July 7, 2021

Irrespective of the field, every business out there wants to increase its bottom line, save costs, and boost productivity. And if there’s one thing that makes your team efficient and tasks easier – it’s technology.

In this post, we’re going to talk about employee time clock systems and how it helps you save money. With Lathem’s online time clock software, you can cut your payroll calculation and preparation time in half.

Problems With Conventional Payroll Processing Methods

There is a high probability of error in processing payroll using traditional timesheets. And when an error does occur, it takes a lot of time to rectify it – especially if it’s a huge error. Not to mention the fact that traditional payroll preparation techniques leave room for compliance issues, unauthorized overtime, and employee time theft. Using employee time clocks with online time and attendance software, you can minimize or eliminate such mistakes.

 

 

Benefits of Time Clock Software

The problem with conventional timesheets is that they aren’t tamperproof. That gives some dishonest workers leverage to exploit the situation. However, with the help of simple time clock software, you can restrict access easily.

Let’s have a glance at the primary benefits of time clock software:

Improving Accuracy

According to the American Payroll Association (APA), manual payroll calculation leads to 1-8% of clerical errors of your total payroll. This is not an insignificant figure. About 50% of your business’s budget is incurred in payroll. 

That gives you some perspective on how seemingly small errors can cause huge losses. And the fact that such payroll errors can be corrected using simple time clock software gives your business a breath of relief. 

Saving Administration Costs

The day when salaries are credited to employees is their happiest time of the month. But not so much for the people who are making it possible. Payroll has traditionally been too complicated and time-consuming for anyone’s liking.

Auditing the sick days, hours worked, bonuses and time off is extremely time-intensive. If you want to simplify payroll by automating certain administrative functions, time clock software is your answer. 

Bringing More Transparency

Some studies suggest that overpayments are a major cause of worry in payroll. Most of it is never recovered. To bring transparency and accountability in terms of working hours, investing in employee time clock software is crucial. 

That will eliminate any chances of overestimating the number of hours worked. Not to mention the fact that it will encourage employees to be punctual. When you have accurate work hours for every employee, you can easily manage labor costs.

To Sum Up

When your savings gradually add up, your bottom line will experience the benefits. Make a smart choice and switch to Lathem’s time clock software.

Our time clock software can integrate with payroll applications such as Paychex, ADP, and QuickBooks. 

Work with us today!