Four Things That Happen When You Do Not Use Time Tracking Software

Running a business effectively in today’s competitive environment means that you must manage your expenses in the most advantageous way possible. Spending money on marketing, for example, could drive sales. When it comes to managing timesheet tracking for your employees, you may think that your employees could just as easily write down the times when they arrive and leave as they could use a software program for this seemingly basic function. However, if you do not invest in a timesheet tracking software program, you may reasonably expect some of these money-saving consequences. 

1. Your Employees Could Fudge Their Hours

Hourly employees understandably want to maximize their income as much as possible. Some may simply round out their hours slightly to get a few extra dollars on each paycheck, but others may fudge their hours by substantial amounts. In some cases, employees may ask co-workers to clock them in or out to get even more money on paychecks. The right software program can eliminate this unfortunate and wasteful expense

2. You May Pay Overtime Needlessly

Overtime pay can cost your company a small fortune, and it may not always be necessary. When you balance hours across all workers more effectively, you can cover shifts without paying overtime. Some software programs let you view weekly totals for each employee, and some may even alert you when employees have worked more than a specified number of hours. This lets you make smart management decisions that can save your company money.

3. Payroll Takes Longer to Process

Manually filling out timesheets means that your employees must spend time adding up their total hours worked. It also requires your management or accounting team to doublecheck the math. This process wastes time, which costs your company money in the long run. Software programs could facilitate the process with time-saving benefits. 

4. Calculation Errors Could Be Made

Because manual timesheets require multiple people to crunch numbers, there is always a chance that human errors could be made. Even basic math can be confusing at times. Some calculation errors may be intentional, but many may be unintentional. Both can be expensive and could be eliminated if you invest in the right time tracking software program.

While timesheet software programs may seem like a frivolous and unnecessary expense, you can see now that there are legitimate financial benefits that your company can enjoy when you invest in the right program. Because there are many software programs that can be used for this purpose, spend time assessing your company's specific needs. By taking this step, you can quickly identify the programs that are most suitable for your needs, and you can eliminate options that are too expensive for your budget.