Using a time clock app to manage your employee’s hours can be a boon to businesses of all types and sizes. Compared to outdated methods, an employee time clock app is a modern solution that gives your company significant advantages. Here are five reasons why.
1. Prevent Time Theft
Time theft, whether inadvertent or otherwise, is something that businesses, unfortunately, have to deal with very often. According to the American Payroll Association (APA), a full 75% of businesses in the United States are affected by time theft every year.
This loss in productivity results in businesses losing an estimated $400 billion per year. One example of one of the most common methods of time theft (or time fraud) is buddy punching.
Put simply, buddy punching is when an employee clocks in (or out) one of their coworkers. This can clearly present many issues. For instance, if you operate a large warehouse, it can be very difficult to manage what could be several hundred individuals.
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All it would take is one employee clocking in their “buddy” on a day they stayed home to cost your company significant amounts of money and productivity. A 2015 report estimates that 43% of hourly workers in the United States commit time theft by exaggerating how much they work in a given shift.
By committing time theft, employees are forcing their employers to pay them for work that they didn’t do. Compared to a manual time clock, using a modern time tracking solution like TripLog is a great way to prevent time theft.
2. Save Time…
There are many different methods of time tracking and they all have their advantages and disadvantages. The strongest all-around available today, given the advent of modern technology, is using a robust employee time clock app.
Other methods, like tracking your time with a pen and paper or a spreadsheet, can be time-consuming and inaccurate. TripLog’s time tracking solutions make it easy to see who’s working where. You can track progress at a glance and see where your team has allocated time, allowing you to discover inefficiencies.
3. …and Money!
Keeping your company operating as efficiently as possible is paramount to staying in business. Payroll errors that can come from inaccurate reporting, no matter how small, can add up.
According to the American Payroll Association, “automation reduces payroll processing costs by as much as 80%, much of that from reducing errors in invoices and paychecks”. With TripLog Time, you get the market’s best tool for tracking and approving employee timesheets.
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You can also easily see each project and job’s budget and rate to help estimate costs and manage bills and invoices, allowing you to track profits, costs, and more, by cutting out ambiguity.
4. Increase Employee Productivity and Morale
With an advanced, automated, and full-featured time tracking solution, employees can rest assured that they are getting paid for all of their work, every time. In addition, your hardest-working team members can be assured that none of their co-workers are committing time theft or taking unfair advantage of breaks.
In addition, by cutting out time-wasting paper timesheets, you can save your accounting and HR departments time, money, and labor as well.
5. Regulatory Compliance
In the United States, the Fair Labor Standards Act (FLSA) is a federal regulation that requires employers to keep employee time and pay records.
Thus, it’s important that businesses use an easy-to-use and accurate method of time tracking to ensure that these requirements are met. Other government bodies such as the CRA and HMRC in Canada and the United Kingdom, respectively, also typically have similar requirements.
Avoiding audits by having accurate employee time-keeping data is important. The inaccuracies that come from spreadsheets or pen-and-paper methods can be easily avoided by using an employee time clock app.
Try TripLog Time Today!
TripLog Time is the market’s best tool for managing your employee’s time clocks. Backed by precise GPS data, easily see who’s working where, manage daily routes, and dispatch with ease.
Related: Why Small Businesses Should Track Their Mileage
In addition to time tracking, TripLog also offers company mileage tracking and mileage reimbursement solutions. Try out our mileage reimbursement savings calculator to see how much your company can save each year!
Managers can also easily review and approve expense reports from TripLog’s intuitive dashboard. Get started by downloading the TripLog mileage tracker app on iOS or Android, or schedule a complimentary live web demo today.