Today’s businesses depend on time and attendance systems to do much more than simply track how many hours their employees have worked each day. Today’s employers need an advanced system that can help streamline their payroll process, reduce overtime costs, eliminate time theft and allow managers to easily schedule, monitor and manage employee work hours and more.
A good time and attendance system gives businesses a virtual window into their workplace environment. They produce meaningful reports that include everything from employee work hours and breaks to audit trails with entries, corrections and approvals. Time tracking systems like uAttend make life that much easier for business owners and managers. They also provide key advantages when it comes to finances and productivity.
Let’s take a look at some of the main benefits of today’s time and attendance systems.
1. Automation = Improved Workforce Productivity
Efficient businesses know how to do more with less, plain and simple. One of the easiest ways to accomplish this is to leverage automation. Automated systems can replace tedious and mundane administrative tasks that are inefficient and strain resources. Time and attendance tracking is a prime example. Automated time and attendance systems save hours of valuable time for HR and payroll departments. They no longer have to manually calculate, tally and process employee work hours for things like payroll or performance reviews and have instant, real-time access to work hour data such as missed punches and vacation requests. Through automation, they can do more work in less time and apply their new-found ‘free’ time toward productive tasks.
2. Minimize Compliance Risk
Businesses that use time and attendance systems also benefit from ensuring they are complying with labor laws and regulations such as the Fair Labor Standards Act or the Family Medical Leave Act. Compliance is yet another area that can be costly and time consuming. Accuracy is vital. Automated time tracking eliminates the element of human error and helps businesses safely and easily comply with policies. In addition, these solutions allow access to detailed audit trails should a complaint ever need to be addressed.
3. Lower Payroll Costs
One of the biggest benefits a cloud-based time and attendance system offers a business is reduced payroll costs. With automation comes accuracy and with accuracy comes savings. Manual processes often leave businesses vulnerable to hidden costs like payroll and overtime errors, as well as scheduling inefficiencies. By implementing an employee management system like uAttend, businesses can save anywhere from 1 to 8% on payroll costs. ROI is real.
4. Financial Outlook Window
Automated time and attendance systems open up a whole new window for businesses to peer into how their company is running. Owners and managers gain valuable insight on job costing, performance metrics, project expenses, labor costs and much more. Knowing when and where money is being spent, or possibly even lost, is critical to a successful and financial-sounds business, which is why cloud-based time tracking systems like uAttend are so important.
5. Eliminate Time Theft
Using a time and attendance tracking system that makes sure employees are getting paid on time and properly can save thousands of dollars a year in time theft. Time theft includes practices like buddy punching, rounding up hours or lying about hours on a time sheet. Studies have shown that buddy punching alone can cost up to 7% of a company’s gross annual payroll. Add in things like extended breaks or personal calls and it’s easy to see how time can be ‘stolen’. Time and attendance tracking systems are known for their roles in minimizing and often altogether eliminating time theft.
As always, these are just a few of the many benefits automated, cloud-connected time and attendance systems bring to today’s workplace. To learn more about the advantages of these solutions or for more specific details on the uAttend Employee Management System, the nation’s fastest growing cloud-connected time and attendance tracking solution, visit our website at www.uAttend.com or call 800-518-8925.