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How Time and Attendance Systems can Save Your Company Money

We’ve all heard it before—time is money. When there are only so many working hours in a day, it is essential that your task force arrives on time, takes the proper breaks to refuel, and attends the meetings needed to get the job done.

While time and attendance used to be tracked mostly through tedious paper trails, a large proportion of companies are now switching over to electronic systems—benefiting from the savings and convenience of modern technology.

To understand just how time and attendance systems can save your company money, read on for the top benefits.

Save Resources

Whether you have ten employees or thousands, paper systems require a lot of resources and man hours to sort through. This type of employee tracking can take up valuable company resources—not to mention environmental resources, like countless sheets of paper—as someone would have to be in charge of logging each employee’s hours and calculating their payroll. Compared to modern software that can easily and instantaneously (and eco-friendly-ly) track and calculate your employee’s clock in and clock out times, there is no reason to get left behind in the days of clipboards and pens. 

Avoid Human Error

As 18th-century poet Alexander Pope once said, “to err is human”. When you rely on paper tracking systems, accidental miscalculations to the payroll can cost your company a pretty penny. From honest mistakes to employees sneakily tacking on a few extra hours at the end of a work week, paper systems are prone to inaccuracy. With a quality attendance software, on the other hand, you can minimize room for error with a reliable automated system you can trust.

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Prevent Legal and Tax Issues

If there is one person you don’t want to get in trouble with, it’s dear old Uncle Sam. Accurately tracking your employee’s hours and attendance can prevent any discrepancies when tax season comes around. Over $4.5 billion in penalty fees were issued by the IRS in 2013 due to errors on employee taxes. These cases can largely be traced back to insufficient payroll data, inaccurate timekeeping methods, and human error.

By investing in an automated time tracking software, companies can defend themselves from legal or tax claims by maintaining a reliable record of historical payroll and attendance data. Not only will this save you from costly legal fees and tax penalties, but it can also prevent disputes with disgruntled employees.

Promote Accountability

When employees know that their attendance is being tracked with a clock in and out software, they are more likely to arrive to work on time, take their breaks when allocated, and leave when their shift is over. Tracking software can help promote productivity for your business with the accountability needed to keep everyone right on schedule. To keep employees motivated and promote full attendance, some companies even use tracking software to reward those stellar workers who rarely miss a day of work or clock in late.

For companies who don’t want to get left behind, investing in an employee attendance software is a must. Not only will this technology save you company resources, and prevent unneeded expenses, but it will also promote the accountability needed for a productive workplace environment.

Offering a way to track attendance records for payroll calculations, investing in this type of technology will provide a huge ROI when tax season comes around—not to mention eliminate the stress of having to calculate attendance records by hand.

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