Modern time tracking is an important factor for a company’s budget. This is not only a reflection in payroll, but also in the business’s bottom line as a whole. In an article by Allsec Technologies, 33% of businesses deal with payroll errors. A company is destined for disaster without using modern time tracking methods to optimize their operations. Whether you are a small, medium or large company, you cannot go wrong by keeping up with modern time tracking.  

How Technology Has Changed The Way Businesses Track Time

Lets face it, digital transformation is happening rapidly. If you are a business owner or a decision maker of a business, then you understand the pain points when it comes to tracking attendance and time cards. Inaccurate hours, overpaying or underpaying employees, payroll mistakes, etc. The old-school way of tracking your employees’ time via spreadsheets and punch cards are gone. This can take a lot of unnecessary time, while leaving you with a bunch of paper timesheets to manually calculate. 

Over the years, technology has provided companies around the world with the opportunity to use a cloud-based time clock software that automatically calculates employees’ hours worked, and generates accurate time cards. This type of software is not your traditional software that must be installed or downloaded. Welcome to the modern era of software as a service, also known as SaaS. 

Conveniently allowing you to access your account through a variety of devices that have an internet or data connection. This type of technology has changed the way businesses track time by providing a robust and simple process from the time employees punch in, all the way to the payroll process. 

 

Benefits of Using a Modern Time Tracking Software

We are constantly looking for ways to improve and eliminate pain points in our daily lives. The way a company looks at how they value a product or service and its benefits really depends on the company’s individual goals and what they are wanting to achieve

Here is how time tracking technology can improve your business: 

 

  • Save Time and Improve Productivity

When a company can save time and use it to allocate towards other important tasks, it allows productivity to increase. Usually, wasted time reflects on poor time tracking. It is challenging for a business to stay competitive when it is losing time and suffering from decreased productivity. 

Did you know that automated time tracking reduces productivity issues by 80 percent?

 

  • Properly Track and Document All Hours – Including PTO

Whether an employee works 9 to 5, calls in sick or uses paid time off, this time data will be tracked, stored and reflected on their time card. PTO is an issue that many employers cannot accurately track. In fact, 77% of U.S. employers offer paid vacation and holidays, so you can see how this is a widely-spread concern within the business industry.

Some of the most commonly tracked hours include:

  • Regular and overtime hours worked. 
  • Sick and personal hours.
  • Paid time off including vacation days and holidays. 

Time tracking technology solves this issue by allowing a business owner to record employee hours worked and activities in real-time. The end result of this is proper employee compensation and a physical oversight of their total hours. 

 

  • Always Know Who is On The Clock

Employers can conveniently see who is punched in or out with robust features such as GPS, IP recognition, Geo-fencing, and mobile apps. These features are designed to allow small businesses to keep their employees honest and accountable. Reasoning to why many employers feel as if they have to micromanage is due to dishonest employees. 

Businesses can spend less time monitoring employees by knowing when and where they clock in and out — transforming outdated processes that are preventing a business from reaching their goals.  

 

Record Keeping Under The Fair Labor Standards Act (FLSA)

Did you know that U.S. businesses are required to keep timekeeping records for their employees? According to the FLSA, “Records on which wage computations are based should be retained for two years, i.e., time cards and piece work tickets, wage rate tables, work and time schedules, and records of additions to or deductions from wages.”

A modern time clock system allows employers to properly maintain records in the event they are audited. These vital records can conveniently be accessed right from the user’s account and provided if need be.   

 

It’s Not Too Late to Add a Modern Time Tracking Solution to Your Company

Transitioning to a modern time tracking system is not a complicated process and it’s not expensive to use. Many companies actually see an increase in profits from their pain points being solved – not to mention the time that is saved. Heading into 2020, all business owners with employees should kick off the New Year with a modern time tracking solution. Some companies such as, OnTheClock, offers a 30-day free trial so users can experience the benefits at zero cost.

 

Written by Tim Glendenning for Techie Doodlers