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businesses calculate payroll by hand, which can take hours each week. The only task that takes more time than recording hours worked is calculating everyone’s payroll each week or month. Other benefits include less time spent inputting vacation hours and increased time card accuracy.Ģ. At the Pocahontas Aluminum Company, what used to be a 15-minute wait to clock in (and out) has been cut by 80% due to the implementation of an RFID system. Similarly, the Biometric Time & Attendance system can track arrivals, departures, breaks, and meals with just the press of a finger. For example, Wasp Barcode’s RFID Time Clock allows workers with a unique ID badge to simply pass near an RF reader to clock in or out. And only those who fill out their time sheets multiple times a day can say with confidence that their time sheet is somewhat or very accurate.Ĭompanies can save up to 4% of annual payroll expenses with an automated time and attendance system, according to the American Payroll Association.
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Between “buddy punching,” salary over-payments, and human error, there are too many ways employees and companies can lose track of recorded time. Paper-based time cards and even outdated swipe card systems leave too much room for mistakes – like system errors (when swipe cards are forgotten or paper time sheets are illegible) or even dishonesty. As highlighted by the AffinityLive report, while the way individuals work has been revolutionized, the way those work hours are recorded has lagged behind. Here are five areas your company will see reductions:ġ. Moving to an automated time tracking system can improve your bottom-line. economy loses $7.4 billion a day in productivity due to inefficiencies.
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According to a recent article in the Harvard Business Review, a study by AffinityLive concluded that the U.S. The switching costs that come with a new system pale in comparison to the money lost using outdated and inefficient time tracking methods. The time and attendance systems already in place at small businesses can lead to inertia - an unwillingness to switch to a more efficient and cost-effective system despite obvious financial advantages.
TIME ATTENDANCE SYSTEMS SOFTWARE
For small businesses, investment in time and attendance software often takes a backseat to improving customer retention or finding new customer acquisition methods.