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.
For every organization it is very vital to continually look for ways & implement strategies to improve and maximize business efficiencies. In day to day life, we could see organization’s which computerize and automate key human resource activities gets significant improvements in productivity. Likewise organizations that implement time & attendance system to enable workforce comply with wage-and-hour regulations are able to enhance efficiency and save money.
Statistics disclose that inaccuracy in payroll calculation alone makes up for a minimum loss of up to 6% of costs. Instead of doing things the way they were done earlier, Automating Time & Attendance processes with biometric devices will immediately help your organization reduce labor costs, additionally will make you free from the routine task of tracking employees work time in timesheets, freeing up managers valid time that would otherwise be spent on dealing with challenges at work. Salary overpayments, time theft, human error, non-compliance to company leave policy etc which are “hidden” costs to the organization can be eliminated.
Integration of Time & Attendance system to keep track of employee attendance accurately against the approved leaves & allocated shifts will improve accuracy and will save time & avoid discrepancies at time of payment. With time & attendance system in place employees will come to know that they are being monitored and will not get away with long breaks or early departures. Great level of insight is possible with Automated Time and Attendance tracking reports. Having this system configured as per business policy will eliminate human errors, compliance violations, time theft, and other time-related issues that lead to revenue leakage. Productivity will automatically increase as the process configured increases accountability & transparency.
With Timecheck, time &attendance tracking software in place organizations can streamline the payroll process and provide HR managers with timely labor data to more effectively manage their workforce and increase overall productivity.