BENEFITS OF TRACKING TIME AND ATTENDANCE WITH TAMS
As technology continues to revolutionize the way we do business, small business owners time and again neglect a vital aspect of their business: their employee time tracking system. Time and attendance systems based on paper time cards or sheets, memory recall of the past week’s schedule and “buddy punching” lead to hundreds of hours and millions of naira lost each year. A paradigm shift towards an automated time and attendance software that employs the use of a biometric system like TAMS HR Solution will help you track your employees’ time, leading to a more productive, efficient and happy workplace for all involved.
Towards the end of each month, HR Managers spend long hours preparing payroll for organisation’s employees – a time-consuming task that can be carried out effectively with an automated payroll management software in little time.
The advantages of upgrading from a manual time tracking system to a dedicated time and attendance system are always obvious and are neither farfetched. Here are benefits of tracking time accurately:
SPEND LESS TIME ON PAYROLL
The most basic benefit to your business is that less time will be spent; both by employees and HR, tracking, recording and processing their time spent working each day, week and month. By upgrading, some businesses cut their time calculating payroll each month by up to 70%. Employees can focus on their respective jobs, rather than the additional task of accounting for themselves.
PREVENT TIME THEFT
Time theft can include everything from taking a longer lunch than allotted or clocking in for a friend when they are late to work, otherwise known as “buddy punching.” The 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 like TAMS HR Solution prevent it altogether.
PREVENT HUMAN ERROR IN BOOKKEEPING
Nobody is perfect, not even if they have a calculator, spreadsheet or other computation devices handy. Even the most accurate typist makes one mistake for every 300 keystrokes. One misplaced digit or decimal can lead to accounting errors that need to be corrected, or worse, are left uncorrected and can affect your bottom line negatively.
KEEP EMPLOYEES INFORMED
An all-too-common question for those working in HR is how much time off an employee has left this year, or whether they have any sick days remaining. Rather than letting discrepancies cut into work, quality time and attendance software will allow employees to access that information on their own at any time.
Allowing employees to see their time records on demand will help them see how well they’re utilizing their time at work. The insight gained from seeing how much time is spent on particular projects or at certain sites can be invaluable and will help them eliminate inefficiencies.
SPEND LESS TIME AND RESOURCES ON PAPERWORK
Merely sorting through, organizing and processing paperwork can be time-consuming. Additionally, the cost of replenishing the items needed to maintain an old-time and attendance system, paper, pens/pencils, printer ink, and toner, etc. can be prohibitive in the long run.
STAY ON THE RIGHT SIDE OF THE LAW
State and federal labour laws regulate things like overtime pay and record keeping, both of which can be problematic to track if you have a manual time and attendance system. Rather than opening your business up to future lawsuits, which can result in millions of dollars awarded in back wages, stay on the right side of the law with accurate time tracking.
UTILIZE A SYSTEM THAT CAN GROW WITH YOUR BUSINESS
A paper-based system may work, in some respects, for your small business now. If you expect your business to grow, and who doesn’t hope for the best in that regard, you’ll want a system that can grow with you as you hire more employees and have more information to track.
Rather than beginning the search for an upgrade before it’s too late, get out ahead of the curve and upgrade while your timekeeping needs are still manageable.
CREATE A CENTRAL DATABASE THAT CAN BE ACCESSED THROUGHOUT THE COMPANY
If your company is spread out across multiple offices or sites, it’s much easier to calculate payroll via a system that is standardized for all employees. This creates a central database, with guaranteed practices, that can be accessed from anywhere, including on the go.
The disadvantages of relying on time-consuming and outdated methods of employee time-tracking are numerous, it costs time and money; it can get you in legal trouble; it can lead to stress-related illnesses for those who have to spend hours each week collecting, correcting and calculating timesheets; it distracts employees from completing the tasks they were hired to tackle each week. Rather than staying in the past, embrace the future by switching to quality time and attendance system, and let your company enjoy the benefits of accurately tracked time.
TRACKING OF PROJECTS AND TASKS
You can also use the time-tracking software to find out how well some projects and duties are being carried out. For instance, if you recognize that normally a particular task takes two to three hours to complete, but a worker took five hours this will be a sign indicating that there is a problem. You can engage the employee and discover if they require further training to make the project easier. You can realize if somebody else had delayed part of the project or the material that was necessary to accomplish the task. Utilizing the records from the system will alert the employer about potential setbacks that need to be resolved. You can identify these issues at the initial stages of the project and thus wind up using time more resourcefully to attain the company goals.
How would adding an automated time and attendance system save your company money each month? Contact Us today and let’s hear from you.