We all know how important money is to any business. One of the biggest expenses businesses have is labor costs and lost productivity through inefficient employee timesheet management. Doing things the manual way won’t cut it if you’re trying to save money as a business. Between wasted energy, human error, and how many resources are used up just trying to keep track of everything manually; there’s tons of money going out the window.
A clock in and out of the app can solve traditional timekeeping and employee management problems with some of the available features. Automation improves efficiency and, in turn, saves money by allowing for more resources to be devoted to doing actual work instead of trying to manage things like scheduling and payroll. More practical savings come from using a clock in and out of the app, such as less expensive accounting and saving money by not using physical supplies.
More Accurate Job Costing
For businesses that closely monitor their labor budget, having the most accurate data on how long tasks are taking is essential for accurately costing a job. Since a timekeeper app can track employees’ time automatically and down to the minute, you can get real-time data on what it takes to complete jobs.
Not only that, you can use historical data to make better judgments on future projects. Having this historical job clock data on hand means you can better bid for jobs, save money on labor costs and make more profit overall. If there seems to be an issue where a task is taking too long, it’s much easier to reassign crew members or move things around if you have real-time data, which means you can be more flexible on the job site.
Improve Payroll Processing and Accuracy
Manually calculating payroll is an expensive and time-consuming process. It takes multiple administrative staff and lots of paper and other supplies to keep records and then process them into employee paychecks. Manual payroll is also prone to errors which then cost even more time and resources to fix. This is not to mention that employees lose confidence when they aren’t paid correctly or on time.
A clock in and out of the app has integrations that allow hours and pay to be calculated and sent directly to the payroll department free of errors so that payments can be disbursed quickly and efficiently. A streamlined payroll saves money not just on processing payroll but on payroll staff and boosts employee confidence and productivity. And we all know that more productivity equals more profits.
Keep Compliant With Laws
There are two sets of laws that businesses must always be mindful of when operating. One is labor laws governing how long employees can work, what breaks they must take, and when they are given off time. The second set is laws regarding payroll and adequately accounting for wages paid to employees. Poor team time tracking and inaccurate accounting can be disastrous for any business and cost incredible amounts of money in the process.
A time and attendance app help with both of these problems. Payroll integrations help ensure that employee work hours are transferred without error. Error-free work hours lead to accurate paychecks, which allows you to remain in compliance with labor laws.
There is also the ability to set reminders and notifications about employee breaks and off time to remain labor law compliant. A violation of any of these laws, even by accident, can mean large sums in fines and the possible closure of a business if violations are severe or repetitive.
If you’re a business owner and struggling to make ends meet, then it might be time to invest in a clock in and out app. It not only helps improve the time and attendance tracking process but allows you to remain a labor law complaint and ensure that your business is staffed accordingly to need.