The majority of American organizations are already riding the automated payroll wave. According to a survey conducted by the American Payroll Association, 65% of the organizations surveyed said they collected time and attendance using an automated system such as Mitrefinch TMS Time and Attendance Software, or were in the process of switching to an automated system.
Why are organizations so eager to leave manual time and attendance processes behind? Consider these 7 benefits of making the switch:
1. Significant Cost Savings
Time and attendance software saves money by putting an end to inaccurate time reporting, buddy punching, absenteeism, tardiness, time abuse, and overpayment. As a matter of fact, a study done by the Axsium Group found that large organizations save up to $1,600 per employee after implementing automated time and attendance software. How much many can your organization save?
2. Reduction of Errors and Improved Accuracy
Automated software ensures airtight time records, minimizing the inevitable and costly errors that can result when humans are manually managing data.
3. More Time
It takes time to manually process paper sheets and time cards, create schedules, authorize leave and overtime, and create payroll. Free up precious administration time and save money with an automated system that does it all for you, from keeping track of employee hours to automatically importing information into your payroll system.
4. Enforcement of Company Policies and Legal Compliance
It can take years to catch costly manual time and attendance errors, if they are caught at all. Inaccurate records can cost your organization lots of money in overtime payment, and can also violate FSLA laws, resulting in expensive legal defense and fines. Products such as the Mitrefinch TMS Time Attendance Software alert administration when clockings do not match planned schedule or seem to conflict with company policy.
5. Easy Management of Flexible Working Arrangements
In todays global business environment, there’s a good chance you have employees working in a wide variety of locations at the office, at home, at a remote location, or on the road. Time and attendance software allows organizations to easily track employee time using a variety of clocking options, such as Smartphones, Internet and networks, swiping technologies, and biometric terminal and desktop readers.
6. Hassle Free Schedule and Shift Management
Forget onerous manual schedules. With just a few clicks of a button you can develop and manage entire schedules, assign hours to specific tasks, specify which client, project, or department an employee is working on behalf of, and easily keep track of shift swaps. Time and attendance software will also allow you to simply and efficiently forecast workloads, resources, and budgets by department.
7. Quickly and efficiently create reports
Want a quick snapshot of all planned and unplanned absences for a particular employee, department, or group? With just a few clicks of the mouse, time and attendance software allows users to generate accurate reports on time worked, absences, as schedules, in addition to pay and contract information, events, training qualifications, and job and inventory details.