Many employees are guilty of what is known as time theft. This may be due to archaic timesheet methods that just don’t work anymore. Many companies still do not invest in a proper time tracking technology. They are in essence, shooting themselves in the foot. This allows for employees to steal time, be irresponsible and get away with it. Employees who are late can manipulate things in order to not lose out on pay.
Someone can clock in a buddy when they have not arrived yet. Any number of manipulative things can happen, resulting in the loss of thousands of dollars for the company. This means that thousands of dollars went to employees for free. Let’s look at the benefits of having proper employee timesheets.
1. Stop Buddy Punching & Time Theft
Theft is theft, no matter how you look at it. If you take a longer lunch break than you are entitled to or if you clock in a co-worker who is late to arrive, these are good examples of time theft. It’s thought that an incredibly high percentage of businesses lose money from these types of occurrences.
Only a proper system in place can help to prevent this.
2. Prevent Human Error
No matter how good someone is at their job, errors will happen. Bookkeeping and accounting errors can cost the company huge sums of money if an error is not spotted. If you ask an employee to recall when they started work, when they stopped, when they did overtime or how long they took for their break, there is going to be a discrepancy, not to mention a lot of embellishment.
This will never lead to accurate records, which will cost the company.
3. Less Time Wasted Bickering
When it comes to time and money, employees will put up a hell of a fight, even though they may be in the wrong. In fact, they may knowingly be in the wrong, but because there is no absolute proof, they will still argue.
A lot of time is wasted chasing employees regarding their timesheets. With an accurate way of keeping time using special software, virtually all the hassle is taken out of the equation. Employees can’t really put up a fight because there really isn’t anything to fight about. Case closed.
4. Get To Save Space…Finally!
All those timesheets and papers and files have to go somewhere. Normally, it’s in a filing cabinet. Over time, these can really pile up until you need to get another or store it somewhere else. What if you don’t have the space? With a proper system of timekeeping and software, all of this can now be stored in the cloud with secure servers.
5. Payroll Spends Less Time
Employees and Human Resources will spend less time recording, processing or tracking the time spent on working each and every day. By installing a proper timesheet system and software and getting rid of the old system, the time spent on payroll can be reduced which is only good for the business. Employees can spend time more productively instead of trying to account for themselves.
In the end, the business will save time and money and avoid headaches if it would just upgrade to a timesheet software or some other employee timesheet system that works and cuts out all the unnecessary problems of an old-fashioned method.