Payroll/Taxes

How a Time and Attendance Solution Can Save You Time and Money

time and attendance

 

The time and attendance method your business uses is more important than you might think. For instance, outdated or manual time and attendance systems can result in inefficiencies, unnecessary costs, and employee dissatisfaction. With competition in many industries as high as ever, few businesses — regardless of their size — can afford such expensive missteps in their operations.

A modern time and attendance solution can significantly improve the way you run your business. Here are several key benefits:

Fewer errors – Employees using a paper-based time and attendance system often forget to complete their timesheets, causing inaccuracies when they try to remember their time several days later. Errors rise when employees start guessing what time they arrived at work, how long their lunch breaks took, and what time they left — potentially resulting in employers paying for time not actually worked. Time and attendance solutions can eliminate mistakes and guesswork in data entry and calculations.

Enhanced security – Combined with biometric authentication devices, time and attendance solutions can help control employee access to sensitive areas and monitor employee entry. Not only can this system reduce the risk of losing valuable equipment and property, time and attendance solutions with biometric authentication can prevent the practice of "buddy punching," where one employee agrees to clock another employee in or out in their place. This practice invites inaccuracies and potential employee misconduct.

Cost savings – Collecting, managing, and entering time data into a payroll system takes valuable time. An integrated time and attendance system can help cut down on these labor costs and result in greater efficiency.

Greater productivity – By replacing paper-based methods with a modern time and attendance system, you give employees more time to focus on their jobs, while also giving their supervisors valuable labor data so they can identify and correct productivity issues before they become unmanageable.

Improved employee satisfaction – Receiving inaccurate pay on payday can be a common complaint among employees. An automated time-tracking system can help you ensure timely and accurate payment, which, in turn, contributes to improved employee satisfaction and higher morale.

Think your business may benefit from a modern time and attendance solution? See how much time and money you could be saving

More Payroll/Taxes Articles View All
This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant.