Employee Time Tracking And It's Benefits

Employee Time Tracking And It's Benefits



Employee time tracking has been around for​ over a​ hundred years. it​ is​ said that the first time clock was invented in​ November of​ 1888 by Willard Bundy. Bundy’s brother then opened the Bundy Manufacturing Company, later to​ become IBM. While the idea of​ tracking the time and​ attendance of​ an​ employee remains virtually the same, the systems used to​ do it​ have vastly changed.

Since the 1990’s, computed based systems have become widely used to​ track an​ employee’s time. this​ can be done in​ many ways from using a​ magnetic card to​ scanning finger prints. While time tracking can be beneficial to​ any size or​ type of​ business, the benefits for​ a​ small to​ medium sized business are tremendous.

* Money Savings – it​ is​ estimated that up to​ 4% can be saved of​ annual payroll with a​ time and​ attendance system. With the hardships small businesses face these days, any monetary savings are a​ benefit. There are less data entry errors when payroll is​ calculated or​ attendance is​ recorded. The savings are increased when a​ biometric system is​ utilized. Biometric systems utilize one of​ more physical characteristics (such as​ finger prints) to​ identify an​ employee.

* Eliminates “buddy-punching” and​ tracks time off – Buddy punching is​ the practice of​ one employee clocking another employee in​ or​ out. this​ can cause hundreds to​ thousands of​ dollars in​ loss to​ a​ company. The systems can also capture and​ track sick time, vacation, holiday pay and​ conference time away from the office.

* Systems provide multiple reports – Reports can be compiled such as​ a​ wage report, timecard report, absence report, payroll summary, attendance report, employee list, early out report and​ overtime report. Automatic time clock downloads can also be scheduled and​ most systems can provide support to​ all payroll scheduling needs (weekly, bi-weekly, bi-monthly and​ monthly).

* Easy to​ install – The time and​ attendance software is​ easy to​ install as​ well as​ the time clocks themselves. Instructions are provided and​ most companies provide technical support for​ any additional questions or​ issues that arise. it​ is​ important to​ verify the system being purchased is​ compatible with any existing operating system.

While the benefits of​ these time clocks are more in​ the employers favor, they can also benefit the employees themselves. Employees can feel confident that these systems are providing accurate punches and​ that in​ turn, the employee will be paid properly.

When selecting the best time and​ attendance software for​ a​ company it​ is​ critical to​ read through the descriptions, benefits and​ features of​ the system. The ability to​ track this​ information​ is​ a​ highly cost-saving measure that every company should take advantage of. it​ also provides a​ more organized and​ comfortable atmosphere than the traditional time tracking methods can.




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