Time tracking is an essential part of any business. It’s not only important for payroll, but it also helps with scheduling, project management, and more. But if you’re not using the right system or software to do this – it can be costly and time-consuming.
Many companies still use paper timesheets, which are not only inefficient but also cost too much to manage. If you’re not using time and attendance tracking software, then it costs your company money.
More than a third of all time tracking systems used today are outdated. That means that a high percentage of employee timesheets are incorrect, costing businesses enormous amounts of money in labour and lost productivity costs.
How COVID-19 and Remote Workplaces Have Impacted Time Tracking
Remote working was already becoming popular before the COVID-19 global pandemic struck in early 2020. At the peak of government-enforced lockdowns, remote working numbers were hugely accelerated, with around a third of Australian workers (4.2 million people) forced to take their jobs home.
After a year of getting used to working remotely, Australians fell in love with the idea, and now 75 per cent of workers want it to be a permanent thing.
Working remotely can be a great way to increase productivity and reduce commute time. Still, it also raises the issue of monitoring and recording remote worker time and attendance.
Split or remote working is becoming more popular in today’s workforce, and by 2025, it is predicted that around 70 per cent of all employees will be working remotely at least five days a month. However, this presents a new challenge to manage home office time and attendance and know when their employees are working and what they are doing.
As a business owner, you know the importance of tracking time and attendance. But what if your staff work remotely? You can’t just ask them to clock in and out every day.
The best solution is to use automated software that tracks the hours worked by each employee without requiring any additional input from them. This will give you accurate data on your team’s performance as well as helping you identify areas where improvements could be made. You’ll have all the information you need about your workers’ activity levels so you can make informed decisions based on accurate data rather than assumptions.
The Benefits of Time and Attendance Tracking Solutions
Time and attendance tracking solutions can help you ensure that your employees are working their scheduled hours, no matter where they are. This will allow them to focus more on work and less on clocking in and out. It also helps with payroll management by ensuring that everyone is paid for their time worked.
Time and attendance tracking is a process that helps organisations keep track of how much time their employees are spending on tasks. This information can be used for payroll, scheduling, or even performance reviews. Tracking this data can help companies save money by reducing overtime payouts and increasing productivity.
There are many different types of software available to choose from when it comes to time and attendance tracking solutions. Some options include cloud-based services, mobile apps, or desktop applications integrating with other HR systems like payroll or human resources management software. This makes it simple to manage mobile and remote workforces accurately.
When you deploy digital time and attendance tracking solutions, you can enjoy a raft of other benefits, including:
- Real Timesheet Data Collection: You can accurately track the number of hours each employee is working. They can input their timesheets from any location and device with an internet connection. You’ll also be able to see their work schedule in real-time so that you don’t have any surprises when it comes time for payroll.
- Easy Scheduling: It’s easy for managers to see where their team members are, what they’re working on, and when they need help. Employees can also use it to track their hours, take breaks more efficiently, and make sure they don’t work too many overtime hours.
- Simple Budgeting: You can track time spent on a project or task with time and attendance tracking. You’ll be able to see what’s been done, who did it, the cost of the work and more. You can also set up budgets for different projects so that you always know where your money is going. This will help keep your business running smoothly by giving you an accurate picture of what’s happening with all aspects of your finances.
- Reduced Overtime Payouts: Employers have to deal with payroll taxes, costly overtime payouts and complicated time tracking software. Using this solution, companies can easily track employee hours, reduce overtime payouts and avoid expensive penalties.
- Email Notifications: With time tracking software, you’ll know when they clock in and out, how long their lunch break is, how many breaks they take throughout the day. You’ll also get email notifications letting you know if an employee has clocked in for work, but not actually started working yet or if they’ve taken too many breaks during the day.
The more information you have about your employees’ performance, the better equipped you are to make decisions that will benefit them and your company. Time and attendance tracking are also scalable as your company grows, and you won’t need to spend any more time on tedious paperwork or manual processes. Call our friendly team today to learn more about how i3 Group can help you.
Interested in more information about time & attendance tracking advice? Check out our master blog here!