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When you are a small business owner or manager, it’s essential to continually look for ways to improve your operations and stay within your budget. One of those ways is by investing in the proper tools such as a time card app.
A time and attendance app will allow your workers to track how much time they spend on a particular job or working with a client. You can then use this data to understand exactly where your labor costs are going and make an informed decision about future labor projections.
Let’s take a closer look at how a time card app can help you stick with your budgets!
Stay Complaint With Labor Regulations
Labor law violations can eat up a significant portion of a company’s budget, especially if they still use outdated time tracking methods. Not only can labor violations result in financial repercussions, but they can also significantly impact employee morale and, in turn, negatively impact your profits even further.
One of the main parts of ensuring that you remain in labor law compliance is accurately tracking overtime. If left unchecked, overtime can quickly spiral out of control, so it’s essential to ensure that you have processes in place to manage it better.
With an online time card system, you can specify how overtime will be calculated based on your or the employee’s location. If you want to avoid overtime altogether, you can also get notified when an employee is nearing the overtime threshold and can either replace them or adjust your budget to cover the overtime hours.
As a bonus, most cloud-based time clock solutions provide you with self-audit tools, which are essential components of any labor law compliance strategy.
Prevent Unauthorized Clock Ins
Employee time theft occurs in every business and at all levels, whether intentional or not. While a few stolen minutes here and there may not seem like a big issue, it can add up quite quickly and eat into your labor budget if multiple employees steal time.
The average company loses between $1,400 and $6,000 per year for each employee due to wage theft. If you’re already struggling with your budget, time theft is necessary to get under control if you ever want to succeed.
With a time card app, you can specify precisely when, where, and how employees are permitted to track their time. If a worker attempts to clock in early to pad their hours or out late, the system will immediately notify management to take the appropriate action.
Avoid Over & Understaffing
Both over and understaffing can wreak havoc on your budgets. If you have too many workers scheduled, there may not be enough work to go around, resulting in employees being unproductive while on the clock.
If you have too few staff on the schedule, they can quickly get burnt out, which not only negatively impacts your business but your customers as well. Employees who frequently experience burnout are more likely to call out. As a result, management has to scramble to find a cover or be forced to bring in someone who will get overtime.
Using a timesheet management app gives you access to your historical time tracking data. It can provide you with insight into past demand changes, allowing you to forecast your staffing needs in the future better.
With an integrated scheduling and timekeeper app, you can also ensure that your employees get adequate rest between their shifts and come to work ready to take on any challenge.
It is clear to see the benefits of a time card app—it accurately tracks employee work hours and helps you adhere to your labor budget. You’ll see immediate benefits once you get this automated software, so what are you waiting for?