Time Management Software

Time Management Software

As a restaurant owner, you’re constantly trying to find ways to maximize your revenue. From effectively hiring and planning your workforce to negotiating with your suppliers and reducing expenses, you’re doing everything you can to make your chain the top quality-wise while spending reasonably. However, there’s a chance that you still haven’t discovered that one cause bleeding thousands of dollars from your bank account: the lack of time management software . According to AffinityLive’s report, companies can lose $110,000 in revenue annually simply because they failed to properly track the time their employees spent working.

If your company is looking for ways to better track employee shifts, here are seven more facts you should know about time management software.

1- Time and Attendance Software Offers Financial Advantages

Approximately 40% of businesses in the U.S. calculated their payrolls by hand last year. 46% went on to say that they didn’t use an accountant to hel. With these statistics, it appears that almost half the businesses in the country aren’t aware of how time management software can cut their costs. The following three are some areas where your restaurant can see reduced costs.

  • Recording Hours – Paper-based time cards and swipe card systems leave a lot of room for error or even employee dishonesty. Unfortunately, it’s you who has to pay for ‘buddy punching’, salary overpayments and human error. By integrating time management software, you can save up to 4% of your annual payroll expenses. Your managers will also grow more efficient as they’ll spend less time inputting vacation hours and time off.
  • Calculating Hours – Calculating everyone’s payroll at the end of the week or month will take more time than recording hours. If your restaurant is one of the 40% mentioned earlier, you may be wasting hours each week. However, a time management app can help you speed up the process by up to 70%.
  • Legal Issues – In 2013, the IRS issued $4.5 billion in penalties due to errors in employment taxes. According to the Department of Labor, seven out of ten companies fail to adhere by wage and hour regulations simply because of inaccurate timekeeping and the lack of historical payroll data. Therefore, automated timekeeping can protect you from crossing Uncle Sam or facing Fair Labor Standards Act (FLSA) lawsuits.

2- Timesheets are FAR From Accurate

Harvard Business Review reported that workers are bad at filling out timesheets. AffinityLive further crunched the numbers, discovering that the U.S. economy tends to lose 50 million hours ($7.4 billion per day) in productivity. To counter the ‘somewhat accurate’ timesheets prevalent across most industries, provide each restaurant manager with a time tracking module and watch them recover thousands of dollars per employee per year.

3- Time Fraud is a Serious Issue in All Sectors

A survey conducted by Kessler International uncovered that employees are more likely to steal from their employers rather than their customers. Their frauds take the form of falsifying time records, ‘buddy punching’, and ‘forgetting’ to clock out unpaid breaks. The report also points out that 69% of hourly employees punch in and out earlier or later than scheduled. By implementing a time management resources modules, you can easily prevent these types of fraud and protect yourself from unnecessary labor costs.

4- Time Management Software is a Common Trait Among Top Businesses

The Aberdeen Group reports that 88% of ‘Best In Class’ companies automate their time and attendance data collection process. If you consider yourself as one of these, you shouldn’t be lagging behind. Besides, with 30-50% of your total operational cost spent on your workforce, you need to have a system implemented to accurately determine labor costs and your overall success.

5- Automating Time and Attendance Allows Self-Service Access to Employees

Communication allows employees to feel as part of a team. By providing self-service options via your time tracking software, your workers and managers will look up hours logged on the fly, improve accuracy, and grow more engaged in their work. More engaged employees stay at your business longer and treat customers better, keeping your cost of training new hires to a minimum while increasing customer retention too.