ROI stands for Return On Investment which is a performance measure used to discover the efficiency of an investment. As an investor, understanding the ROI in business can make the difference between success and failure. Labour cost is an inevitable investment of every business. Studies reveal, Instead of manual time tracking method, implementing Automated Time and Attendance Software to manage labour costs, will reduce unnecessary labour costs and improve productivity. Having a Automated Time and Attendance Solution provides the following advantages and improves your ROI (Return On Investment).
Tracks Real-Time Data
Automated Time Attendance Solution tracks real-time data and provides valid employees time and attendance data; it effectively avoids data-inaccuracies and time theft.Adopting this system prevents revenue leakage and thereby maximizes ROI.
Reduce Manual Process
The Automated Time Attendance Software significantly reduces the time taken for preparing timesheet entries.unlike manual time tracking system saves cost, avoids discrepancies in payroll calculation.
proper tracking of overtime calculation eliminates the needless overtime cost incurred.
Creates self Responsibility
Automated solution for time and attendance allows employees to manage their time and this in turn eliminates over-payments and also encourages increased productivity.
Avoid Employee’s Fraudulent Activities
Buddy punching is one of the common time theft problems companies’ face. Buddy punching arises when an employee gets another employee to punch their time card for them; with Automated Time Attendance system combined with biometric access effectively eliminates this buddy punching and fraudulent clock-ins.
Are you a business owner? Thinking of ways to improve your ROI ? Then Contact us to automate your time and attendance system.
Punch cards are paper cards by using which you can insert into the time clock when reporting to your work. The time you arrive is stamped on the card when you punches in and again when you punches out. You have no ability to monitor the time; if you arrive five minutes late to the work since that will be reflected on the punch card. Due to this, employee time theft can be eliminated. Punch cards are older form for keeping track of time. The employees use punch cards or registers to supervise the time when they arrive or depart the company. One specific reason why not to use is, Punch card can get accidentally shuffled and also they occupies lots of storage space. Punch cards do not prevent “buddy punching” that is, asking a co-worker to punch your time card for you if suppose you are late. In such cases, you can use biometric / fingerprint Time and Attendance Software, which generally prevents buddy punching occurrences and also saves time.
Success of every business lies in the consistent and efficient operating methodology. Time Management Software is essential for any business dealing with employee attendance. Today many companies employ fleets of vehicles, from small to large business organizations. A recent survey conducted by the Aberdeen Group reveals that 60% employees aren’t accurately reporting their time, or their employers just don’t know! Nowadays many companies have started using Time and Attendance Software to track their workforce effectively instead of using punch cards. Even profit making smaller companies are willing to use Employee Time Tracking Software for streamlining their employee attendance and to automate their payroll processing system.
An effective Time and Attendance Tracking software system has plethora of benefits for all type of businesses. Time & Attendance Software provides huge savings in man hours over older systems by reducing absenteeism and also enhances the efficiency of HR by providing centralized access to employee hours.
In punch cards method, it is impossible to bypass using falsified information, eliminating the possibility of buddy punching and other forms of employee time theft. It leads to an employee is paid for time in which they were not working and typically occurs through the falsifying of time records. While in Biometric Attendance System, there is no possibility of such mistake.
Web Based Timesheet Software based Time and Attendance System greatly reduces the amount of time needed to prepare employee time cards for payroll processing by automatically totaling employee hours and overtime. Timesheet Management Software also decreases the reliance on mechanical or electronic punch clocks that are subject to failure and expensive to replace or repair. Shift has allowed business owners to obtain the benefits of reduced operating costs because computerized Time Management Software is easy to maintain, increases employee accountability, is professional, and makes payroll processing easy.
Furthermore TimeCheck offers proven benefits for your business including improved staff productivity, efficient real-time data processing, and cost saving with accurate time reporting. Now you can also compute your employee time tracking using our TimeCheck Time and attendance system for indisputable time records.