If your business is looking for ways to remain profitable and drive revenue time and attendance software could be a solution for you. Many companies don’t realize that they can reduce labor costs significantly by implementing an automated time and attendance software.
Automated time keeping using time and attendance software has been proven to increase business efficiency as well as save money. Businesses who do not implement such technology could be negatively impacting their bottom line and their workplace. Here are some things to consider about manual timekeeping:
Human error accounts for approximately 1 to 8 percent of gross labor costs in time keeping. This can account for $6,240 to $49,920 annually, depending on the complexity of the data totaled.
Time and Attendance Software can:
- Reduce or eliminate disputes regarding paid or unpaid time.
- Allows both employee and employer access to the electronic record of time.
- Eliminate human error, which can be a very time-consuming and unprofitable problem.
- Reduce wasted (non-worked) minutes
Did you know that if 15 employees have just 4 extra minutes for which they are paid when they were not actually working, your business may be paying an additional 1,380 minutes, or 24 hours of extra pay per month. At $10.00 per hour average, that’s $240 or $2,880 per year.
While most large companies use automated timekeeping to track employee hours and pay, many small businesses often do not realize how time and attendance software would benefit them.
