From real-time visibility to being more compliant – how can a mobile time tracking solution boost your bottom line?
Time is a frenemy. When it comes to employees and their timesheets, there is, perhaps, no better example of a love-hate relationship. Employees may perceive the need to track when they arrive at work, when they take breaks and when they leave as Big Brother management. Yet, accurate timesheets can transform into beautiful payslips once payroll is run.
As any employer knows, time tracking is not the sexiest aspect of running your own business. But it is a critical management cornerstone that gives you real-time visibility into your workforce and their productivity. And that visibility is crucial for accurate billing cash flow and revenue management, which, in turn, will pay your employees.
But in case you need more convincing, here are five reasons the right employee time tracking solution can ensure timely payroll and spot-on billing for the next cycle.
1. Automate! Automate! Automate!
If you’re already using an accounting and payroll software for your business but you don’t have a solution for employee time tracking, it’s time to bridge that gap (even the MBIE agrees!). Web-based timesheet software not only integrates and compliments your existing business suite, but it is available on smart devices employees are already using daily, so there is no downtime to get things up and running. Put the ownership on employees to ensure they get paid on time and receive what they’re owed.
2. Show them what they’re missing
Employees are not the only ones who lose when they don’t clock in and out or submit their timesheets on time. It also directly affects their employer and revenue, due to the delay or loss of billable hours. It’s a common excuse for salaried employees to dismiss the importance of time tracking and timesheets because their pay is not affected. As a result, employers lose visibility and could be charging less than they should.
3. Fewer errors, fewer penalties
People pay attention when something is the law because there are consequences. Labour laws state any changes made to the timesheet or log of hours worked must be agreed upon by both the employer or manager and the employee. Employers and employees both risk being penalised if they do otherwise. Did you know that 84% of the civil proceedings by the Fair Work Ombudsman in 2016-2017 stemmed from unpaid and inaccurate wages?
4. GPS tracking and time stamping
You’d be surprised what employees actually think about GPS tracking in the workplace. Most employees who have used GPS tracking found that it helped with better mileage and expense tracking, as well as accountability, safety and — wait for it — payroll accuracy.
A typical feature in automated time tracking solutions, the location-based time stamping also provides an audit trail to support record-keeping, accountability and added safety for employees during working hours. If you have a mobile workforce, this is one add-on you should not be without.
5. Utilise your resources elsewhere
- Shave three hours off payroll processes
- Save 6% on payroll costs
- Bill up to 11% more just by charging for every second worked
The time and money can instead be spent on networking, studying market trends and developing new business plans. Better yet, use that newfound time to be with loved ones, pick up a new hobby or skill for yourself. Whatever you choose to do, there’s no better time to start than now.
Disclaimer: The views and opinions expressed in this article are those of the author, and do not reflect the official policy or position of Debtor Daddy. The content of this article does not replace or alter existing employment or labour laws and is meant for reference only.