Finding new ways to generate more revenue is getting increasingly difficult. There are only so many ways you can cut up the pie. Many companies end up wasting a lot of resources trying to find opportunities to make more money but they inevitably miss the obvious. It can be much better to make more money for the company by saving it.
Saving money for the company is easier than generating more revenue because you are simply working with what you have already. And there is really no business that couldn’t find some waste to cut.
An often overlooked way to save money is through use of a time tracking software. With so many advances in AI this software can do much more than just make sure that people are getting paid for the time that they work.
In this article, I will go over several ways that you can save money for your small business or company by using employee time tracking.
1 – Reduce payroll errors
Using a regular time clock or sign in sheet is one of the least reliable ways to track employees’ work time. Which means that often there are times when they are paid for time when they weren’t even at work.
Human error accounts for mistakes that can cost the company quite a bit of money. Typoes, poor memory and forgetting to clock out can all happen easily. Using software is the most efficient and effective way to reduce these errors to ensure that employees are clocked in when they are supposed to be and are paid only for the time they are at work.
Payroll errors also cost money in terms of rectifying the errors. Somebody is taking their time to send out the correct check and then it has to be accounted for. This time costs money.
Software can automatically clock somebody in when it detects that they are at their workstation and logged onto their computer. If the employee isn’t working at a computer, you can ensure that they clock in and out on time with push notifications to their phone to make sure that they clock in and out on time.
2 – No buddy clock-ins
Many companies thought they had solved the problem of a friend clocking somebody in on time by getting rid of time cards and replacing them with a swipe card. All this did was create an extra step for people by giving the card to the friend to swipe them in and then retrieve it later.
These companies still were paying people for time when they weren’t actually at the job. The best way to get past this is to use a software time tracking tool. Using biometrics, it automatically clocks an employee in and out when they walk into work.
This saves money not just because employees would be getting paid when they aren’t there, but it reduces productivity. Over time those fifteen minutes or more will add up to thousands of hours of lost work.
3 – Streamlines processes
Time tracking software does a lot more than just make sure that people get paid for the work they do. It also makes the human resources department much more efficient. Using an app can reduce the amount of manpower needed to take care of things like paid time off requests and track sick days used.
HR employees will face less paperwork and far less time spent tracking down information. When it comes to onboarding new employees, it can also take on much of the work. With the software, documents can be read and signed.
Overtime can be minimized by being able to properly manage the time that employees are working by using automatic alerts when an employee is about to hit their allotted time for the pay period.
4 – Increase productivity
There are times when some employees have jobs that overlap. It can end up being less productive than it could be and can be eliminated by using a time tracker. When you can see exactly what somebody was working on and when then you can ensure that there are no repetitive tasks being done.
You’ll know exactly which projects employees are working on, how long they took and then can extrapolate how much time they need to start the next one. Gaps between projects can be minimized so projects are done on time and on budget. And projects that finish on time mean that revenue comes in more quickly.