There are many important elements to pay attention when running a small business such as inventory, cash flow, and supplies. However, there is another important element which you should determine carefully as well; time. It is important for you to determine your employee work hour. It is best not only to decide the time but also a timeclock system where your employees can clock in and out easily.
Time and attendance system for your small business
If you start your small business with no employees lined up or if your employees don’t work on hourly basis, it makes sense to put off time and attendance system. However, it is much better if you implement business model that has a form of hourly labor especially when your staffs grow. It may be the right time for you to consider finding time and attendance software solution.
A good timeclock for small business
There are many reasons why your small business needs a good timeclock especially when you expect your business to grow. The more your small business grows, the more people to contribute. Here are several reasons why a good timeclock benefits your small business:
Fair and accurate way to pay your employees
With timeclock, you will be able to ensure your employees are being paid fairly. With a good timeclock and attendance software, you can simplify tasks such as payroll or employee scheduling.
Reduce the risk of employee fraud and time theft
With a good timeclock and attendance system, you know exactly when your employees clock in and out. Hence, it reduce the chance of time theft. It is not uncommon for some employees to commit time theft by adding between fifteen to sixty minutes to their timesheets. Regardless of accidental or willful, time theft can cost your business thousands of dollars in wages while also losing productivity.
Track payroll
Your payroll needs to be tracked well so you know how to implement your paid time off or PTO policy well. With a good system and software, you will be able to create a good timeclock that allow automatic handling for calculations.
Manage attendance
With a good timeclock software, you will get notifications or alerts if there is any inconsistency to the attendance. Combining it with great attendance policies, it helps reduce the risk of employees taking advantages of instances such as leaving work early, showing up to work late, having a regular ‘sick’ days, etc.
Manage labor cost
A great timeclock and attendance software also allows you to know data in real-time. It means you know which positions are using up the most times, your overtime cost, as well as comparison of your business to the industry standard. Such information is valuable for your small business to run smoothly since it comes in handy to keep your labor cost stay reasonable.
Type of timeclock to choose
There are different timeclock you can opt for your small business from the simple manual punch clock to high-tech options. Choose the one that fits your small business the most.