You may hear the words “time and attendance” used together often in the business world, but have you ever stopped to consider what “time and attendance” really is? Time and attendance can be considered one of the main foundations of a company, considering that such a large percentage of each company’s annual revenue is put into employee compensation and benefits. Because of this, it is imperative that time and attendance is understood by both employees and employers.
Time and attendance is very important to businesses, but the most important thing is accurate time and attendance. To a business, time is the collection, calculation, reporting, and integration of all information necessary for employee compensation. Attendance is the tracking of infractions and leave in order to provide a fair, unbiased, and uniform application of attendance policy. Some may think that simply leaving their employees on the “honor system” to record their hours is a good enough time and attendance solution, but they are wrong. Every year, companies on manual time and attendance systems lose thousands of dollars a year due to human error during payroll calculation. Additionally, all companies around the U.S. combined lose around 750 billion dollars paying employees for time that they spent doing nothing (unapproved breaks, long lunches, or just surfing the internet.) All of the money lost could have been used for something much more useful than payroll accidents and paying unmotivated employees. By paying proper attention to your employee’s time and attendance, you could save thousands of dollars a year.
Tracking the time and attendance of your employees can be a very difficult, time-consuming task if you are not using an automated time and attendance system. By using an automated system to track your employees time in and out, lunch breaks, and miscellaneous other breaks, generating an instant and accurate number of hours worked is simple. Automated systems can even calculate and keep track of vacation/sick time for employees. By eliminating the manual calculation, payroll is made easier and much quicker. Typically, upon implementation of an automated time and attendance solution, employers notice an increase in work output and a decrease in total payroll cost due to the reduction of human error. Also, employers also notice a definite return on their investment after implementing a reliable automated system. Spending a little bit of money, can in the long run, actually save you a ton of money that would have been literally wasted otherwise.
Accurate time and attendance are very important things for a company as well as its employees. Every employee wants to be paid without error and every employer wants to save money and reduce costs when possible, but a broken time and attendance system can make both of those things seem unobtainable. By putting a little bit of care into your time and attendance, you can significantly reduce the amount of effort needed to keep up with it while saving money and making processes that used to seem endlessly tedious easy, accurate, and efficient.
Legiant is a leading provider of web-based time and attendance software, leave and project tracking. Flexible attendance tracking solutions help Legiant’s enterprise customers maximize the profitability and productivity of their workforce. Legiant solutions can be customized to meet the unique needs of any organization including mobile workforce tracking, automated time and attendance and workforce productivity reporting. Legiant integrates software, hardware, and professional services to create a comprehensive accounting solution, easy-to-use and accessible from anywhere through a Web-based interface. Article Source:http://www.articlesbase.com/human-resources-articles/what-is-time-and-attendance-and-why-does-it-matter-1242744.html
For more information, visit http://www.legiant.com
For specific information about Legiant Timecard software, visit http://www.legiant.com/products.htm
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