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Many people think time and attendance tracking is simply a process of clocking in or out. However, as it turns out, the time and attendance process your company relies on can impact every area of your business – positively or negatively.
The bad news is that getting the process wrong can result in high fees, high turnover rates, and high numbers of wasted hours. The good news is that effective, efficient time and attendance software can be an incredible asset, one that reduces your overall expenses, makes your employees happier, and saves you time.
Here are 3 additional facts you didn’t know about time and attendance:
1. “Easy” Time Tracking Methods Aren’t Actually Easy to Use
Think that going tech free with paper timesheets will save you time and effort? Think again.
Fact: Paper-based timesheets take about 7 steps to process, from time capture to payroll processing. That takes a lot of time to do – and it is not easy to train for. Using integrated time and attendance tracking software, you can cut your number of required steps in half, which results in faster training time and 50% less admin work for your company.
2. Timesheets Are Often Riddled with Mistakes
You can’t blame your employees for wanting to save time for your company – but when they fill out entire timesheets in a rush a few minutes before turning them into HR (instead of marking down their time twice a day), that practice can lead to a lot of errors.
Fact: Errors on timesheets lead to errors on payroll and reporting that can result in fines from regulatory government agencies. Agencies may think you underpay employee overtime or don’t provide mandated ACA options, and noncompliance fees for these oversights can be costly. It’s easy to avoid such fines when you use automated time tracking devices and software integrated with your Sage 100 ERP.
3. Time and Attendance Tracking Software Has a Great ROI
Smart business leaders know that they shouldn’t invest in anything that doesn’t have a clear ROI (Return on Investment). Therefore, you will be pleased to learn that good time and attendance tracking software delivers a great ROI in multiple ways.
Fact: Time savings are a great way to calculate ROI and today’s leading time and attendance solutions can reduce payroll processing time to as little as 20 minutes per pay period. This saves business leaders up to 95% of their previously wasted time.
Another, less obvious method for determining investment return is to calculate how much you can save on labor costs. Effective time and attendance software delivers clear insight into your workforce’s productivity and habits – which helps you make faster, more confident decisions about workforce allocation, hiring, and firing.
Ready to Uncover Time and Cost Savings at Your Organization? Ask SWK to Help.
Business leaders are often surprised to discover how much their standard time tracking procedures have been slowing their growth. Want to see how much time and effort you could be saving? Ask SWK for your free HR / Payroll Technology Assessment.
Your free HR / Payroll Technology Assessment will include an interview with your team followed by written recommendations (example) that will help you develop your customized plan to save time and effort with your time and attendance processes.
There’s No Better Time to Choose Sage HRMS Subscription
If you’ve been wanting a more powerful system to handle your HR tasks with ease, now is a great time to choose a modern HRMS system like Sage HRMS subscription. But you have many options. In today’s highly competitive talent environment, you need to make sure you have the right system for your precise needs.
Are you wondering whether your business would benefit by switching to a modern HR solution like Sage HRMS subscription? Sign up to get your detailed HR Tech Assessment from the experts at SWK Technologies. This assessment includes an interview with your team, followed by written recommendations (example) that will help improve your HR tech capabilities now and in the future.
Schedule your free HR / Payroll Technology Assessment with the experts at SWK Technologies.
For more than 30 years, SWK Technologies has been helping SMBs get more out of their mission-critical technology with targeted, smart solutions that make it easier to handle financials and make faster, better business decisions. Curious to learn more? We are always happy to introduce you to the options that can help you increase agility and drive business performance. Get in touch using the form below. We will get back to you soon!