Time And Attendance System Financial Justification

Know the Financial Aspects. One of the biggest sticking points in business is cost. Successful business cases address all aspects of cost from the initial set up to time spent training to return on investment. Understand the indirect and direct costs of a new system and commit those costs to paper.

The initial costs of the time and attendance system included purchasing the hardware and software, as well as training expenses. However, these costs were outweighed by long-term savings from

With employee absenteeism causing a 36.4 billion loss yearly in the U.S., time and attendance systems have become a key part of every organization's payroll system. Time and attendance systems or time clock machines , are hardware devices that record and manage employees' clock-in and clock-out times.

8. Reduced Absenteeism. As highlighted by a study from Circadian, unscheduled absenteeism can cost approximately 3,600 per year for each hourly worker, and 2,650 each year for salaried employees.The analytics provided by tracking software can help managers identify employee attendance patterns. By addressing these patterns proactively, businesses can save thousands of dollars annually.

2. Reduction in Time Theft and Proxy Attendance. Time theft, where employees manipulate their work hours to gain extra compensation, and proxy attendance, where one employee marks attendance on behalf of another, are major issues that organizations face. These challenges can lead to financial losses and reduced productivity.

Time and attendance tracking is essential to workforce management. It ensures businesses can monitor employee hours, manage payroll, and comply with labor laws. A robust time and attendance system reduces administrative tasks and has far-reaching benefits that directly impact employee productivity, business operations, and cost savings.

Discover the top 10 employee attendance management systems to streamline HR processes, boost productivity, and enhance workforce efficiency.

Prior to the change in the time-collection processes, the average number of hours paid over a two-week period was just over 80 hours per employee. Once the automated time-collection and calculation system was implemented, the average time worked per employee dropped to 78.6 hours over two weeks.

Time and attendance systems are able to convey a much more nuanced picture of time worked to the payroll system. For instance, it won't just communicate that a member of staff worked a 40 hour week it will specify how many of these hours were overtime, which hours were being paid at which rate and whether any were paid time off.

Additionally, BQE CORE measures financial performance at the firm, client, project, phase, and staff level. This helps organizations maximize project analysis and profits, ensuring projects stay on time and under budget. One common use for a time and attendance system is as a security device. You can connect time clocks to electronic