The cost of running a business today continues to go up, and most businesses large and small are looking for ways to cut costs and to eliminate waste in as many areas as possible. One of the best solutions for handling these types of issues is to track your time. This can help your business to stay competitive and to reduce overall costs in a number of different ways. With the right type of time tracking software, you will be able to record your hours for accurate information regarding where everyone is spending time. You can use it for processing and management of payroll, as a means to ensure accurate billing, improve productivity, and much more.
Traditional Time Keeping No Longer Works
While the traditional methods of keeping time with pen and paper, including paper timesheets and attendance records worked in the past, the world simply moves too quickly today for that to work. The right technology, time tracking software in this case, can make a big difference and it can save a substantial amount of time for your employees and you.
If you are still using those older methods of keeping track of time at your business, it tends to take your employees quite a bit of time to fill them out and turn them in. How many times have you, or your managers, had to chase down employees who forgot to turn in their timesheets? What about when an employee is absent on the day that the timesheets are due and canâ€™t turn in their sheet? You also need to consider the possibility of an employee filling out an erroneous timesheet. All of these issues happen, and they probably happen with alarming regularity if you are still using those old timekeeping methods. Thankfully, modern technology can make things easier on you.
With todayâ€™s time tracking software, you are able to eliminate those issues, which can make payroll much easier. It also makes it easier to see exactly what people are doing each day, so you can start to eliminate wasted time.
How Do Time Tracking Solutions Work?
While there are different types of time tracking software on the market today, the basic gist of what they do is similar. They keep track of time, naturally. The better options on the market will offer tools such as color-coding so employees and managers can see where people are spending time on various projects at a glance. This helps the manager ensure that people are working on the right projects quickly and easily, and without hovering over the employeeâ€™s shoulder.
The best of the options is web-based software so the employees will always be able to access it. Since it is online, they can use any computer to get into the program. Apps that the employees can use through their tablets and smartphones are helpful as well. This is very good for those employees who might not work at the office each day, such as salespeople or even home healthcare professionals.
Tracking Time to Locate Waste
All companies, even those that feel they are quite streamlined, may have some wasted time through the day. It might be that some of the employees are spending too long at lunch or that they are spending their time on the web while they should be working. Some companies might use the software and discover that they are holding far too many meetings. They might save time if they start combining the meetings into a single weekly meeting. When you are able to find wasted time, no matter how much or how little it is, you can eliminate it, which is always better for your companyâ€™s bottom line.
Accurate Payroll Data Collection
With time tracking software, you will also be able to ensure that your payroll data is always correct. The system can ensure that you are getting accurate reports for time and attendance. This makes it easier to calculate things such as overtime, time off, breaks, lunches, and more. Just make sure you choose good quality software that can help with this.
While it is unfortunate, some employees may actually try to defraud you and receive more pay than they deserve. With the old handwritten system, it was easy to do simply because managers were not able to keep track of everyoneâ€™s hours. The employee could claim that he or she put in some overtime hours with the rest of the crew when they didnâ€™t. They could claim they were at work on a day when they were actually absent. All of these issues can and do occur, and in the past, they could be difficult to detect and prove. When you have time tracking software at work in your company, it makes it much easier to reduce fraud, which will ultimately help your company save money.
You will find that the use of time tracking software will help you to improve the overall efficiency in your workplace. You will know what your employees are doing and what projects they are working on, and they will not be able to manipulate the system and defraud the company. Knowing where the employees are spending their time also lets you keep an eye on the various projects without micromanaging. Those businesses that implement time tracking find that it can help to increase their overall productivity.
The company will find that the time tracking software also makes it possible to reduce their labor costs, costs of paper, admin costs, and more. It simplifies the time system at the workplace and streamlines it, making it easier for everyone.
Make sure that you are choosing the best quality software for your company though. Look for software that has great features but that remains easy to use. To get your employees on board with using the software, it should be simple to integrate into their normal day, and it should be very easy to learn and use. Try a free demo of the product if you are able to do so.