If you’re like other smart business owners, you’re always looking for ways to improve your processes and save money.
Surveys show that three of the top five priorities for small business owners are 1) to reduce costs, 2) to improve software, and 3) to track workflow—not too shocking.
You might not be aware that there are business solutions that can help you check off all three of these business must-do’s in one fell swoop. But first let’s discuss one of the main areas where employers are overspending and draining their profits.
A costly example many employers face
In a 2015 study conducted by Software Advice, 43% of hourly workers surveyed admitted to time theft. And there were probably others who do it but didn’t ‘fess up.
Picture this: one of your employees, John, makes $30 dollars an hour. One day John comes into work a bit late. He arrives at 8:08am, but instead of writing down that exact time, John clocks in on the timesheet at 8:00am. He figures he was just a few minutes late and he’ll get right to work, so no big deal.
Next, John takes his lunch break at 11:55, but he writes noon on the timesheet because he wasn’t paying very close attention to the clock as he went off for a bite to eat.
Finally, John leaves the jobsite at 4:23pm, but what he writes on his timesheet for that day is 4:30pm.
When you add this all together, John’s timesheet erroneously reflects an extra 20 minutes of work. At a wage rate of $30/hour, you’ll be paying John an extra $9.90 more than he actually worked.
This may not seem like a very big deal at first glance, but let’s also imagine that you currently have 10 employees.
If each of your employees records an additional 20 minutes just twice a week for an entire year, you would be losing out on a grand total of $10,296 a year.
Here’s how we got that number:
($9.90 * 2 times a week) * 52 weeks * 10 employees = $10,296
That’s a pretty conservative example—and depending on the size of your business, you could be overpaying by tens of thousands—but it’s still a lot of money.
Want to see how much money you might be losing due to inefficient time tracking? Check out our Payroll Savings Calculator.
How ExakTime can help
Even if most workers don’t do it intentionally, time theft is a significant issue for employers.
ExakTime’s mobile clock-in app is being adopted by competitive contractors everywhere who realized that paper timesheets slowed them down and caused them to overspend greatly on labor.
Why? Because our web based time clock app not only assists you cut back on time theft—it also help you accomplish those prime business priorities we mentioned at the top of the post. Here’s how.
With GPS-powered digital time tracking, you’ll no longer have to worry about mistake-prone paper timesheets that can cost you thousands (as we illustrated in the example above). The time your employees clock out will be the time they stopped working.
Improving processes with software efficacy
The ExakTime application will also streamline your accounting and payroll process with payroll syncing.
Our mobile time clock app integrates with numerous accounting software programs, so you can simply export your data and process payroll in a fraction of the time it takes with paper timesheets. This will help reduce costs as you’ll be spending less time on payroll tasks.
Tracking your workflow
You can also start saving money with workflow tracking. ExakTime Mobile allows employees to select a task from a list you’ve created and monitor employee workflow as they complete jobs and start new ones. This gives you the chance to make sure projects are being completed on time, and to see how long tasks take for accounting and budgeting purposes.
Last but not least, the app features GPS capabilities that enable you to track where employees clock in and out, or the locations of those who travel while they work.
Reach out to us and schedule a live demo to see how you can eliminate time and money drain and stay on top of competition today.