Time clock software eases the paperwork of human resources (HR), giving you more time to focus on the day-to-day running of the business.  Time clock software is beneficial to both the employee and management as employees can track hours while mangement can keep accurate records.

Here's a closer look at how this type of tool can benefit you and your business:

Employee Benefits

Employees will be able use the system to clock in and out for the work day, breaks, and lunch hours throughout the specific pay period. The software continues to automatically add the hours which allow the employee to see how many hours will be added to the paycheck.  Many employees like the feature of knowing exactly how many hours are included in the pay period.

Company Benefits

Time clock software helps in gathering information on payroll, employee attendance, and labor hours. In addition, it eases the reporting to government agencies come tax time. The software also gives a more precise overview of your payroll system which helps save you time and money.

Payroll

• Payroll can be prepared instantly with the data the employees entered.  There will no longer be the need for time cards which had to be manually tallied, or the use of double entry from one software page to another.  Employee hours are automatically added as the employee clocks in and out over a specific pay period which will lessen errors that cost time and money to fix.
• Payroll deduction will automatically be configured into the program.  The software will be able to calculate the state and federal income tax deductions and other deductions can be configured to automatically subject from the final paycheck.  These deductions can be payments toward health benefits, life insurance and retiremenet savings.  Having the deductions already configured into the software reduces the risk for errors.
• Managers can view each employee,s work hours and attendance.
• The HR department will spend less time gathering and looking up information on sick days, vacation days, and banked time while employees will be able to view their own balances.

Tax Reports

• Tax reports can be easily generated from the information entered into the system.  The use of these reports will make reporting to government agencies less time consuming.
• Time clock software allows a company to keep up to date tax records for each employee and simplifies the sending out of W-2’s for each employee for the tax season.  Since tax season can be a stressful time, having all the information gathered over the required time period will make the tax reporting go much more smoothly and quickly.

Direct Deposit

• From the information gathered using time clock software, payroll can be directly deposited into your employees banking institutions.
• Employees will also be able to print off electronic pay stubs at their convenience.
• By setting up the system to make direct deposits and using electronic pay stubs, the company saves money on outsourcing to a firm to print paychecks.

Because Time Really Is Money

The competition in business can be tough and saving time and money is always a concern. Time clock software can ease the burden of configuring time sheets, tax reporting, and many other aspects pertaining to payroll which will help lessen errors by gathering and tracking accurate information.