What is Time and Attendance Software?
Time and attendance software generally refers to a portion of an organization’s workforce management (WFM) system used to keep track of when employees begin and end work each day, as well as the location where they perform the work. All time and attendance software is made up of 4 main components. Every solution for time and attendance needs at least one time clock station, a method of keeping track of specific employees (either a manually entered pin, a swipe card, or an employee-specific biometric feature), a system for keeping track of the resulting data, and staff to maintain and monitor the system.
Leveraging Time and Attendance Software for Organizations
Implementing a company-wide time and attendance solution is the most cost-effective method of monitoring employee attendance, complying with labor regulations, and preventing payroll fraud. The latest time and attendance software eliminates the manual steps associated with traditional time and attendance solutions, which frees up an organization’s resources to focus on core business functions. Biometric time and attendance stations give organizations confidence in their payroll data, because they virtually eliminate intentional or accidental misuse of time and attendance systems. For example, Nucleus Research has found that companies without an automated time and attendance solution overpay employees an average of 1.2%. For an organization with 150 employees, that can add up to over $15,000 per year. Modern time and attendance software provides management with instant access to reliable information, while allowing auditors with the ability to drill down to the underlying data.
Which Features Does My Organization Need in a Time and Attendance Software Solution?
Time and attendance software solutions may be as basic as a stand-alone punch-card time clock, or as advanced as an enterprise-wide time and attendance solution with biometric scanning. Every organization has unique and specialized needs, so one size does not fit all. However, some of the key features to look for in any time and attendance solution are:
Web-Based Software for Scalability: Is the time and attendance software designed for your organization’s size, and will it grow with you? Ideally, is the solution web-based for infinite scalability, and minimal start-up costs?
Compatibility: Does the time and attendance software work with your accounting, payroll, and workforce management software, such as Quickbooks?
Biometric Capability: Does the time and attendance software offer biometric integration, and does it interface with biometric time clock stations from vendors other than the software provider?
Affordability: Does the time and attendance solution’s pricing meet your current budget, while offering all of the advanced features you require?