43% of employees admitted to committing time theft. How can a web-based clock curb this productivity-stunting habit?
Web-based time tracking allows employers to track their employees’ working time in real time. Instead of relying on employees’ self-reported numbers, employers can gather more accurate data with time-tracking software.
So keep reading to learn more. You should understand a few essential time-tracking benefits to further understand the impact this software can have on your business.
1. Prevent Time Theft
Due to time theft, US businesses lose 20% of every dollar made. Unfortunately, time theft is an issue that affects all businesses.
If you do not take the necessary security precautions, whether on purpose or not, your company will suffer the consequences of time theft. A few common examples of time theft include:
- Buddy punching
- Unauthorized overtime
- Extended breaks
- Early departures
- Late arrivals
- Using the Internet for personal reasons
- Performing personal tasks on company time
Even if a few minutes here and there may not appear to be a big deal, underreported employee time can quickly add to a significant loss for your company. But by using time-tracking software, you can reduce the billable minutes spent not working.
2. Minimizes Administrative Work
Because of web-based time-tracking software, administrative employees can now devote more time to critical tasks other than monitoring attendance. Employee timesheets do not need to be manually calculated and are instead automatically updated online.
This saves time, with employers being able to avoid paying for time that employees did not work by properly documenting their employees’ work hours. Doing so also ensures that workers are fairly compensated for their work and prevents businesses from wasting money.
3. Improve Productivity
Employee time tracking is automated by software for online workforce time clocks. These tasks can now be completed in a matter of seconds. Your payroll system is linked to a digital system that stores all data entered automatically.
Traditional time-tracking methods didn’t resemble their modern successors, proving to be time-consuming and tedious. They needed longer human concentration, which is ultimately less accurate and speedy than a machine’s.
4. Lower Processing Costs
Employee paychecks evidence how high manual payroll processing costs are. The prices are significantly higher if employees are required to redo any work due to an error they made while carrying out their duties.
Now, web-based time-tracking software can minimize those risks by removing elements of human error. You can avoid costly issues such as missing punches, overtime compliance, and buddy punching by migrating to a web-based system.
5. Ease of Use
Time-tracking systems are built to alleviate business owners’ burdens, not add to them. That’s why so many features are automated and quick. Business owners can also learn how to use them without needing much training beforehand.
As management of a smaller company, prioritizing your tasks is essential. But regardless of the size of your business. the time you take designating human payroll labor will accumulate to be a lot more than learning how to use this ultimately time-saving system!
6. Easier Scheduling
Employers can monitor who is working and when they are working without leaving their desks, greatly simplifying the scheduling process. Employees can also easily clock in and out, accurately recording their time no matter where they are.
This is an excellent option for those who frequently travel for work to different locations. They can still enjoy the benefits of working remotely while ensuring they’re on the same page as their employers.
7. Better Security
Secure time clocks significantly improve payroll security. Employees can rest easy knowing their personal and financial information is safe.
This level of precision and secrecy allows employees to record time quickly and easily. It also gives them peace of mind about how safe their information is within the business’s office.
8. Remote Access
This digitized system is also easy to access anywhere you go. Instead of planting yourself at the workplace whenever you need to contend with payroll, you can open your system.
Doing so allows management to be more productive. They won’t have to make a time-consuming commute to the office if they’d only be there to deal with payroll. If they’re anywhere else for a meeting or another company-related task, they can view the software’s time-tracking reports
9. Instant Reports
After the data is automatically entered, it’s ready to read. The system will reduce workers’ duties to structure and write reports. Instead, it will generate instant reports so that management doesn’t need to wait around for a clear picture of the company’s productivity.
All this, with way more accuracy than if a human completed the reports. Human employees can now dedicate themselves to tasks that require non-digital engagement.
10. Better Interface
Your workplace might have an excellent payroll organization system. But a modern interface optimizes this organizational aspect, providing a clean, easy-to-use interface that doesn’t require much paper shuffling. This is great, especially since it’s able to be accessed remotely.
Overall, your experience will be better with a payroll organization system. By incorporating a more aesthetically pleasing interface, you’ll find payroll much less of a workplace chore and more of a process requiring just a few buttons.
Web-Based Time Tracking — Great for Workplace Productivity!
Web-based time tracking is the most convenient and cost-effective method of measuring employee time. These systems evolved from traditional timekeeping techniques and will significantly benefit your business.
At TimeTrak Systems, we understand how important productivity is to a workplace’s success. That’s why we’ve developed this attendance software to ensure that your workplace uses its hours well. Get a quote with us to get started!
