Time Tracking Software

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Cost Savings
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Time Tracking Software - Cost Savings

Tracking cost savings and return on investment associated with time and attendance software can be a difficult task, at least partially because the savings cant necessarily be realized until the system is up and running. At the same time, the savings are likely to result from related functions of time and attendance tracking, rather than simply the installation of the software itself. Items like the ability to better understand resource time usage or to expense time across multiple divisions, are benefits that provide cost savings in the long run, but are not readily apparent to begin with. That, coupled with the fact that time and attendance solutions can be somewhat expensive to install, can be a deterrent to companies that are considering a software purchase to meet their time tracking needs. However, when the long term is a stronger consideration than the short term most companies come to the understanding that time tracking software provides substantial benefits and will pay for itself.

The costs of implementing a time and attendance system lie largely in setup, maintenance and training. Some vendors recommend that at least a three day period be set aside specifically for installing and deploying the software, and training employees to use it appropriately. Other companies assert that their systems can be up and running faster, particularly those that are installed on a network, rather than individual PCs.

Once installed and operating, however, such a system can provide savings in a number of cost areas. Preparation of paper time sheets and sending them through the system for all necessary signatures, for example, is no longer required, so both time and cost are saved. Calculation of overtime accrued is no longer a manual process, since benefits are all calculated electronically by the software - again, a savings of time and money. Other areas that demonstrate similar savings are clarifying time sheet entries, consolidating remote time/expense entries, and applying various rules that apply to overtime in different situations. Supervisor time is also saved since tasks like creating weekly reports regarding employee time spent on each task and sending those reports to clients or upper management, since the software is capable of creating all of the necessary reports internally and sending them out via email.

In short, a good time keeping software system can perform many of the tasks that previously had to be completed manually by a supervisor or payroll department employee. Tat includes things like manual data entry, daily time and expense tracking, and a host of other variables. A good time tracking system is accurate, identifies errors quickly and effectively, and allows for increased resource productivity.

Even in a business with only 10 or 12 employees, as opposed to hundreds, time tracking software can provide substantial cost savings - by some estimates as much as $50,000 per year. Larger companies, that have traditionally spent even more time in processing time sheets and payroll, can save even more.

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