Employee Time Tracking – 6 no-brainer reasons to change your process today:
1. Timesheets and spreadsheets are costing your business MUCH more than you may realize.
What could your business do with an extra $6,000 per employee, per year, every year? You simply can’t do business without your amazing people, its no surprise then that labor costs are also the single largest expense for the majority of today’s businesses. The costs of using archaic employee time tracking systems to manage workforce labor is conservatively estimated to cost an average business over $6,000 per year, per employee! The American Payroll Association reports that employers lose an average of 42 minutes per employee, per day due to estimated, inaccurate labor reported by writing it down after the fact (time sheets or spreadsheets). With an average hourly burden of $25 per employee, a 50 employee business will lose more than $300,000 annually (each and every year) due to inaccurate labor tracking processes. Additionally this estimate does not even account for costly data entry errors or labor-based overhead such as workers comp and liability insurance, and other business expenses directly related to your total payroll costs.
2. Mobility. Employees need anytime, anywhere access for accurate employee time tracking.
For many businesses, gone are the days of the cubicle. Its 2016 and more than ever, employees are on the go, remote and mobile. Mobile devices are being leveraged as critical business tools to help the mobile workforce get their work done more efficiently, from anywhere. Modern employee time tracking solutions can help your employees quickly track their time, tasks, projects and even their productivity, using the same mobile devices they already use every day. Mobile time clock apps and mobile labor tracking solutions help employees get work done quicker and help employees log it accurately, as it happens. Mobile devices and simple cloud solutions will provide your business greater real-time visibility, accountability and accuracy or your workforce.
3. Accurate time tracking reported in real-time improves client invoicing and job costing.
Replacing paper time sheets with a simple cloud based time tracking solution can connect all of your teams and enable them to share job, project and accurate billable information quicker. Accurate time worked, tasks completed and productivity data, detailed by client or project, can stream into a central cloud-based system, virtually real-time, as it happens. The end result for your business is improved client billing accuracy, increased client billing efficiency and most importantly, now you your business can see exactly where you are making money and where you are not as it happens, opposed to weeks later. The ability to know where you are sooner is allowing businesses to pivot and adjust to increase profits.
4. Less payroll headaches and more happy employees each and every payday.
Payroll and the old process of tracking, transferring, processing can be a burden on your team. Manual data entry is painful and stressful for your entire staff. It is too easy to make a simple mistake and transpose time worked, tasks and codes worked on. These common and frequent mistakes, whether done in the field or in the office can result in an inaccurate paycheck and can be extremely frustrating for your workforce. Today’s automated employee time tracking solutions virtually eliminate the need for repetitive and tedious re-keying of time and attendance data. Employees can sign off and approve their time worked as it happens and your payroll and office staff can replace your stressful payroll processes with an accurate, quick and efficient solution to not only track your workforce, but to get your people paid more efficiently.
5. DOL compliance is critical for your business. CYA with accurate workforce labor documentation.
Keeping a time stamp for each and every clock in/out, job code, task change and GPS location can protect your business in costly client disputes, unemployment claims, workers comp claims and potential DOL and DCAA issues. With an automated employee time tracking system employees can review and sign off on time worked, you can see who’s on the clock, where and what they are doing. Rest assured with an automated system all of your workforce labor data is also nicely organized in one central database, accurately documented to protect your business in case of a labor audit or labor dispute.
6. Anytime, anywhere access to your workforce labor data.
Don’t overlook the convenience and power of being able to access and manage your workforce labor data anytime, from anywhere. A cloud-based employee time tracking system not only enables employees to enter, track and review time from anywhere, it also enables your estimators, PMs, managers, executives and entire staff to work with current, accurate labor data from anywhere. Estimating the next project is much easier when you can quickly reference exact labor actuals from a prior similar project. Getting a client quick, current answers can prove priceless for your business. Approving and processing payroll while out of the office can save the day. There are many business benefits to automating your employee time tracking process, don’t underestimate the power of anytime, anywhere access to all of your neatly organized, accurate, real-time labor data.