When you own or manage a business, you know how important it is to keep track of every detail. Without records, you don’t know if you’re successful or holding the business accountable. Regardless of the size of the business, you need to know when employees are working and, when applicable, how they’re billing clients. Timekeeping is an essential component for your business for a number of reasons.
Time Is Money
Wasting time is like wasting money. You can’t estimate how long a project will take if you aren’t tracking it, so if you tell a client it will take 10 hours when it really takes 20, who’s responsible for the discrepancy in timekeeping? Will a client be happy to pay double what they expected because you just don’t know? Would you? Even if you’re not billing clients based on an hourly rate, you still have to manage the productivity of your team. Timekeeping helps with all of these concerns.
Timekeeping Is a Red Flag for Tax Compliance
When it comes to the IRS, one of the areas they look at more closely than others is timekeeping. If you get audited, they’re going to go through your books with a fine-toothed comb, so make sure you’ve crossed your t’s and dotted your i’s when it comes to timekeeping for your employees.
Boost Employee Morale
When you have committed employees who show up looking to do a good job — and be compensated accordingly — you don’t have a lot of room for error. Accurate timekeeping helps you attract and retain the right talent for your organization and keep them happy and engaged. It also lets you know who isn’t showing up for work on time or leaving early so you can address the situation before it gets out of hand and affects other employees’ work habits. And an automated system reduces (or even eliminates) errors and allows employees to be paid in a timely manner.
If you’re not using an accurate timekeeping system in your business, you could be losing money and productivity can suffer. Techeon can help. Contact us to learn more about timekeeping solutions.