Perhaps you’re thinking of upgrading your manufacturing business's on-premise time tracking software to a cloud based time and attendance system. Or perhaps you’re making the jump from paper timesheets to a web based system. Either way, it’s a smart move—because cutting-edge cloud based systems offer benefits that more traditional methods don’t.
A growing number of companies are moving to cloud based enterprise software, aka Software as a Service (or SaaS) based systems. According to the IT research firm Gartner, by the end of this year, more than half of all new applications adopted by large businesses will be SaaS based—and that number is expected to grow.
Realistically, the question isn’t so much if your company will start moving its HR software to the cloud, but when—and when it comes to time tracking systems, there’s good reasons to do so sooner than later. In light of the labor shortage, trade tariffs, and economic competition, you need every asset you can find to maintain the best ROI possible. Let’s review some of these key benefits, as well as what look for when evaluating cloud based time and attendance systems.
Five Benefits of Cloud Based Time and Attendance Systems
1. Cloud Based Time Tracking Systems Are Low Maintenance
If your company uses on-premise time tracking software, your responsible for maintaining both software and servers, installing (and paying for) upgrades, etc. However, with a cloud based time and attendance system, it’s all handled by your provider. No servers…no drain on IT…no time-consuming upgrade installations! As your industry continues to grow (an estimated 1.8 percent projected growth), you'll be glad your system is scalable, consistently updated, and ready for anything.
2.Cloud Based Time Tracking Produces More Accurate Payroll
The less automated your current system is, the more errors you’ll find in your payroll. Using paper timesheets? It’s a good bet that those timesheets are filled with inaccuracies—unintentional and otherwise. With cloud based time and attendance software, punch times are captured mechanically and payroll is calculated automatically, eliminating fudging, rounding and errors.
3. Cloud Based Time Tracking Systems Reduce Labor Costs
Cloud based time and attendance software cuts labor costs in multiple ways. Besides eliminating manual errors—estimated to add up to 8% to payroll costs!—some advanced systems leverage biometric technologies like facial recognition and fingerprint time clocks to eliminate time theft, which costs employers millions each year. And it reduces payroll processing costs, too.
4. Cloud Based Time and Attendance Improves Labor Compliance
Wage and hour lawsuits costs employers millions, but such lawsuits are largely preventable. Cloud based time tracking systems ensure that employees are properly paid for their worktime. For example, they can prevent employees from clocking back in until a mandated meal break is taken in full…flag the system when time cards are altered improperly…and alert managers when employees are heading into overtime.
5. Cloud Based Time Tracking Systems Provide Greater Workforce Control
These days, what employer doesn’t want access to meaningful reports and analytics? Sound SaaS based systems give employers greater visibility into the workforce by illuminating workforce performance by worksite, shift, supervisor, etc. In addition, some systems include integrated employee scheduling and labor budgeting software, both powerful labor management tools.
What to Look for in a Cloud Based Time and Attendance System
Yes, cloud based time tracking software offers exciting benefits, but not all systems are created equal. In order to take advantage of the latest technological advances, look for these key characteristics:
1. Providers that Follow Best Practices in Cloud Security
To ensure your data stays secure, look for web-based time tracking software that’s hosted on a private cloud and located on dedicated servers housed in Tier One data centers. Make sure your provider also has a backup server at a separate but equally secure site and uses encryption to protection your information.
2. Facial Recognition and Fingerprint Time Clocks
Nothing deters time theft better than biometric technologies found in facial recognition and fingerprint time clocks, which measure unique physical characteristics to verify identity. For this reason, biometric time clocks are superior to conventional card and PIN-based time clocks.
3. A Mobile Time Tracking App with GPS
If you have mobile employees or deploy your workforce to multiple worksites, you need a system with an advanced mobile time tracking app—one that not only accurately captures punch times but GPS coordinates, confirming employees are truly on the job.
4. Advanced Workforce Management Features
Some cloud based time and attendance providers are way ahead of others when it comes to workforce management tools. Look for integrated scheduling and labor budgeting software, proactive manager alerts and a real-time dashboard that keeps you in charge.
5. Robust Reporting and Analytics
When evaluating cloud based time tracking systems, ask to see how their reporting and analytical features work. How many standard reports are included—and what are they? Are custom reports an option? Insist on an easy-to-use system that gives you the insights you need to constantly improve your operations.
6. Easy Integration with Your System
In order for a new time and attendance tracking system to truly optimize your operation, it needs to be able to integrate with your pre-existing software and business process management tools. At EPAY Systems, our customizable, cloud-based solution integrates with your Enterprise Resource Planning (ERP) system to make financial planning, resource sharing, and real-time visibility accurate and effortless.
If all of this makes good sense to you, you’ll want to learn more about EPAY’s SaaS based time and attendance system. There’s a reason we’re the leading cloud based time tracking provider for medium and large employers with an hourly workforce. Find out what we can do for you.