Keeping track of employee time is a necessity for any business, and many companies today still do things the old fashioned way with paper time sheets. Unfortunately, there are plenty of things that could go wrong with that kind of tracking system. If you find that you are having trouble getting an accurate accounting of your employees’ time, it might be time for you to switch to a paperless time clock system. Here are three benefits that employers will see from these products.
1:Realize Cost Savings
You might not have calculated all the costs of keeping your employee timesheets on paper files, but they can really add up over time. First you have the cost of the paper itself (not to mention that it is not very earth-friendly to have to print timesheets every pay period), then the cost to keep and store those files over time. As an employer you want to hold on to employee data for at least seven years to ensure you can find it if needed for taxes, audits, or even a lawsuit. Paperless time clock systems eliminate the need for the endless paper, storage, and manual calculations, which can save your company a lot of money over time.
Another reason that many employers have switched to paperless time clock systems is the improved efficiency of processing payroll. What used to take several hours, or perhaps even several days if you have a lot of employees, can be cut down significantly with an automated system. Paperless systems allow your employees to clock in and out with the information stored securely on your computer in a payroll system until the pay period.
Keeping your employee information safe and private is paramount to your business success. Timesheets and payroll documents often contain sensitive information, including things like social security numbers, and birthdates. If you have this information in paper format, you are responsible for keeping it secure and safe from someone discovering it.
Paperless time clocks can help employers improve efficiency, lower costs, and eliminate errors in processing payroll data.