Money is essential no matter what type of business you’re running. Even for the largest corporations, the bottom line matters. Using all the tools at your disposal is crucial to save as much money as possible and still be highly productive. One of those critical tools is a time card app. Fully utilizing a timekeeper app and its features has a ton of potential to save your business money.
If you’re still using an old punch clock or manually tracking time, now is the perfect time to make the switch. Let’s take a look at some of the money-saving benefits that come from using a modern time card app.
Payroll can be expensive to manage if you’re still manually calculating hours and pay rates. It takes a lot of time and personnel to track employees and make payments accordingly manually. There is also the potential for errors that not only create confusion and issues within the workforce but take time and resources to correct once they are identified.
An online timecard system can automatically track employee hours down to the minute. This ensures an accurate count for every employee, every time. The app can also calculate estimated pay and send that data directly to payroll for processing through app integrations.
Transferring time directly to a payroll provider will eliminate manual entry errors and cut down on the amount of time and staff needed to process payroll. This means businesses can save money on staffing, processing, and paying employees.
It’s hard to do business if you’re understaffed. You’re also likely losing money on employees that are frequently absent. Online time clock software can track employees in real-time, and this includes keeping track of when they don’t punch in for a scheduled shift. Notifications can be sent to managers when an employee is absent so that they can make adjustments to staffing.
If the absentee rate is too high, it may mean there is a problem that needs to be addressed, such as poor hiring practices. If it is an individual employee, then the issue is usually easily managed by either finding a solution or terminating the employee.
Employee attendance is crucial to maintain productivity levels. An understaffed business is essentially wasting money if it cannot perform up to demand.
For businesses that rely on job costing or that have to account for their labor budget, tracking their labor costs accurately is a crucial element to saving money and ultimately being successful. A time card app has several features that help track labor costs better and make more accurate labor predictions for future jobs.
The real-time tracking features can be used to see how long a specific part of a job is taking and how much labor is costing. This also means you can make real-time adjustments and add or remove staff if something isn’t working. It may be a staffing issue, but there is also the potential that labor time and the cost were simply underestimated for a particular job.
The data collected through the time and attendance app can then be used on future jobs to predict completion times better. Having quick access to this data improves job costing and ultimately saves money by more accurately setting labor costs.
Being able to faster and more accurately bill clients means that your business gets paid faster and has to spend less time and expense waiting on invoices to be sent out and payments to process. Employee timesheet software can automate the process so that there is no need to pay extra staff and wait long periods for billing to go through.
This not only saves businesses money but also allows them to make money more quickly. Faster profits mean more control over finances and overall financial health.
While there are fees associated with implementing a time card app, such as a monthly or annual subscription, the cost-saving benefits you’ll reap will far outweigh them. You’ll end up saving on one of your most significant business expenses, your labor costs, which means that you can redirect those funds to other essential business operations.