Automated time tracking services are geared toward providing highly accurate, real-time reporting and monitoring of employee work hours. This level of advanced technology has not existed for very long. Most employers, especially larger companies, use some form of digital time clock. However, for smaller and even medium-sized businesses, this is not the standard. But, it certainly should be. Only with this level of technology, can you truly capture information to keep data accurate and offer pinpoint accuracy.
One of the barriers to implementing this level of technology is often: it’s too expensive. The fact is, most often it turns out to be more expensive to lose hours through poor timekeeping. The honor system simply doesn’t work anymore.
Here is some information to consider:
Many small businesses operate by allowing employees to approximate their time each pay period. Even a few minutes here and there add up over time, and that comes directly out of your bottom line. As an example, let’s say an employee arrives a few minutes late at 8:06 am. At 4:24 pm they clock out early to run an errand after work and approximates their time by entering 8 am to 4:30 pm. That’s a difference of 12 minutes. And while this may not seem like much, it adds up by year-end. What do you think this is costing you if you have multiple employees are approximating time?
Average hourly rate $18
Time overpaid by week 60 min. (1 hour)
Wages overpaid annually $936
Total number of employees 10
Annual Total $9,360
It’s easy to see the value in an automated timekeeping solution. Save yourself the time, energy, and money and put an automated time clock in place today that will strengthen the future of your business.