No matter what business you’re in, your bottom line is the most important thing when it comes to how healthy and prosperous your business is. If you’ve been doing things the old way, as in manual timekeeping, outdated systems, and practices, then your bottom line is likely suffering for it.
Modern technology like a time card app has a number of benefits that can improve your business in many ways, including your bottom line. Here are some of the particular ways that a time and attendance app can benefit your bottom line.
Knowing what your employees are doing and how well they are doing it while they’re on the clock is crucial to making more money in your business. A time card app has features that let you track productivity, not only for individual projects but also for each employee, to ensure that time isn’t wasted.
Tracking employees while on the job clock has a couple of specific benefits: One, you can prevent time theft by making sure employees are constantly working on company business and not surfing the web or taking care of personal errands. Productivity tracking can let you monitor their activity on the job and their location if you have off-site or remote workers.
Second, you can find any pain points that employees may have with a particular project. This can be things like difficulty finishing a task due to lack of training or inadequate staffing or just needing to reevaluate processes so that things go more smoothly. Either way, a timesheet management app can help you recognize these deficiencies and work to rectify them before they seriously damage your bottom line.
Once done, you’ll see the improved workflow and a healthier bottom line as a result.
Let’s face it, under normal circumstances, a lot of money and time is spent just processing payroll. This does not include the time it takes to correct errors, the paper, and other resources or its effect on employees.
A time card app can eliminate much of the time wasted, extra expenses, and lost productivity by automating a large portion of the process. An online timecard system automatically tracks employee hours and pay rates, plus with payroll integrations, you can have that data calculated and sent directly to your payroll department for processing. This eliminates a lot of the time spent processing payroll, improves efficiency, accuracy, and speed.
Plus, you’ll have happier employees to boot. All of this leads to higher productivity and a better bottom line.
Improve Forecasting and Job Bidding
For businesses that have to manage their costs effectively, accurately forecasting what a job will cost is essential. This includes being able to account for labor costs while bidding. A timekeeper app records all the historical data from previous jobs and allows you to use this data to improve job bidding.
Not only can you improve bids based on past data, but notifications and alerts let you track how long specific projects take so that you can adjust over time to cover weaknesses, hire new staff or retrain existing employees.
Maximizing your bidding process will save money and improve your bottom line. The most significant benefit, though, is that you’ll be able to make sure that jobs are completed on time or even ahead of schedule. This protects your business’s reputation and allows you to achieve more jobs over time than without the improved bidding and forecasting.
Since your bottom line is dependent on bidding your jobs accurately and completing them on time, a time card app is a crucial part of any business that operates on a per-job basis.