Owning a business means you have to evaluate risk every day. You have to find new products that are worth the investment and new tools that you can implement to make life easier. Both of these tasks have huge risks, and you have to know if the ROI or return on investment will be worth it this includes employee time tracking software.
Is online time clock software worth it? The American Payroll Association reported that managers claim they have less time theft after implementing employee time clock software. Many companies report advantages of this software that helps them stay competitive and grow even when working from home.
Time and managing it for everyone are among the most valuable aspects of a business. 38% of small business owners report that ‘time’ is this most valuable asset. So why wouldn’t you find the best tools to ensure you have more time managing necessary projects? ? Adopting employee time clock software can help you in many ways and be worth the effort to bring into your business.
As a manager, you have a lot to do; as a business owner, you have even more on your plate. Taking the time each pay period to manually process payroll and send out checks weekly takes a lot of time and money. You could be using this time for something else that will enhance your business. A few other advantages will come from using simple employee time clock software.
When an employee is doing things other than their job while on the clock, it is considered time theft. When time theft occurs, it means you are paying them for tasks that are not related to their job. This can happen on a worksite, but it can also easily occur when you have an employee work from home away from the office. Implementing employee time software can help reduce this risk.
With automatic timesheet software, you can monitor when employees punch in and punch out and view all breaks taken. Using this software can also help limit buddy punching. This means no one can punch in for another person as the employee timesheet software can be set up to validate identity before completing the punch process.
When you track time manually, slipups happen more frequently than having a computer keep track of everything. You can accidentally pay more or less, leading to legal troubles. Payroll can be 50% of a company’s expenses, so why wouldn’t you choose an option to help save you money? This is also one of the best ways to go paperless by promoting online punch-ins and direct deposit for your team.
When you do not pay your employees correctly for their time worked, you can face legal action and severe fines. There are many things you have to account for when managing a team. You have to pay attention to overtime, paid time off, sick days, and more. Having a program to track this information can help make your life a lot easier and limit legal risks. Every few years, labor laws change to ensure equality and fairness to employees; you will have to keep up with them, and clock in and out software can help.
Owning a business is challenging but can be a venture that is worth it in the long run. Managing a business can be just as hard as owning one, and you have to find the best ways to ensure the day to day activities are successful. Employee time clock software can promote productivity and ensure employees are happy. Once you start seeing the positive results backed up by data you collect over time, you will be glad you made the investment.