Tracking employee overtime hours on a daily basis can be a challenging and arduous task without the help of an effective web based attendance software. If you’re relying on antiquated tools like pen and paper or spreadsheets, you’re likely making many calculation errors which will create a surge in payroll costs. It will also damage employee morale.
Whether you’re a large organization consisting of thousands of employees or a small business with 10 staff members; avoid the issues that come with using outdated overtime tracking systems.
A web based attendance software program can not only handle overtime recording but also provide a clearer picture of how time is allocated and spent.
Here are five ways in which web based attendance software can resolve overtime tracking matters:
1. Provides Up-to-date Reports
Inconsistent overtime tracking leads to many financial losses. Even though there are many cost variables that companies cannot control, overtime shouldn’t be this variable. Time software generates real-time reports so that managers can determine when they’re approaching overtime thresholds. They can make sound decisions regarding overtime and resources while preventing unnecessary payroll expenses.
2. Analyzes Employee Records
Web based attendance software can give managers unparalleled insight into specific employee’s overtime schedules and records. This can help end unauthorized overtime. It can also be used to identify employees who are claiming overtime just to collect extra payments versus those who are working due to staffing shortages or warranted overtime shifts.
3. Controls Timesheet Rounding
In outdated systems, managers would often round up an employee’s minutes/hours to save time spent on calculations. When you round up minutes on a regular basis for one or many employees, it can cost the company thousands if not millions of dollars. With this software, you can create parameters that specify rules for rounding and punching in/out, so that you’re not wasting company funds.
4. Saves Time
With attendance software, you reduce the time taken to perform nearly every aspect related to overtime tracking. By automating processes (clocking in/out) and removing manual timesheets, managers’ time is freed up to spend on productivity-related matters.
5. Customization Features
An effective software program enables you to customize its features according to the way your company functions. It must have a flexible feature setting that enables different types of overtime settings, i.e. daily, hourly, weekly, mixed, etc. It should also enable managers to specify the number of hours worked and when overtime or double overtime should be paid. This is necessary when it comes to Provincial and State Law compliance.
Is your organization ready to adopt a web based attendance software that can improve employee overtime tracking? If no, get in touch with Time Labs today.