TAMS- Time And Attendance Management System: 8 Reasons Why You Should Use It For Your Business.
If you own a tiny office or an entire set of stores for retail, there are numerous costs to consider. If you are hiring employees hourly, you have to monitor their hours and attendance so that you can pay them promptly.
However, tracking hours can be challenging and time-consuming. The good news is that payroll technology can assist.
Find out more about the reasons you should utilize the Time and Attendance Management system (TAMS).
Reasons to Use Time and Attendance Management System (TAMS):
Keep Track:
If none of your employees pay either a commission or salary, you must track the hourly rate of your employees. So, you’ll determine what you should pay them according to their hourly rate.
If you’re a company with a lot of employees, keeping track of the hours they work manually is challenging. It is important to know what shifts each employee works on and the length of time.
Utilizing a time and attendance system will make the process simpler for you. TAMS software will keep records of the hours that happen, which makes it much easier to track them and pay employees at the end of each pay period.
Even if you don’t employ employees who are paid hourly, it is possible to utilize the system to monitor attendance. This way, you can be sure that everyone is working the time they’re supposed to.
Run Reports:
After a pay period or month, you might determine the amount you’ll pay all your employees. It will help you determine the finance required to make these payments.
The time and attendance reports will show the existence of patterns. To reduce costs, you can utilize these reports to figure out where to cut.
Maybe you’re not very busy and don’t require a full-time staff on Tuesdays. If you’re facing an excessive cost for payroll during that period, there’s a simple option to cut down on your expenses.
You can spot trends with your payroll records since it provides you with insights. After that, you can utilize this information to alter your company’s management.
Conform With the Law:
The company must ensure you adhere to your obligations under the Fair Labor Standards Act (FLSA). The law sets guidelines for hourly pay and overtime compensation.
If you employ employees on an hourly basis, they must be able to pay one and a half times their normal pay for any hours they are working after the initial 40 hours. The law also restricts the time employees younger than 18 are allowed to work and the job they are allowed to do.
It is also important to adhere to your Occupational Safety and Health (OSH) Act to make sure that you have a safe environment where employees can work. Other laws govern the compensation of workers and worker protection.
Utilizing software for time and attendance can help you ensure you follow the guidelines. This way, you won’t violate any rule which could result in the closure of your business.
Save Money:
The Human Resource Time and Attendance Management software can assist your business in saving money. When you review your attendance and time reports, you’ll be able to find out the amount you’re spending on labor and the income you’re earning.
You can alter your employees’ work schedules if you’re not earning profit at a specific office or location. If you’re earning money, you can determine ways to increase profits by altering employee work time.
Although you might need an entire staff during a weekend or other busy times, you don’t necessarily require an army of employees to do the job. You can adjust your schedules to save money if you’re aware of employees’ work hours.
In the meantime, you’ll be able to operate your business or store effectively. However, you will not have to pay more for the required labor.
Save Time:
Think about how long you or someone else in your company is responsible for ensuring employees’ hours. Also, think about how much time each employee spends tracking their working hours.
The time you spend on it will add up, and it could prevent you from working on more pressing tasks and projects. If you don’t have software for time and attendance, you may need to devote a significant amount of time confirming your records every pay period.
It is necessary to check every shift of each employee who was employed. It might not be too difficult if you only have 20 employees; however, if all of them were working ten days during one pay period, 200 records will have to check.
Utilizing a system to track time can give you greater control and freedom over your business and how you manage it.
Stop Employee Time Theft:
Another advantage of TAMS software is the ability to stop employee time theft or, at a minimum, reduce it. If you trust employees to report their hours, you have to believe them.
One could lie and say they only stayed for long enough to be eligible for overtime. It isn’t an issue with employees with exempt status.
If someone can steal an hour or two each day, it can accumulate over a year or month. When many people start to work on it, you may lose a significant amount of money because of unnecessary work.
With software for time and attendance, you can track how many people are clocking into and out. You can also modify the time clocks of employees if there are errors.
Correct and timely payment:
If employees at your company do not want to utilize your time and attendance system, think about how it might be beneficial to them as well. If your employees have to track and verify time manually, this may take longer than when you’re able to mail direct deposits or pay cheques.
After switching to a new time and attendance system, you must check for any errors. If your pay period doesn’t start for several weeks following the period when pay has ended, you can shift it to the next week.
In turn, employees will be paid earlier when they have been paid. You can make accurate payments to all your employees, ensuring that you have accurate records for every expense.
You can access your time and attendance data from any location. If you’d like to verify it when the pay period has ended, you can access it via your laptop or your mobile device.
Recording Attendance and Time:
If you have hourly workers, keeping track of the time and attendance of your employees is vital. You can review your payroll costs and figure out how to plan shifts for the future.
Conclusion:
Monitoring time and attendance with the help of Absolute Solution’s Time and Attendance Management System will help you ensure you pay employees according to the law. So, you’ll be able to keep your business finances.