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How much could time and attendance software save your business?

Time and attendance Mitrefinch

Time and Attendance software is commonly found in big businesses these days, particularly where there are multiple locations, shift patterns and payroll terms in place. And, where big business leads, small and medium businesses follow – we’re now seeing increasing numbers of SMBs adding Time and Attendance products to their systems.

Almost without exception, the key motivator for seeking software is money: saving money = increasing profitability, so it makes sense that money saving is a good place to start.

So, how much could Time and Attendance software save your business?

Firstly: have you thought about how much could your business be losing? With over a third of UK employees showing up late to work at least once a month last year – and a total cost to the economy of £18bn a year thanks to absence – it could be a lot more than you think.

Time and Attendance software makes monitoring and managing absences much easier. Access to real-time information about punctuality and unplanned absence allows managers to act swiftly if needed – rather than at the end of the payment period, which is otherwise typically when regular late starts or cumulative sick leave are noticed.

You should also consider the cost of error. Manual input delivers a huge opportunity for error, which can be incredibly costly. Overpayment – even to the tune of a few pounds per employee – can have an enormous aggregate impac. With the right software in place, the chance for error is minimised.

There is also the impact on your managers’ time. Automating processes such as clocking in and out can free up multiple working days per month for your HR and payroll teams who no longer need to manually calculate timesheets or double check self-inputted hours, enabling them to spend their time doing more productive tasks instead.

The implications around managing a mobile workforce should also be examined. Remote working can present problems in terms of money loss because it is so difficult to monitor each employee’s activity. But Time and Attendance software can include elements such as GPS tracking to provide peace of mind that staff are where they are meant to be.

Finally, the insight that can be garnered from Time and Attendance software can be invaluable. A good Time and Attendance system will provide managers with huge amounts of data on their workforce, affording them better knowledge about their team’s demographics and movements and, crucially, allowing accurate, data-based forecasting.

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