By Umar Bajwa
If you’re looking to improve your company’s bottom line, you’ve probably taken steps toward budgeting –and carefully watching every dollar that you pay out.
But there’s another way to improve profits –one that’s often overlooked. That is, improving your business’ efficiency and your team’s productivity.
It’s no secret that time is money, and managing your operations in a way that will save time, and improve output can make a big difference when it comes to improving your profits. Thankfully, there are a number of great tools available today that can help companies to operate as efficiently as possible –and ensure that their teams are working productively as well.
One such tool that can help you to maximize efficiency, and improve your company’s profits is a robust and up-to-date time management system. Just like budgeting can help you to manage outgoing expenses, time tracking software can assist you in tracking your workforce’s time –saving you from paying out for hours that weren’t worked. An automated time tracking system can also help to improve efficiency in number of different business processes –from simplifying payroll, to slashing the chances of mistakes and errors that can occur when calculating hours worked.
Let’s take a look at how an updated and automated management system can bring your company up to speed –maximizing your efficiency, and allowing you to ensure that your team is performing productively as well.
Ensures Workers Are Paid Only for Hours Worked
Let’s face it: as a manager or business owner –you’re busy. The last thing you need is another responsibility –like checking to ensure that each team member is at their stations, ready to work –on time, always. But card accuracy is important, especially when you consider that intentional and error-driven theft is estimated to be between 1.5 and 10 percent of gross payroll –something that costs U.S. businesses hundreds of billions of dollars every year. With management software, you don’t have to assume that your team is being honest. Instead, your employees can sign in via an app, allowing you to know exactly when they start, and finish –allowing you to ensure that you’re not paying out for h9urs that’s not worked –and, of course saving you from having to watch carefully to ensure that no discrepancies are taking place
Saves Time and Improves Accuracy
Time management software saves time and improves efficiency throughout a number of different sectors in your business. It simplifies attendance tracking as well as HR responsibilities –and also streamlines a number of tasks pertaining to payroll. Your payroll staff will be able to spend less time trying to decipher employee handwriting, adding up hours worked, and calculating time-off or overtime. Instead, many of these tasks can be automated thanks to time management software programs that are able to transfer your employees’ time card information to your bookkeeping software. This improves accuracy and reduced the margin of error.
Improves the Business Decision Making Process
It’s often been said that if you don’t measure it, you can’t improve it. If you aren’t able to quickly and accurately track your employees’ hours, then effective target-setting becomes almost impossible. Other key business decisions can also be delayed, or negatively impacted by a lack of easily accessible information. But with an accurate time management system, you’ll have access to all of the information about your team’s hours worked, allowing you to make accurate data-driven decisions, and improving your goal-setting strategy.
Allows Employee to Make Changes With Their Schedules
Employee management software also comes with modules that allow your team to make changes to their own schedules –quickly and efficiently, on their own. Instead of having to coordinate with their manager, they can check their schedule, see their hours, and make off-time requests quickly and easily.
Time management software isn’t just efficient –it’s cost efficient too. In most cases, investing in automated time management software is more than worth the costs involved. According to a survey by Axsium Group, companies save more than $1,600 per employee, on average, the following year after their workforce management implementation.
If you’re looking for ways to improve your company’s bottom line, don’t overlook the value of an up-to-date time management system. An automated tracking system is an excellent tool, and invaluable in more ways than one. Not only will it improve accountability and ensure accuracy –it can also maximize you and your team’s efficiency and productivity –and help your company to reduce expenses, and increase profitability.
Umar Bajwa is a Blogger and Digital Marketing Professional. He’s an expert in blogging outreach and guest posting. Enjoys writing about Business, Lifestyle, Technology and search engine marketing including SEO, SMM