Purchasing time tracking software, also known as attendance tracking software is often not the first thing most business owners consider when thinking of ways to achieve revenue growth, and this is especially true with small business owners. According to a recent study, failing to accurately track time costs the average business a whopping $110,000 each year!
The truth is that we have allowed technology to make a huge transformation in the way we communicate, but we have completely ignored the power of automated punch clock software to help us run our businesses. We have instead opted to force our workers to recount their hours manually, and in most cases, days later.
In most cases, an unwillingness to switch to automated punch clock software is purely out of ignorance or unawareness, usually pertaining to usefulness, prevalence, and cost.
Below, we have 3 facts that will convince business owners and managers to upgrade their outdated time tracking systems:
- Use of automated attendance tracking software is not as common as it should be in spite of obvious financial returns and advantages – research shows that businesses that use time tracking software rarely use an accountant when preparing their payrolls. This means that businesses that are yet to upgrade their time and attendance systems are missing out on various ways that an updated system can save them money.
- Manual timesheets and traditional punch clocks are not always as accurate as time tracking software– most weekly timesheets filled out by employees in many businesses are usually “somewhat accurate”. Shifting from a weekly time tracking system to a daily one can recover up to a whopping $110,000 each year in billable time as we have already seen. And this is what time tracking software is all about.
- Using automated attendance tracking software is a common characteristic among the most successful businesses – studies have shown that the most successful businesses out there automate their time and attendance data. Most companies spend between 40 -50% of their operating cost on labor. In short, labor is the biggest single expense category for many small business owners. Handling employee time and attendance data accurately is important as it gives a clear picture on labor costs, leading to the overall success of a business.
What we have looked at are just a few positive facts about punch clock software, there are many other benefits of using such software. As long as a business is willing to invest in a quality system, it can expect to see the benefits within the first week of use.