Did you know that US businesses lose billions of dollars from time clock theft every year? Buddy punching is the scourge of managers across the world. Employees show up late, leave early, and take long lunches. They slack when huge deadlines are on the horizon. The result is you losing clients and all the money that came with them. You need an employee time tracking system.
The best employee time tracking system allows you to keep a close record of productivity on the work floor. It doubles as a project time tracking system, and lets you get the most out of your employees.
Let’s talk about just a few of the benefits of using one for your business.
An Employee Time Tracking System Keeps Employees Focused
Chances are, your business is running multiple projects at once. These projects are all in different stages. To make matters more complicated, their deadlines do not often overlap.
This can make it difficult for employees to know where to focus their energy. They might start to slack off, even when an upcoming deadline should have them running. This is where a time tracking system comes in.
Time tracking keeps employees focused. It ensures that they’re on their A-Game when you’re wrapping up a big project. That means they’ll put all their energy into it now, rather than later when time’s almost up.
It Saves You Time in Administrative Work
Other employee time tracking systems do one thing alone: they keep a record of things. You still have to calculate payroll, overtime, and PTO benefits. With the best clock time management system, this is no longer the case.
You can set the software to calculate all of this for you. It does the heavy-lifting, and you in turn save your energies for more pressing matters. Your time is worth far more than the subscription you pay for the software!
And since it’s software, there’s a much smaller margin of human error. Investigations into time clock stuffing or mistakes on the payroll take less time to fix. All of that in the end puts more time and money into your pocket.
It Keeps Employees Honest
Buddy punching is an issue because anyone can clock in with any number or key card. Sure, you can keep everything on CCTV. But that takes precious time from you as you investigate instances of time clock fraud.
Introducing a biometric time clock is a game changer. Now, employees can clock in for themselves alone. Whether it’s facial recognition or a fingerprint reader, they’ll need to be present to make changes to the record.
Biometric systems have the added benefit of tightening security. If you need to keep close track of who is on the premises, a system like this will let you do just that.
Lastly, a biometric system means employees no longer have to be responsible for a number or card. Clocking in becomes effortless, rather than everyone on the same shift queuing to get in.
It Helps You to Control Your Rates
If you’re the sort of business that charges by the hour, it’s incredibly important to track the time down to the minute. A few minutes’ difference across dozens of employees results in big money down the line. That’s where employee time tracking systems come in.
You can track your employee project time down to the millisecond, making sure you don’t overbill or underbill clients. You can get metrics for how long it’s taking to finish certain projects. And if you need to raise your rates, you can dive into the data and make that decision.
It Helps Track Time Outside the Workplace
You’ve got remote employees who go out into the field. Or you’ve got sub-contractors who work from home and bill you later. If the time clock is sitting by the front door, that can make this whole thing a mess.
The great thing about a modern project time tracking system is that distance is no longer an issue. Employees can punch in from across the world if required. Add in the biometrics mentioned earlier, and you can keep finite control of their work no matter the time zone.
This also saves time and hassle. All the data is in one place, making it easy to calculate payroll and other necessities.
It Helps to Stay in Budget
Every business owner knows the hit that payday can take. And when you’re running lean, you can’t afford for a busy work week to tank your savings. Believe it or not, an employee time tracking system comes to the rescue here as well.
You can take a dip into the data at any time. Running a bit over budget? Now you’ll know long before you get a big payroll bill clubbing you over the head.
This is especially the case when it comes to contracting work to others. If an issue arises about how much time they’re billing you for, you can see that now instead of Friday.
Find the Right Time Tracking System for You
These are just a few benefits of an employee time tracking system. They keep things clean and organized, making sure employees and subcontractors alike get their pay. They save you time, make sure employees are honest, and allow you to use the data for the future.
The best employee time tracking system is ready and waiting for you. Check out our time tracking options from small businesses to enterprise.