Time Tracking Benefits for your Company

According to a small business survey, a meager 20% of small businesses are expected to invest in tools that improve employee productivity this year.

Furthermore, another anonymous survey of retail and service industry employees asserts that an incredible 80% of workers admitted to “time theft”, which is a grave concern for businesses.

Just as technology consistently revolutionizes the way business is conducted, small business owners time and again overlook a central aspect of their model: their employee time tracking system.

Whether or not an employee is billing by the hour, it is imperative to understand that time is one of the most valuable and limited resources for any organization.

So, does tracking time produces any benefits for businesses? Keep reading below to find out:

1.    It Reduces the Time Spent On Making Payrolls

The most primary benefit of time tracking to your business is that it reduces the time spent by employees and the HR department on preparing payrolls. This further reduces the time for tracking, recording and processing the payroll each week and month.

By making advancements, some businesses have been able to cut back their time calculating payroll by 70% every month. This way, employees can divert their focus on their respective and important jobs, rather than the added task of bookkeeping for themselves.

2.    It Prevents Buddy Punching

Time theft can range from taking a longer lunch than prearranged or signing attendance for a friend when they arrive late for work. This is known as ‘buddy punching’. According to The American Payroll Association, more than 75% of businesses lose money from buddy punching. Whether deliberate or not, time theft can be costly for businesses. Therfore, by installing automated time and attendance systems, buddy punching can be prevented altogether.

3.    Reduces the Likelihood of Human Errors

No one is perfect; even if they have a calculator, spreadsheet and other computation device handy - they still can make mistakes. Even the most precise typist makes 1 mistake for every 300 keystrokes.  An omitted digit or misplaced decimal can incur huge accounting errors that demand a lot of effort to be corrected, or worse, if left uncorrected can affect your profits tremendously.

With time tracker software in place, you can stop the bleeding, and make sure you get compensated for all the time you put in on every client you have.

4.    Being On the Law-Side

Typically, the State and federal labor laws, like the Fair Labor Standards Act, standardizes things like overtime pay and record keeping, both of which are complicated to track if you have a physical time and attendance system.

Instead of increasing your vulnerability to potential lawsuits, which can upshot millions of dollars awarded in back wages, reside on the right side of the law with precise time tracking software.

No need to manually enter your time sheet into the office software packages you use. Chrometa mechanically transfers your time sheet into Clio, QuickBooks, and other practice management and accounting software, saving you time, money and effort. Visit http://www.chrometa.com/ today to learn more about this online time tracking software.