Improving a small business does not have to take a lot of time or be difficult to accomplish. With the end of the year approaching it starts to make a business owner wonder how they can save time and generate more revenue for the following year. Setting goals and realistic expectations for your employees and fellow team members are great ways to to do so. But have you ever thought about improving employee time tracking? How about decreasing payroll and accounting expenses? These are problems that are easily overlooked and are very easy resolutions for the new year. So kick off 2018 with a tick and a tock by adding OnTheClock.
Tools to improve a small business
So, let us start off with the basics. In order to have a successful business you will need to have reliable employees that are trustworthy, have a great attendance records and are reliable. Sometimes it’s not easy to gain this information from a simple employee interview, but there is a way to track if he or she is being honest with their time and attendance. Fortunately, Software as a Service technology has given small business owners around the world many tools to improve their companies.
Online time clock system
An online time clock system is a service that provides businesses with the luxury to have accurate hours worked by employees. Since it is web-based, employers and employees will have access to their accounts as long as there is an internet connection to the device(s) they are using. Employee time tracking saves companies a lot of money each year. In fact, hr.com reports that 43% of hourly employees commit time theft. Just think about it for a second, if you have 20 employees on payroll then this means 8 to 9 of them are cheating on their time cards. However, many employees are honest, but there are still nearly have of them who are not - sad but true.
I am a huge fan of food so I will use a pizza as an example on how much this could be affecting your company. Weird I know, but bear with me. Say you order a large pepperoni and cheese pizza that on average comes with 8 slices. You bring your order home, excited to dig in and start eating only to discover there are 3 ½ slices that are missing. Now if you are like me then you would probably be scratching your head wondering what in the world happened to those pieces of pizza while scarfing down the others - I told you I love food. My point is that you have no clue what happened to the other pieces (employees). This could be exactly what you are thinking about your payroll. Where is my money going? You can spend all day making assumptions, but until you actually find out then you may never know in order to make adjustments. On a side note, if this ever happens to you then I would recommend finding a different pizza joint.
(Ethical employees still left working while unethical employees went home early)
Employee time card calculator
Say goodbye to the manual labor and process of adding up hours from employee time cards. You will save a lot of time by having your time cards automatically calculated from your employees’ clock in and clock out times. Enjoy the luxury of easy time card editing, auto calculations and payroll integrations. You will also save a boatload of money while doing so. If you are manually adding up time then chances are you may be punch rounding employee hours.
Did you know punch rounding could be costing your company thousands of dollars each year in lost wages? Sorry to have possibly ruined your appetite from the pizza that you were eating above, but it’s true. Many companies do not realize how quickly minutes add up to hours or even how decimal hours add up over time.
Punch rounding is the process of rounding time to the nearest quarter of an hour. For example, if an employee wrote down 9:08 for a start time and 5:11 for their end time, you would then round the starting time to 9:15 and the end time to 5:15. This is a total of 11 minutes worth of paid time lost for this employee for just one day. Imagine doing this across an entire year for 10 employees. Stop overpaying and put money back into your pocket. So why continue on with another year of this when you can try a time tracking solution for free? Start paying your employees for the exact amount of time they actually worked.
Accurate employee scheduling
Another aspect to improving a company is proper employee scheduling. A quality online time clock service will provide an employee shift scheduling feature for users to utilize. With a modern interface, small business owners can simply drag and drop their employees into their proper dates and times. We all know how things change and this is why OnTheClock has made it easy for you to edit your schedule in the event an employee cannot work that day and/or time. We also understand that all businesses aren’t the same, so we offer an advanced scheduling option for you to be more specific with unique punch in and punch out times. Offering a simple and quick employee shift scheduling option is key when using a modern time clock.
You will no longer have to manually write out your work schedule and have ugly eraser marks when adjustments need to me made. Decrease your chances for employee shift scheduling errors and make the switch to a more updated and modern scheduling system.
Tracking paid time off
Paid time off, also known as PTO, are days that an employer grants to their employees to allow them to enjoy a specified amount of time off in which it is paid. I mean who doesn’t like being able to take a vacation and get paid for it, right? Employers will be able to approve and/or deny any PTO requests that come from employees. Some employers automatically give a certain amount of PTO days per year to their employees and others have it setup to accrue (accumulate) over time. An example of accrued PTO is when an employee earns .1924 hours of paid time off per 40 hours worked per week. Over a year's time this would be equivalent to 10 days of paid time off. Check out our handy dandy decimals to hours converter.
Another valuable aspect of a modern time clock is the tracking of paid time off (PTO). Employees work very hard to accrue and/or earn vacation pay, sick pay, holiday pay and personal days. A reliable time clock service will offer you a feature to start tracking PTO accurately. By having this automatic system in place it could save you and your employees money. If you give your employees 10 days of paid time off per year and you aren’t properly tracking it, then chances are you may be paying your employees for 11,12 or more days when they are only supposed to have ten. Become modern in 2018 and start keeping track of your employees’ paid time off!
Here are 5 additional reasons to tracking and provide PTO for your employees:
- Provides an opportunity for your employees to rest and refocus.
Helps keep a positive vibe around the workplace.
- Allows employees and employers to know exactly how much paid time off is available and used.
- Employees may feel more appreciated to have PTO from their employer, which in return, could increase happiness and higher productivity.
- Keep on top of your company’s budget when it comes to not going over your allotted amount of PTO days that is offered.
How does a time clock increase productivity?
Productivity is hard to measure at times because every day cannot be perfect. However, a good business owner and manager is able to gauge rather or not if the company is meeting production expectations. By implementing a web-based time clock, you will be able to see the exact amount of hours that are being put into a specific part of the business from your employee’s time card reports. If you know that a specific job should only take a weeks worth of time and your employees are taking two weeks based on their timesheets, then you will start to have an indication where productivity is being lost. Like I said before, kick off 2018 with a tick and a tock by adding OnTheClock.