Doing a comparison between the punch clock system and the modern time tracking software seems almost unfair. The range of benefits and applications which are offered by time tracking software far outweighs the meager offerings of a punch clock system. Look at the comparative analysis below to see the differences.
Advantages of the Punch Clock System
- The cards used by a punch clock system are more durable than other forms of computer media. While computer media may become spontaneously corrupted or the information from them may become wiped off by a magnetic field.
- The cost of the initial installation of a punch clock system may also cheaper in total than the initial cost of the setup of a more modern time tracking system.
Disadvantages of the Punch Clock System
- With the punch clock system, it is all too easy to for employees to log their work times under false pretenses. This is because the punch clock system requires the use of a physical time card, which is swiped into the slot. Any worker can swipe it on the behalf of another, even though they may not even be at work. This results in financial losses for a company when funds are paid out for the time which was not actually worked.
- The process of time logging via a punch clock system is a very time consuming process. In large businesses, there is usually a wait time when there is a line of employees waiting to clock in. This results in a lag time between when you actually get to work and when you actually get to begin. Also, when the human resource department has to process the times of employees to generate salary payments, it is a pain staking and time-consuming process, which is also tedious. It results in lower efficiency levels in that department around pay time because of the volume of data which needs to be processed, and it often results in overtime being paid to complete this task.
- Due to the painstaking nature of logging this information, it is quite easy and common for errors to be made while data is being placed onto the database used to generate payments. This results in inaccurate payments, whether over or under the actual figure, resulting in losses and also wastage of company time, as the errors will need to be corrected.
- The punch clock system is very inefficient limited in that it does not give an accurate representation in terms of which employees are actually at work, because of buddy punching and the only information you are able to gather from it is hours worked, which is a singular function.
- The cost of paper for use at the punch site is an on-going expense and does not meet the requirements for an environmentally friendly system.
Advantages of Time Tracking Software
- The software offers a variety of options for employees to clock in, none of which include paper. The options include mobile clocking, biometric and proximity terminals, landline clocking in, and web enabled clocking solutions which allow even staff members who are away from the physical location and are performing work functions remotely, to also clock their time and confirm their attendance.
- The time tracking system offers more than just time tracking but also produces useful information in various forms, which are geared toward improving the efficiency and profitability of the business. This data can easily be accessed by the touch of a button, and even presents some information in table format, which can easily be incorporated into presentations and other reports. This is made possible because of the interface which can be easily integrated into the existing systems already in use.
- These modern time tracking software’s are compatible with most existing payroll systems and makes the generation of payments easy and accurate, as it eliminates the painstaking process, and eliminates human error.
- The time tracking software greatly increases the efficiency of any business operation, as it allows for scheduling tasks according to demand and allows for staff to be distributed where they are really needed.
- The time tracking system also allows for tabs to be kept on overtime work, to keep these costs at a minimum and save money. As a result, there will be an increase in overall productivity and the accompanying savings to the company.
- The interface is very user friendly so the time taken for employees to become familiar with the system is negligible. There are no high costs associated with training to implement the system.
- The system is highly customizable according to the needs of your company, resulting in significant savings over time and for future operations.
Disadvantages of the Time Tracking Software
- The time tracking software is costlier to install when compared with the punch clock system. The initial installation will require the services of a software expert and additional units for some of the clocking options may need to be purchased, which will add to the cost.
- Updates may become available over time which will attract an additional cost however these are not as frequent as paper demands. In light of the foregoing, it is more than apparent that the benefits of a modern time tracking software system far outweigh those of a punch clock system and also in terms of cost. The range of applications are second to none and the benefits for a business are such that efficiency and productivity will always be the focus.