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We’ve all heard the idiom “time is money.” It might conjure up images of an ‘80s-era power broker in a suit with padded shoulders, jabbering on a dictionary-sized cell phone while also shouting directions at a stressed personal assistant, but as corny as the phrase is, it’s actually true. And as any business owner knows, it is especially true when it comes to time reporting.
The Aberdeen Group surveyed 333 organizations* and found that a time and attendance system can facilitate increased accuracy of data, increased revenue and decreased labor costs.
Check out these numbers: of companies using a time reporting system, 60% saw increased revenue per employee, 59% decreased overtime as a percentage of total labor costs, and 47% decreased their labor costs as a percentage of sales. Most interestingly, 88% of companies surveyed had partially or fully automated the time and attendance data collection process, and 81% had standardized processes for collecting time and attendance data.
These eye-popping figures make it pretty clear that it’s important to enforce accurate timecard reporting and to find a way to automate the process. Below are five suggestions on what to look for in a time reporting system.
Save a tree
Eliminate paper and manual spreadsheet-based solutions. A digital solution is more efficient and less prone to error. It also allows managers to log in from anywhere and review timesheets, even if they are out of the office.
Keep it simple
Entering time should not require an excessive amount of brainpower. Make sure whatever you use is easy to understand for all employees. One brief training session should be all your employees need to get acquainted with your timekeeping solution.
Make it easy on yourself, too
Find a solution that makes admin and reporting easy on your end. Your system should be intuitive and help streamline admin operations and reporting, not make more work.
Don’t forget about compliance
Your solution should make it easy to comply with the Fair Labor Standards Act. A common cause of noncompliance is inadequate or inaccurate record keeping. You can help avoid this by making sure overtime is readily viewable in timesheets and reports, that digital records are backed up, and that timesheets are easily accessible and auditable at any time.
Don’t hesitate to integrate
The Aberdeen report found that about 70% of survey respondents integrated time and attendance data with their web scheduling solution, and nearly the same percentage integrated time and attendance with payroll systems. Integrating can help reduce payroll errors as well as add a way to analyze employee data to track productivity and efficiency.
Check out how using a telematics solution can help keep track of hours worked and make reporting a snap!