What is time and attendance software?
Time and attendance software (TNA) is used to track and monitor when employees start and stop work. It provides many benefits to companies and organizations as it enables an employer to have full control of their employees working hours as it monitors late arrivals, early departures, time taken on breaks and absenteeism. It also helps to control labor costs by reducing inaccurate time reporting, buddy punching, absenteeism, tardiness, time abuse, and over-payments, which are often caused by paying employees for time that they are not working, and eliminates transcription error, interpretation error and intentional error.
TNA software has a significant role no matter the type and size of the business. A business that needs people to operate must have a way to monitor the work that is being produced. TNA software is also invaluable tool for ensuring compliance with labor regulations regarding proof of attendance. All of these benefits provide both employer and employees with confidence in the accuracy of their wage payments all while improving productivity.
Here under 7 benefits of using TNA software:
The automated time and attendance software like iVisionMT Suite keeps track of the working hours, productivity and records the extra hours and overtimes against each employee's individual record. This automates the system of payroll generation and removes the chances of any error or discrepancy that might occur during the manual calculation of wages, bonuses and overtime compensations.
Manual timekeeping requires employees to report their hours worked per pay period after each work day. Unfortunately, this can lead to inaccurate time tracking. Manual processes can lead to a number of additional issues, such as the inability to read handwriting or even fraud. Using automated software can reduce the number of inaccuracies and opportunities for time theft. The data collected is transferred to the software in real-time.
When it's time to process payroll at the end of a pay period, a manual process requires you to collect time cards and re-enter the data into your payroll solution. The time necessary to do this for a company can be extremely tedious. If the responsibilities are on one person, this can take several hours to do. Using time and attendance software drastically reduces the amount of time it takes to process your payroll. You can go from spending hours processing payroll to a matter of minutes when you make the switch.
Automating time collection through time and attendance software ensures that everything is in one place. This allows for your data to be automatically sent to your payroll solution for processing and eliminates the need for data to be re-entered manually. The result is accurate processing that can take as little as 20 minutes per pay period. Reducing the time it takes to run payroll, while increasing the accuracy of your data, will lead to an increase in productivity.
Time and attendance software makes employees happier because the software guarantees timely and accurate pay. The software eliminates human error when manually entering time sheets. Also, it gives employees secure access to their personal data through an employee self-service portal. This makes it easier for employees to access information without having to go through the human resources department. Employees feel empowered when they have access to their own information, and that level of empowerment can lead to increased satisfaction.
In today's business environment, it's not uncommon to have employees working at the office, at home or at another remote location. Time and attendance software allows businesses to easily track time using a variety of clocking options. This makes it easy and convenient for all employees to track time, regardless of whether they're in the office or not.
With time clock and attendance software, it's easy to develop and manage entire schedules, assign hours to specific tasks, add clients to tasks and easily keep track of shift swaps. The software also allows you to easily and efficiently determine workloads, resources and even budgets by department.
An automated time and attendance system keeps your organizational operations and procedures on the right track and in line with the rules and overtime regulations. It not only monitors and detects any potential rule violation just in time, but also helps you manage and modify your policies accordingly to avoid facing a litigation or lawsuit.