Most American firms are already way ahead in the automated payroll technology and integration.
According to the American Payroll Association, 65% of all firms state that they collected the time and attendance information through an automated system such as our time and attendance software.
Automation provides them with the benefits of saving a lot in costs, minimizing errors and mistakes, improving accuracy, eliminating the waste of time otherwise spent on manually calculating time cards and paper sheets, enforcing company policy, and facilitating management in working out shifts that are suitable to each employee. Such software helps with legal compliance too.
A hassle free shift management and creation of shifts is a reality now as the quick and efficient method of time and attendance software allows management to create reports in a time bound schedule. A small business survey found that 20% of small firms are interested in investing in tools to enhance productivity of employees.
The retail and service industry is not so far behind as pointed out by the research carried out by the Kessler International, which remarked that more than 80% employees admitted that they have, at one point or another, inadvertently committed time theft. Time and attendance software technology is a revolutionary way to improve their time and attendance tracking system.
It will also avail organizations of the opportunity to get rid of “buddy punching”, sheets, paper or punch cars or attendance sheets, all of which combined lead to thousands of dollars in wastage each year.
By switching to an automated system, organizations can benefit from the following perks.
Save Time on Payrolls
HR staff spends too much time recording and processing the payroll of employees in the organization.
Most organizations that switched to automated time and attendance software, recorded a 70% increase in efficiency calculating their payroll each month. This will help the employees focus on their respective jobs and duties rather than worrying about recording correct attendance and timing.
Get Rid Of Buddy Punching
Most organizations suffer from buddy punching, which is when a friend records the attendance of an employee when an employee is taking more lunch time than the allotted hour or when they reach late to work. According to the American Payroll Association, 70% of organizations lose millions of dollars from “buddy punching” and time theft can cost them dearly. To eliminate any chance of time theft, an automated time and attendance software is ideal.
Save Time and Other Resources
Sorting through huge amounts of attendance and time punching information and then creating and processing all of it for payroll is a time consuming task. Moreover, management is required to restock the stationary and paper to maintain a manual attendance system. All of this becomes redundant with an automated system.
Most employees are unable to comprehend how much free time they have left or holidays they can accrue in a year, due to which they contact HR. With an automated system, they will be able to see how much time they are productively utilizing at work, which can help them identify which project or tasks took how much time or how they can improve upon their inefficiencies.