For many small business owners, the decision to invest in time and attendance software can be tough. If payroll duties are performed internally, or sometimes even by a family member, its hard to see the time spent on this task as a hard cost. Yet, time and attendance software can have a positive impact on your bottom line — even if you are running a small business. Read below to find 5 reasons why you should consider implementing a time and attendance system:
- Eliminate overpayment errors — Usually owners are the last to notice errors in payroll until an accountant reviews and finds overpayment errors. A time and attendance system will eliminate any opportunity for overpayment by applying your work rules correctly and accurately.
- Keep employees happy — Employees rarely complain if they are overpaid, but are sure to escalate to management if they have been underpaid. These types of errors can cause mistrust and HR issues amongst your staff. Time and attendance software accurately applies your work rules so that calculations are done correctly and employees stay happy.
- Simplify holidays and absent days — Tracking vacation days and time off is a big challenge for companies of all sizes. Consistently recording and reporting on your employees’ time off is difficult. A time and attendance system can take the guesswork out of absenteeism and create easy and simple reports for both the employee and the manager.
- Stop time theft — Owners of small business can’t be in the office all of the time and often have multiple locations. Time and attendance software can help to accurately track employee clock-in and clock-out times, so even when you’re not there, you’ll know when your employees are actually working. Plus, with biometric data collection, you can alleviate the temptation of time theft through buddy punching by employees.
- Identify your profits — While labour costs are important, identifying which departments or projects are profitable is equally as important. Software like timeQplus™ offers costing capabilities that allow you to assign the work each employee does to the appropriate project, work group or task, so you can see which areas absorb which share of resources — before it gets out of hand.
Choosing the right time and attendance system can make a big impact on your business. The regular review of useful reports will not only save you time and money but can also help you increase the profitability of your overall business – hitting two birds with one stone!