Time Tracking Software
The company has grown and you are looking at ways to get an accurate sense of your expenses. The top corporate expense is payroll, so looking at time tracking software is a great place to start.
But first, do you really need to put out hard earned dollars for a time tracking program? If you are endeavoring to computerize more of your business and streamline procedures, the answer is yes.
If you can track time more efficiently, you gain pragmatically in productivity as well as reduce bottom line financial numbers. You will have more control over payroll expenditures, ensure your company's conformity with state and federal laws, and increase employee productivity.
Studies have shown implementation of time tracking software can specifically
- Cut down on time sheet review by over 83%. The American Payroll Association documents individual timesheet review at six minutes. With a time tracking program in place you can reduce that review time to one minute.
- Increase conformity with state and federal employment laws and regulations including Family and Medical Leave Act, the Fair Labor Standards Act and SOP 98 which provides guidance on the capitalization of software created for internal company use.
- Prevent project overruns and more accurate client billing as time and, therefore, expense is monitored by managers and team.
- Tightens up employee attendance, where lunches can go long, and afternoons end early. The American Payroll Association claims this misuse of time can be more than four hours per week.
The right choice in time tracking software can pay for itself very quickly.
There are over a hundred time tracking software packages on the market. There are freeware packages as well. However, note that in this area, freeware could fall short of expectations, as there are usually report and billing omissions in the application.
