Growth is essential for any business but particularly for companies that are just starting out. There are many challenges and pitfalls that new companies can suffer from that can make growth more difficult. Managing costs, labor, and employees can make growth nearly impossible without the proper help and tools.
Online employee time clock software can help make growth possible by managing multiple parts of the business, boosting profits and productivity while cutting overall expenses. This will also help eliminate most of the potential blockers of growth that companies face when they are just starting out.
Manage Job Costing and Labor Costs
For businesses that operate on a per-job basis, labor costs are one of the most crucial components of the bottom line. Understanding what your labor costs are and how to cut them down to make more profits can help keep your jobs on track.
Online employee time clock software tracks employee hours and wages all at once automatically. Automatic job clock tracking makes it easier for businesses to calculate what they are spending on labor. The second benefit is that all the labor data is stored over time, and companies can use that data to modify future bids.
They can also use it to see where potential problems exist. This can be segments of a job that are taking too long, staffing shortages, or training issues that impact the way a job is completed. You can then make adjustments to cover for overages or long term.
Improve Efficiency and Productivity
Part of the thing that drains the profits from businesses that are trying to grow is that they have trouble setting up policies and procedures to get the most work done. One of the procedures that can be a significant drain on productivity and efficiency is the team time tracking process.
Many employees find manual time clocks to be tedious and take them away from doing their jobs. This also applies to clocking out for breaks as well. Online employee time clock software eliminates the need for manual time clocks and having employees leave their work to clock in and out.
The process is also much faster and more secure, allowing employees to clock in quickly or out and get back to the task at hand. A time savings of five minutes per employee per day can mean significant improvements in overall workflow and productivity that translate directly to higher profits and a healthier business.
Another benefit that comes from using an online timecard system is that it prevents time theft and, more importantly, labor law violations which can be devastating to a business that is still trying to grow. With unique clock-ins and reminders, employees are less likely to commit time theft and more likely to take their assigned breaks and time off.
More Accurate Payroll
One of the things that can hold back the growth of your business is having a payroll process that’s full of errors and takes forever to process payments. Manual employee job time tracking is time-consuming and produces a large number of mistakes. Employees fill out their timesheets, and then payroll has to process them manually. Errors are likely in each stage of the process, and every error costs money and time to fix, delaying payouts and causing problems.
Online employee time clock software calculates time sheets automatically and sends that data straight to payroll to be quickly processed. The potential for errors is virtually eliminated, meaning no extra costs and faster payouts. Using a time and attendance app makes the entire process cheaper, more efficient, and most importantly, gives employees confidence, making them more productive.