If you don’t currently use an online time clock in your business, chances are that you are losing money and time because you do not have accurate insights into where your employees are spending their time. You will also not be able to determine which projects are consuming more time versus less.
These issues can quickly be resolved by using online time clock software. There are tons of benefits you can gain by investing in such a solution. By using a time and attendance app, you make the time tracking process much easier and more accessible for all of your employees.
Project Cost Tracking
Cost tracking is essential in today’s modern workplace. It allows you to determine how to budget for current and future projects and also helps you see if employees are on task or if additional workers need to be assigned to a specific project.
With an online time clock, you can create and assign job or project codes to employees, which they can punch in and out of so you can get the total amount of time worked under each code. When the time comes to review your budget, you can quickly run a report on a specific project to gain insight into how much it’s costing your business and the speed at which the project is being completed.
Billable Versus Non-Billable Hours
Billable hours are what drives a business. The revenue gained flows into your business and keeps everything running as smoothly as possible. On the other hand, non-billable hours are what would be considered your expenses.
Ensuring that you have a good ratio of billable to non-billable hours is crucial for every business. This ratio can vary from industry to industry, but it should be a critical metric that management keeps an eye on.
It would help if you always looked for creative ways to reduce your non-billable hours and increase your billable hours. With an online time clock, you can ensure that your workers are capturing the correct amount of billable hours. In turn, you can guarantee that your business is being paid for the work completed.
Accountability
Employee accountability is becoming more and more important in the modern workplace. If your employees aren’t being held accountable for the work done while on the clock, then you are likely losing money in areas you wouldn’t even expect.
By using a cloud based time clock, you can monitor employee performance as well as task progression. If you find that an employee is working on one particular task for too long, you can reach out to them to figure out what is going on. It could be that the worker doesn’t have the necessary tools to complete the project or that they aren’t the person for the job.
You can use the information gained to make better operational decisions moving forward and, in turn, increase your potential for profits.
Manual Versus Automatic Time Tracking
Most time clock solutions allow employees to either enter time automatically or manually. If you decide to let your employees manually enter their times, it is essential to remind them that these times need to be accurate and not guesstimate of time worked.
It is preferable that employees add time automatically as soon as they enter the workplace or leave at the end of the day. This way, you can guarantee that employee’s work hours are correct, so they are being paid accurately and that you are not overpaying when it comes to labor costs.
Reporting
A modern online timecard system will come equipped with robust reporting options so that you can analyze time spent on projects or tasks. Being able to filter by customer or job allows you to quickly determine where your money is being spent or how to bill a client.
Using reports allows you to decide how to spend your budget better. It also gives you insight into how to staff for certain times of the year. For example, if you find that you have an influx of work around the holidays, then you may need to add more staff to the schedule or hire part-time workers.
In short, an online time clock allows you to reduce your labor costs and increase the potential for profits by providing you with accurate attendance and work hour information. No more having to worry about tracking employee’s down to gather their hours before payroll. A time clock solution will do all of the heavy lifting for you.
