Employee time tracking is a great way to increase employee output, improve their performance, and boost profitability as a whole. But if you are still using paper-based timesheets and outdated time clocks to track your time and attendance, there is no way you are going to achieve this. For starters, manual timesheets and traditional time clocks are extremely vulnerable to all manners of fraud. Of all disadvantages associated with outdated time tracking methods, vulnerability to fraud is definitely the most damaging one. Fraudulent manipulations alone have caused businesses in the U.S. to lose billions of dollars already.
Consider this – Employee A arrives at work 30 minutes late and leaves 30 minutes early 3 days in a row, but when it comes to completing his timesheet, he fails to record his actual hours and chooses to fraudulently claim that he arrived on time and only left when his shift ended.Consider this too – Employee B spends 3 hours on a particular task but ends up claiming that he actually spent 5 hours, not 3, on the said task. As an employer, you will have no other choice but to pay such employees for hours they have not worked for simply because there is no way to identify a fraudulently filled paper timesheet or a genuine one.
When it comes to outdated time clock and punch clocks, consider this – employee C is running late and so he calls his friend and colleague employee D, and asks him to clock in on his behalf.This practice is known as buddy punching and when employees know that they can always get away with it, it becomes a trend that sees businesses lose thousands of dollars, or more, every year.
If you are still using a paper-based monthly timesheet system or a manual time clock to manage your employees, you could be losing revenue through employee time theft, accounting errors, and many other areas.
Buddy punching, especially,is threat that is making most business owners and managers to seriously consider abandoning their paper-based time sheets in favor of web-based or automatic timesheets.To learn more about web-based employee time-sheets and their most useful benefits, keep reading. http://zipclock.com/blog/online-monthly-time-sheet-most-valuable-benefits/