One of the most important outcomes time tracking brings with a guarantee is a transparent view of time metrics that feed business payroll systems (either it is an hours calculator, a time converter for payroll or the advanced payroll software).
How accurate and simple work time calculations businesses can produce will make a direct impact on cutting labor cost, overall payroll accuracy and, most importantly, employees' engagement.
Ultimately, these factors pave way to running business in 'money saving mode' and, consequently, achieving:
- payroll precision
- prevention of errors in payroll
- improvement of business efficiency
- business upscale.
Work, Calculate, and Pay vs. Track and Pay
Regardless of the scope and scale of business operations, companies need a solid payroll strategy. It implies keeping time records that can be converted into payroll data.
Lots of businesses still rely on traditional methods of time calculations and payroll processing. Free payroll hourly and timecard calculators ideal for providing general estimates can be found here and here.
And if you are in search for more payroll tips, we recommend a great read here.
While good old methods of calculation and conversion might work well for satisfying primary payroll needs, stepping beyond basics for capturing a bigger picture or igniting strategic thinking across all business management tiers can result in payroll mistakes and cause detrimental consequences for employees' engagement, or as CPA Practice Advisor proverbially put it:
If you want an unhappy employee on your hands, try messing up their check.
Apparently, lack of comprehensive solutions will lead to mismanagement leading to loss of time and resource misuse, especially in remote work.
Overall, now when the enforced global shift to online presence accelerated digital transformation of businesses worldwide, you can bend time tracking possibilities in your favor by considering the advanced options delivered with automatic time tracking software.
Why Automatic Means Saving
According to American Payroll Association, businesses that implement automated time tracking and accounting solutions report reducing on payroll costs by up to 80%. There is no doubt that much could be gained from a deeper exploration of time trackers functionality.
For one thing, automatic time trackers belong to 'plug and play' tools enabling users to sign up and start tracking worktime right after zero-time-consuming setup, which makes them an optimal digital choice in management across multiple industries.
Among time tracking choices available on the market, TMetric is the proven way to get a time tracking experience of value for an affordable price.
For Cutting Costs
Aside from the fact that work time-related data frees you from spending time on data entry stored automatically , it also contains a wealth of insights for building successful time management strategies and utilizing available resources with a higher profitability in mind.
How can it help you save money? Automatic time tracking helps make more task-focused decisions rather than spend energy on repetitive low-serving timekeeping routine.
On average, by evaluation from One Point HCM, HR teams spend up to 35% of their time on payroll and error correction. Time tracking enables them to process accurate payrolls quickly so that businesses can focus on attracting, engaging and retaining employees rather than calculating that, on a broader spectrum, contributes to building healthy company culture of accountability and transparency.
Embedding transparency throughout business operations helps avoid bogging down on admin tasks and calculations, and, strategically, makes an impact on increasing business and human resources productivity.
How can it help you save money? Many businesses worldwide have a negative experience of problematic payroll resulting in decrease of workplace efficiency that stems from errors in counting employment hours. Time tracking not only eliminates a problem of inaccuracy but ensures instant access to time-related data across any platform or device.
For Successful Integration
Work time tracking also offers seamless integration to your payroll system to provide visibility on detailed labor cost information. Implementing the integrated models lays foundation for consistency and unification as markers of the company efficiency.
Alongside ongoing updates, integration helps avoid HR and Accounting departments overload. With the function of automatically generated reports time tracking data can be retrieved in real-time and accelerate the business processes.
How can it help you save money? By partnering payroll and timekeeping, businesses unify efforts for optimal allocation of resources, and save money for increased efficiency of streamlined processes.
Payroll integrations make processing more flexible than ever. Moreover, it will let organize error-free process void of the paper time sheets while speeding up your payroll processing.
For Perfect Time Off Management
If you find your to-do list never completed, which postpones your time off planning, do not blame yourself. According to recent observations, the challenges we had to face can be processed as a positive experience in the long run:
...many people have found a way to still run their businesses, to socially interact with work colleagues, to structure their days and manage their workloads. Looking back and reflecting on the accomplishments this year should give us some confidence and belief in our own abilities to manage challenges.
How can it help you save money? Aside from the fact that paid time off tops a list of most sought-for benefits among employees, facilitating this process enhances employee engagement.
With seamless PTO planning employees feel less stressed and more productive. By utilizing capabilities of categorizing and estimating functions, they can address issues of work planning for better task management, creating unbroken workflow and and step into time off management without anxiety.
For Security And Better Compliance
Time tracking systems contribute to abiding to rules by giving managers permissions to monitor time allocation and utilization for avoiding schedule or overtime conflicts and bringing team efforts in accordance with national regulations and company guidelines.
Time tracker also assists in getting a better handle on compliance to security measures that employers have to take for protecting financially sensitive information.
How can it help you save money? By applying integrations of time tracking and accounting software, you enable employees to access a more secure way of data management. Given the fact that it supposes a higher level of protection and confidentiality, businesses can save considerable costs in case of regulation breaches or violation.
For Business Optimization
Tapestry of time tracking stretches along the wide spectrum of digital businesses. But there is one factor that unites them: it is the demand for improvement of business operations.
Optimization of work time tracking routine and benefits it brings across all the business departments prevents frustration of manual data entry data or regard for extra factors (time off, overtime, billable hours, etc.). Eliminating mundane tasks from the daily agenda amplifies meaningfulness of work, makes a positive impact on increase of employees' engagement and creates solid foundations for growth.
Employees at purpose-driven companies are four times more engaged at work.
How can it help you save money? Providing the means of business optimization, time tracking not only enables companies to be more efficient in meeting employee needs for transparency and due reward but drives businesses in direction of achieving higher productivity and saving money by labor cost reduction.
Technically🔍🕑, time tracking functionality covers the following areas:
- Collecting timekeeping data
- Automatically marking break times
- Allowing manual entering
- Setting pay rates for facilitating further calculations
- Factoring in overtime.
As a result💲💰💲, it lets avoid time spending on duplicate data entry or wasting resources on time lags and reduce timesheet errors by bringing automation across all business departments.
The Bottom Line
In pre-pandemic time, businesses could afford to skip on digital time management tools but with a global remote shift, they reimagine time management now, and including a time tracker in the digital set proves to be that very point that creates a balance of predictability and flexibility.
Digital automatic time tracking can ensure your business omnichannel. It means being functional offline and online and meet your employees' needs work, especially when it comes to management of remote work. Time tracking removes challenges associated with remote and distributed work by ensuring payroll accuracy.
Leveraging your business time accountability will help you take data driven decisions and provide crucial insights for increase of operational performance. It will help you cut costs and allow for more accurate payroll data to fuel your business success.
With an automatic time tracker, you can easily remove guessing from your work routine and start saving money on work time calculations by signing up right now.