees to see their time records on demand will help them see how well they’re utilizing their time at work. Insight gained from seeing time spent on particular projects or at certain sites can be invaluable and helps eliminate inefficiencies.

5) Save on Paperwork

Cost of replenishing the items needed to maintain an old time and attendance system, paper, pens/pencils, printer ink and toner, etc. can be a burden too heavy in the long run

7) Get a System that Scales up with you

If you expect your business to grow, you’ll want a system that can grow with you as you hire more employees and have more information to track.

How would adding an automated time and attendance system save your company money each month? Get in touch with us for a demo of Time Trax, the platform looked upon by organizations as a ‘revolution’ in HR management.

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