Thursday, November 10, 2011

Types Of Time Clocks and Time and Attendance Software

In today’s complicated business environment, every owner is looking for a way to track employee hours and other payroll data in a fast and efficient way. Some firms use a time clock system, while others prefer a computerized logging application. Regardless, the system should be intuitive for all users, and should be easy to operate. The key thing to remember is that time clock software is supposed to reduce your processing time for the relevant data. If it does not do that, then the system is not effective. Make sure any system you purchase is able to handle hours worked, as well as accrued vacation time, days off, sick days, holidays, and bonus hours. There are dozens of reputable firms that sell various kinds of time clock software at all price levels. Carefully assess your own situation before committing to a specific brand of time clock software.

One reason for having time clock software is to prevent time theft by employees. Comprehensive, mechanized time and attendance software systems can eliminate almost all cases of time theft. Recent studies have pointed out that in the U.S. alone, each worker wastes five minutes of company time per day, on average. At first sight, that does not seem like a terribly significant number. However, for large firms, the time loss comes out to millions of dollars in expense per year.

A quality time clock software program is the best way to face the current national crisis of time theft. Even though much time theft is intentional, a proper system can prevent it. One way the automated systems deter theft is by cracking down on bogus overtime figures. Nearly every time clock software product can go a long way toward eradicating employee time theft. If for no other reason, every business should have some type of automated time clock method up and running. Otherwise, a firm risks losing several millions of dollars per year in earned revenue.

The time clock software rounds data in such a way as to preclude theft. It also sets specific limits on the amount of overtime that can be posted to any account. On top of that, the systems prevent buddy-punching, which is a major source of employee theft.

Finally, every worthwhile time clock program should have a simple interface, so that your company can easily exchange data with your payroll provider. By implementing an effective time clock software protocol, your company will be well on its way to accurate information management.

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