Necessary Time Clock Features For Optimum Business Performance
For many small businesses, tough economic conditions continue to force owners to adopt measures that lower costs and boost performance. A time clock is one of the best management systems that can achieve this goal by reigning in overtime and payroll costs, as well as enhancing efficiency. Of course, not all time tracking systems are the same, or function in the same way. This is why it’s important to stay ahead of the curve by selecting a time tracking device that offers the best combination of three key elements: pace, organization and compliance. A good employee time tracking system should have all three. 1. Pace The swift collection and processing of payroll data is vital when it comes to time and attendance. If it takes you a few minutes each day to get time and attendance data from your employees, you are missing out on the advantages of automation. Automation does not just facilitate the data collection part of your timekeeping software, but also assists with the quick retrieval of payroll data during crunch time. With smart employee time tracking software, you can run a payroll report that shows the complete picture of your employees’ work hours, and do so in just a matter of minutes. 2. Organizational Efficiency The detailed payroll reports generated by timekeeping software can easily be used to monitor your employees’ hours. Is there a spike in work hours? If yes, what caused it? Additional hours equal more money, so you definitely want to get an idea if those extra hours were used wisely. You can also put checks in place that prevent employees from clocking in early or clocking out too late. With stringent checks and balances, organizational efficiency can experience a boost resulting in improved profitability. 3. Compliance – For Employees and Employers Businesses are required to keep detailed records of employee payroll. A cloud-based time clock can be hugely beneficial for your company when it comes to complying with state and federal labor laws. If you use a clock with biometric recognition features, you eliminate the chances of employees claiming manipulation in time records. So, in addition to reaping the benefits of zero time theft at your place of business, your company is also more likely to be compliant. Unfortunately, the consequences of non-compliance can be rather severe. Even if there was an unintentional mistake in the calculation of employee payroll, (for example, with meal break deductions or overtime adjustments), your company can get into a lot of hot water. Such a system also ensures compliance among employees. This is especially applicable for businesses that send employees out for fieldwork. An employee can easily claim he or she spent many hours on the job, while the actual time spent was considerably less. This kind of wage fraud not only costs you money, but it can also damage your company’s reputation. Good timekeeping software ensures that you know where your employees are working and when because they give you the option of having employees punch in from a smart phone, mobile device or from a landline at the jobsite. When you need to safeguard your business by tracking your employees’ time, an automated time clock with smart, robust time tracking software is by far the most efficient and easy way. For top performance, make sure your clock of choice can meet your goals of pace, organization and compliance.
