Statistically, around 75% of the US-based businesses lose approximately $110 million each day due to time theft schemes. It, therefore, results about 40% of the employees stealing from their work have already experienced HR red flags.
Due to time theft, businesses lose about $50 billion each year and employee theft cost is also rising at the rate of 15% each year. Moreover, 75% of the companies have lost money from buddy punching, which is an important type of employee time theft.
Benefits of Time Tracking Software
Increasing Employee Productivity
On using this automated software, it facilitates calculating time spent on each of the project. It helps in effective managing the workloads while performing assigned tasks. It helps optimizing utilization of time and improving accountability of business.
Single Tasking for Clear Vision
This automated tool monitors the employees and prevent them from multitasking as productivity is highly hampered. On utilizing automated tool, it helps enabling employees in focusing on completing tasks at one time and allocating time as per the priorities.
Easy Monitoring of Employees
This automated software helps monitoring of employee activities. It helps identifying areas of improvement along with facilitating HR work for making better decisions. The HR team is assisted in terms of hiring, billing, and firing that is quite convenient to the businesses, irrespective of size and cost.
Easy Prioritizing of Work
On using this automated time tracking software, it helps in prioritizing time each day as per the business settings requirement. It helps improving productivity, with creating better workflows and ensuring prioritizing work as per business requirement.
Effective Billing
On tracking employee activities in completion of project, with attendance and absentees records, helps in easy and effective billing. A good connection between time tracking and high company profits is connected and it helps in easy billing and tracking of activities. It also helps in accurate tracking of bills and also helps improves efficiency of billing activities.
Streamlining of Payroll
On using this automated tool, it helps in streamlining business in an accurate and reliable way. It helps tracking employee activities and their time spending on the work allocated to them as per company priorities.
Calculating Employee Compensation
This automated tool helps your HR team in easy tracking of data along with calculating employee compensation and performing business operations. It helps performing business operations to stay compliance with the legal norms and that helps in raised productivity. It also helps determining whether the department is overworked or underutilized.
Estimating Hourly Rates
This automated tool allows businesses in calculating the hourly rates of employees with precision. It also helps in avoiding delays in productivity and also helps in saving money in the long-run.
Optimizing Project Cost
On using this software, it helps in cost optimization regarding completion of project. It helps in analyzing team activities in an effective way for creating value.
Tracking Progress of Projects
This time tracking tool provides is an automated system that is used to measure performance of employees with evaluating progress of projects on real-time basis. It helps in calculating cost as well as forecasting outcomes of business.
Better Management of Team
On utilizing time tracking software, it helps contributing to improvement of team communication and that helps gaining valuable insights into task as well as team management. On using time tracking tool, it automates easy scheduling of project-related activities and also helps avoiding distractions.
Importance of having Payroll Software to Your Company
The payroll tool helps your business in saving time by automating entire process and tracking employee hours and other important information. It allows your efforts in growing your business and that helps in maintaining control over the paychecks of your employees.
Along with this, on using automated payroll tool, it helps cutting down costs by streamlining payroll process with eliminating errors. It helps saving money with avoiding costly errors like miscalculating taxes and overpaying the employees.
On using payroll tool, it helps in efficient tracking of the employee activities. So, this automated tool helps in real-time tracking of employee activities for automatically sending out tax forms and generating repots. This software is related to employment status of employees within the organization.
This automated software helps in automatically calculating and recalculating payroll of the employees. It also helps in real-time calculation of attendance, leaves, holidays and absentees with minimalizing error occurrences and reducing payday blues.
It is important to automate synchronizing of data, which is quite impossible to do using manual way of calculating employee payroll. But, on using this automated payroll system, it helps in automating employee data and updating records as well.
Along with this, on using payroll software system, it helps reducing employee turnover rate with easy tracking of your employee schedules. It helps identification of issues and easy calculating of payroll of the employees. Even more, the employees also can monitor their pay slips with easy declaration of investments as well.
Conclusion
With time tracking automated tool, it facilitates tracking hours and expenses of the employees. It, therefore, helps increasing productivity of the employees with monitoring your team performance. Moreover, it also helps in easy tracking of time on real-time basis that helps in time thefts and also complete utilization of time.
On having automated payroll tool, it helps your companies in saving money, time and improvement of customer services. It is easy to use, and helps avoidance of errors with ensuring compliance with state and central regulations of the companies.
