When it comes to business, managing employee time is a challenge for many organizations. It can be a time-consuming, confusing and very expensive process. In addition, by not paying enough attention to employee time cards, all sorts of issues can arise. These issues can include:
- overpayment of employees,
- underpayment of employees,
- errors in tracking paid time off,
- not knowing who worked and when they worked, and even
- Legal issues due to inaccurate records of employee hours worked.
All of these can lead to lost time and money for your business. However, there is no need to despair as there is a simple and effective solution using a time card calculator.
When it comes to business, managing employee time is a challenge for many organizations. It can be a time-consuming, confusing and very expensive process. One can lead to all sorts of issues using a time card calculator, because it can help you avoid these issues, and provide many benefits.
What is a Time Card Calculator?
A time card calculator is a handy time-management tool that provides a quick and easy way for both employers and employees to keep up with hours worked and even to convert those hours into salaries. Employees can enter their start and end times, as well as any lunch or other types of break, which are then automatically calculated for a totaled amount. Depending on the calculator, it can also be used to deduct time for which employees are not due compensation, calculate the amount of overtime pay due, and more.
Here are some of the most common benefits of using a time card calculator.
Saves Time and Money
One of the biggest benefits of using a time card calculator is that it saves time and money. HR departments often spend hours each week collecting, calculating, correcting and processing employee timesheets. Using an online calculator can cut this time significantly.
Using one also enables employees to focus on their respective jobs, instead of the additional task of tracking and recording the time they spent working each day, week and/or month.
Helps Reduce Payroll and Bookkeeping Errors
When you stop to think about all that is involved in calculating and recording employee hours, you realize how high the propensity is for error. No one is perfect and anyone can make serious miscalculations. Something as simple as a misplaced decimal is enough to lead to a serious accounting error. Time calculations for payroll must be accurate, as your employees pay depends on the results.
Because a time card calculator does the math automatically instead of manually, using one reduces human error and helps prevent any miscalculations. This helps ensure that employee paychecks are accurate and that your employees are receiving the proper pay for all of the hours they worked.
Helps Promote Compliance
State and federal labor laws, along with the Fair Labor Standards Act, were created to help control things like record keeping, wages, and overtime. These can be difficult to track and keep up with especially if you are using an outdated employee time and attendance system.
Using a time card calculator can help your business comply with these laws. In addition, with many time card calculators, owners and managers can use the included break times and overtime options to further ensure they are staying compliant.
Help Prevent Time Theft
Unfortunately, time theft is more common that one would think. It comes in many forms ranging from taking a longer lunch than allotted to clocking in for a friend when they’re going to be late to work. Regardless of whether it is intentional or accidental, time theft can cost businesses a lot of money.
By using time card calculators, along with automated time and attendance systems, you can help prevent time theft altogether.
Online Time Card Calculators Are Easy to Use and Easy to Access
Another benefit of online calculators is that they are available anywhere, anytime. All you need is a computer or a mobile device, and an internet connection. In addition, both employees and employers can access them, and in many cases even export and download information for record keeping.
Help Keeps Employees Informed
Time card calculators are not just beneficial for employers, but they can also benefit your employees. For example, one of the most common questions for those working in HR is how much time off an employee has left this year. By using an online time card calculator, employees can access that information on their own at any time. This, in turn, leaves HR employees more time to work on other things.
Furthermore, by allowing employees to see their time records when they want, it can help them see how well they’re utilizing their own time at work. The type of insight gained from seeing how much time is spent on particular projects can be invaluable and can help them work on eliminating any inefficiency.
Plus, in many cases, employees can also export and download their information for their own record-keeping purposes.
Useful Tool to Improve Your Business
A time card calculator can also be an incredibly useful tool for improving your business. By providing helpful and in-depth information about your employees and how they spend their time, you can determine overhead costs, find areas that need to be improved upon, and even make adjustments where needed in order to grow.
For example, one of the biggest factors in running a successful business is time management. A time card calculator provides a simple way to track employee absences, view employee hours, and even see habitual late arrivers. It gives you a clear picture of where time is being wasted and where it can be used more productively.
It also helps you measure an individual employee’s productivity. Since most time card calculators calculate the total number of worked hours per day, week, or month, you can get a crystal clear picture of how much time is being spent productively and how much is being spent unproductively.