According to Bankrate, on average, small business owners spend $40,000 in their first full year, and the average cost of adding a new employee to your payroll usually ranges from $4,000 to $20,000 (excluding salary and benefits). As you can see, the costs of running a business add up, and they can severely impact the survivability of your company.
For this reason, you should look into business cost reduction and cost-saving ideas, and this is possible through productivity tools like TimeTrak®. At our core, we provide time and attendance tracking, but our software does so much more than that.
Read on to see how your company can save money by using our cost management software.
Reduce Payroll Errors and Overpayments
Payroll errors can be costly for your business, and they can cause your employees to lose faith in you too. As a result, they may leave the company, which will incur further future costs (such as job advertising, interviewing, etc.).
However, you can reduce these errors by using payroll integrations with tools such as:
- ADP
- Paychex
- QuickBooks
- Gusto
- Sage
This ensures that hours flow automatically into payroll systems, which cuts out manual data entry errors and prevents overpayments. In addition, automated overtime calculation and paid holiday recognition eliminate costly surprises.
Not to mention, graphical timecards, real-time dashboards, and alerts for missing punches can help catch discrepancies early. By fixing these errors before they affect payroll, you’ll have fewer surprises.
Boost Productivity and Accountability
Our real-time dashboard includes the IN/OUT board and recent punch trackers, which give managers immediate visibility into employee status. This gives them peace of mind and allows them to focus on more demanding tasks.
And when employees know that their hours are logged accurately, accountability increases. You’ll enjoy reduced inefficiencies and less time theft.
Plus, with this type of employee time tracking, there’s no need for guesswork and frequent check-ins. You’ll benefit from streamlined operations, as there will be improved focus and lower supervisory overhead.
Avoid Unnecessary Overtime
According to USAGov, employers must pay overtime if someone is a covered nonexempt employee who works more than 40 hours during a workweek. This amounts to 1.5 times the hourly rate, which can cut into your bottom line.
Of course, overtime may be called for in certain circumstances, but understandably, you want to keep that to a minimum. Our software has predictive hours and the ability to flag upcoming overtime via the dashboard, so managers can adjust schedules proactively.
This allows you to control wage inflation and help with budget efficiency.
Simplify PTO and Leave Management
For all their hard work, your workers deserve paid time off, as this has benefits for their mental health. They’ll come back refreshed and ready to work, and you’ll see an improvement in productivity.
An inefficient PTO and leave management system can quickly ruin things though. Don’t let this happen; by using TimeTrak®, there will be fewer mistakes and less HR time spent on manual tracking.
Your employees can submit leave requests directly through the system, as there’s automatic accrual tracking and manager notifications. By integrating PTO directly into timecards, this eliminates manual spreadsheet tracking and reduces miscalculations. This also allows managers to handle requests fairly and effectively.
Ultimately, this means that employees are happier and better supported. This builds trust in your company, leading to more loyalty and engagement (key factors for reducing costs).
Support Remote and Field Workforce Efficiency
The working world has evolved, meaning that remote work is the norm nowadays. While it has its perks, there are drawbacks that can significantly cost companies. For example, buddy-punching and fraudulent clock-ins run costs up while there’s no resulting work produced.
There are multiple clock-in options with TimeTrak®, such as:
- Mobile apps with GPS and geofencing
- Web-based kiosks
- Facial recognition
- PIN entry
- Tablets
All of the above ensure accurate, location-verified time capture, which is especially helpful for remote or mobile teams. Not only does this stop false clock-ins, but it also encourages efficient time logging, which drives cost savings through accuracy.
Leverage Cloud-Based Reliability and Scalability
“Cloud-based” means no software installation, which can save a significant amount of time when you consider how many devices need this program. In addition, there are automatic updates, so you’re not responsible for keeping up with the latest version of our solution. Most importantly, this means low infrastructure costs, as there are lower IT costs and no downtime.
Our software also grows with you. Our flexibility and scalability ensure that growing businesses aren’t burdened by overhead or data management issues. Translation: you’ll have direct operational savings.
Customize for Complex Environments
If you’re in a complex environment like manufacturing or enterprise, it may be difficult to find business efficiency solutions that work for you. But your frustrations will be a thing of the past with TimeTrak® on your side.
We have the Classic and Enterprise editions that support sophisticated job costing. They can also do attendance policy automation and shift scheduling, such as 12-hour or rotating shifts.
Here are some of our other features that can greatly reduce administrative complexity and error:
- RFID badges
- Fingerprint scanning
- Automated attendance rules
- Shift rotation
When you simplify complex labor rules and automate schedules, you can save on both administrative time and compliance-related penalties. And the best thing is that with compliance, you won’t have to worry much about it.
Consider These Cost-Saving Ideas
Companies that are looking for cost-saving ideas can do it all by using TimeTrak®. Yes, we are a solution for logging hours, but it goes beyond that.
We provide a strategic tool that enhances efficiency, compliance, and transparency. Ultimately, this leads to tangible money saved across payroll, HR, operations, and IT.
The best thing is that whether your team is small and remote or large and in-house, we can deliver the automation and insight that helps you spend smarter and operate leaner.
Are you now interested in our time and attendance software? Then sign up for a free trial now! TimeTrak® offers free setup assistance to ensure that you have an easy time integrating with various payroll solution providers.
