Six Benefits of Smart Time Tracking Software

Every business with employees needs to track their time. Using outmoded punch clocks or paper tracking leaves your business open to intentional fraud and unintentional mistakes. This tedious time recording ensures employees receive proper pay, but also provides the business owner with important budgeting data. Moving to an automated time tracking system provides numerous benefits.

An automated time and attendance system will let employees clock in and out using a time clock and/or any Internet-connected device, such as a desktop, laptop, landline or mobile phone, and tablet. The time tracker transmits the activity in real-time to the tracking software integrated into the payroll software. The expense of investing in such an automated system pays for itself in error reduction and expense reductions among other reasons.

Top Reasons to Use Automated Time Tracking

1. Using an automated tracking system helps you fulfill the change in requirements under the Fair Labor Standards Act (FLSA) that became effective on December 1, 2016, which extended protections to white-collar workers and increased the number of workers required to receive overtime. Improved legal compliance tops the list of the importance of automation.

2. Automated systems improve efficiency and productivity by reducing time tracking errors. These systems provide fair, real-time data of time worked.

3. Some systems also track the projects worked on which allows the employer to also track productivity and performance. This helps management conduct annual performance evaluations.

4. The accuracy of automated tracking lets firms reduce or eliminate redundant expenses. You can also determine at a glance the departments producing a lower return on investments (ROI).

5. A related benefit to expense reduction is effective to shift planning. Combining productivity data and time records lets management schedule efficiently to keep costs low, but production levels high.

6. Automated systems eliminate the need for manual calculations, therefore human error. They don’t simply log hours automatically; they handle calculation of wages, overtime, leave and bonuses automatically.

Time Tracking Capabilities

Not all time and attendance trackers are created equal. Some provide pretty basic features, while others, like Journyx, provide a bevy of features that go beyond just fulfilling payroll needs such as integrating with accounting and communications applications.

Look for a program that integrates with critical business applications to also accurately provide data to your accounting, project, and Microsoft Outlook. This enables the time tracker to access the Outlook calendar for out-of-office events and meetings.

Other features in best class software include automated data validation, automated approval, mobile employee monitoring using geo-fencing and geo-location, and mobile management of payroll using an app. You should be able to access real-time data on employee attendance, punctuality, and performance. A well designed time tracker lets you see at a glance each employee’s cumulative hours, overtime and available and accruing paid leave. Better systems let you plan employee schedules, as well.

Whether you choose an on-premise solution or software as a service (SaaS), you can store your records in the cloud. This lets you maintain an online backup of all data, improving your business continuity potential.