Time tracking systems are one such beneficial way to track the number of working hours employee devotes to their job. Time recorders software offer cost saving benefits and assists with compliance reporting, accruals, payroll, and carry-forward policies. There are several ways in which investment in this software proves to be a profitable deal for the company. Components of a time and attendance system The time attendance systems include a log-in method that comprises of a few components. These are an ID badge enabled with a magnetic swipe card, a PIN or personal identification number, biometric input for capturing fingerprints of the employees), and a web-based photo capturing device that captures employee’s photo while they log out of the company premises. Benefit of time and attendance software Saves time on payroll This is the biggest advantage of attendance systems to a business. It helps an employee and an HR by spending less times in tracking, noting and processing the time spent in performing their duties each day. This significantly reduces the times spent in payroll calculation each month by approx. 70%. This saved times is utilized in performing their job instead of wasting on less important tasks of accounting. Prevent employee’s friends to punch on behalf of them This has been a general practice in most of the companies where manual time tracker software is installed. Nearly 75% of businesses face a significant financial loss from buddy punching. Whether done intentionally or happened innocently this can lead to a huge expense for a company. Automated time recording systems prevent such happenings altogether. Being completely automated and precise, there is not a single chance for anyone to perform any fraud in it. Saves from any human error Besides intentional frauds, sometimes due to human errors in bookkeeping, such type of discrepancies can occur in the system. Being a machine, these automated times tracking systems are very precise and accurate in their calculation.
Help employees to access the information anytime Rather than allowing discrepancies in the work, this quality time recording software allows accessing their information by themselves whenever they want. It facilitates employees to view their times records at any time. This will aid in evaluating how well they are using and managing their work hours in performing the job. Reduce paperwork As opposed to manual time tracking systems, where a lot of time and resources of the company in spent in sorting, organizing and processing lengthy and time-consuming paperwork. Along with this, a lot of resources are spent on repairing and maintaining an old-time tracking system, and the required accessories such as paper, pens, printer toner, ink, etc. All this can prove to be massive in the long run. Be ethical With a manual time tracking system, it can be hard to regulate record keeping and overtime pay. Instead of getting into any lawsuits that can lead to the expense of millions of dollars in terms of back wages it is better to adopt automated time recording systems and stay ethical. Adopt a system that expands with the business A paper-based times tracking system is not capable of accommodating the expansion of your business. It would become more time consuming and cumbersome procedure that you would need to hire more accounting professionals to do the job. This can further add to the overall cost of a business. If you are a small business, who expects a reasonable growth every year, then migration to automated and dedicated time tracking system software would be the best decision. This system has the capabilities to grow with your business, in terms of more employee hiring and information tracking. Investment in this dedicated software time and attendance recording systems saves a significant amount of times and money of the company. Impressed by its results, it has made more and more companies adopt this valuable software. It is the times to upgrade your manual time recording system to an advanced, accurate and automated time and attendance system. Have you upgraded yet?