How can business owners or supervisors increase employee accountability using time tracking software to capture actual hours employees worked? Especially with the multiple locations or remote work, it is hard to ensure that employees are clocking in and clocking out their hours properly. Managers need more streamlined and structured process to ensure nothing is being manipulated on punch clocks. Thanks to digital and mobile time tracking tools it is easier now to comply with labor law and union rules, save money and increase workforce productivity.

What is Employee Time Fraud?

According to a recent study, almost three out of every four businesses report payroll losses due to the common employee time fraud practice of buddy punching. This common practice (just one of several time fraud procedures), occurs when one employee clocks one of their peers in or out when they are not physically working. Buddy punching alone might be costing businesses across the country up to 3 percent of gross payroll, or $373 million of annual payroll losses.

While employers might consider time fraud as harmlessly cutting corners, statistics show that businesses can suffer from serious financial losses. Furthermore, as more and more businesses seek to hire remote employees, the risk of time fraud will only continue to increase without the implementation of firm time tracking policies.

Benefits of Utilizing Employee Time and Attendance Software

Employee time and attendance software can help to prevent outright time theft through creating a company culture based on transparency and accountability. Both employers and employees benefit from efficient and streamlined time and attendance policies backed up by resourceful and easy-to-use software.

From the perspective of employers, transparent time and attendance software can reduce financial losses, improve productivity levels, and motivate employees to stay on task. These tracking tools and software options also allow managers and other people higher up in the company to monitor the progress of certain workers on certain projects and deliverables.

For the workforce, time and attendance software reduces the risk of not getting paid for the time they work. Forgetting to clock in can result in lost wages, burdensome payroll paperwork, and other inopportune penalties. Also, innovative time and attendance software can allow certain employees to work remotely in a transparent fashion. Time tracking tools can also permit motivated employees to showcase their productivity, output, and efficiency in order to make their case for promotions and other perks.

Sky ERP HRM software offers time and attendance software solutions that fit the needs and requirements of virtually every type of business. To get the most out of your employees, increase workplace transparency and accountability, comply with labor laws and legislation, and enhance your overall workplace productivity, employee time and attendance software should be an essential aspect of the digitalization of your company.