Would An SME Benefit From Timekeeping Software, And What Options Are Available?
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For small businesses, the idea of utilising timekeeping software may seem unnecessary at first. Perhaps you feel that your SME simply doesn’t have enough team members or projects to warrant these tools. However, integrating software can lead to greater efficiency and propel growth sooner.
Here, we explain how the features of time-tracking software will bring you these benefits.
Whilst time sheets aren’t a legal requirement for your employees, knowing their time is necessary to submit their pay records. If you are unaware of any overtime worked or periods of absence, then you can’t produce an accurate payslip. Employing time sheet software will ensure these can be completed without issue.
They are also helpful if you use contractors. These workers may require an official time sheet because they will be paid per hour or day, unlike employees who have a set salary.
It’s easy to lose track of time, and logging when you start and stop a project can become a task in itself. Plus, if someone forgets to input their hours, this may result in estimates that over- or under-quote a project.
Software will guarantee you maintain the relevant data, and keep track of the cost of every job or project without issue. There’s also the option to add a time costing for each project per employee, and set the hours worked and their charge rate.
You can help ensure projects are in keeping with their quotes by tracking staff hours. Plus, with timekeeping software installed, you can view when staff are clocking in and out so it’s easy to manage overtime and instances of lateness. On top of this, you can reduce absenteeism becoming an issue.
With this data, you’ll easily be able to spot trends, and take the necessary action to solve any problems.
Absence isn’t the only pattern you can recognise with time-tracking software. Via the platform’s ability to approve staff leave requests, you can notice the most popular times. This information can then be used to schedule shift patterns more efficiently. And different pay rates can be inputted on a shift-by-shift basis, meaning there’s no chance of mistakes in pay.
Period reporting is available too, so spotting these trends is made all the easier.
All these features are provided by Liquid Time software, meaning you can monitor staff attendance without being in the same location as them. Not only will your business benefit but so will your employees – it will be much easier to request leave and get it quickly approved.
With your time-tracking responsibilities automated, and any issues dealt with swiftly, you can spend your time focusing on other aspects of your small enterprise.
To streamline your SME’s time, get in touch with us by calling 0161 413 5050 or emailing info@liquidaccounts.com.