Small Business Audit: Why Time and Attendance Reports are Vital

Time and Attendance Audits

Time and attendance tracking may be time consuming for most businesses, but it is necessary to have a reliable tracking system in place for the purpose of monitoring personnel. Both productivity and labor costs are tied to the ability to accurately track this information. Forecasting labor requirements is that much easier with these resources in place. Here are several reasons why time and attendance reports are vital.

Overtime costs
You may have industry restrictions regarding how long certain employees can work. The business owner may be concerned about the excessive overtime and may want a clear understanding of what departmental labor resources need to be allocated to meet needs. The overall costs may indicate that there is a need for additional staff or improved workflow processes. Tracking time and attendance can be critical to curbing overhead costs.

Consistent enforcement
Knowing which employees are showing up late or not at all is easier to track if time and attendance are properly managed. If several violators are targeted and consistently reprimanded for the same offense, human resources personnel are disciplining employees fairly. Time and attendance tracking makes it easier to treat all employees equally should there be an attendance issue. Fairness promotes trust in management. Reporting features in an accurate time tracking system make it possible to quickly identify behavioral patterns.

No more paycheck inaccuracies
Nothing is more frustrating to an employee than an inaccurate paycheck. You will find that as an HR professional, one simple error could translate into multiple hours invested in auditing and correcting the inaccuracies in payroll. Getting it done right the first time makes it that much easier to save time on payroll-related challenges. Automated reporting capabilities in time and attendance tracking software eliminates errors often associated with manual preparation efforts.

Forecasting production needs
Employee Attendance TrackingWhen a certain type of job is being planned, understanding historic information about the labor used for similar jobs can assist in forecasting efforts. If a business can anticipate fluctuations in labor needs, it can be better prepared to meet cyclical productivity demands. In having access to large volumes of labor data, HR can plan their budgets accordingly and potentially identify cost-cutting measures.

Tracking employee time and attendance accurately with automated reporting features found in specialized software empowers sound decision-making in the area of productivity, forecasting, and coaching efforts. A fingerprint technology system reduces chances of reporting inaccuracies, making HR professionals more effective in their respective roles.

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