Time Clock Software and Labor Tracking
Businesses operate to produce revenue. Time clock software is a tool that is used to track profitability and labor costs tied to a particular project. In tracking time and attendance with time clock software, employers can track costs, forecast labor needs, and identify areas of waste.
Tracking costs
Time clock software allows managers to see how labor on a job level or employee level are affecting departmental costs. Tracking costs via time clock software allows you to get a full picture of what is needed to complete a project. Time clock software with real-time reporting enables you to see which combination of team members is delivering better productivity in comparison to other group combinations. Take two identical jobs and their corresponding labor costs, and identify which employees are the most productive. It may be costing you additional labor to use a person, and if so, you can identify a trend and formulate an action plan to address the issue.
Forecast future labor needs
You may be able to use time clock software to identify what resources need to be in place for future jobs. You want to understand the true labor costs. This is made possible through time clock software. This will help you provide better estimates in the future to prospective customers and increase your bottom line. Where in previous projects you may have had to eat the costs when over budget, in the future you can accurately predict the labor costs for a job.
Identify areas of waste
Time and attendance tracking software provides another distinct advantage. You can see how many people it truly takes to complete a given job. You may have been able to complete similar jobs with fewer people. This may be discovered as you compare staff numbers for similar job types. You can alert management to examine idleness among team members. You may be able to assign a dollar amount to idleness when necessary materials arrive later than anticipated. You may find that it takes longer for some employees to attain a production goal than others when using time clock software reporting. This could indicate an opportunity for training or a need to reassign the employee to another job.
Time clock software provides reporting that can be used for any payroll program. Understanding the labor costs for a job improves quoting and forecasting efforts. Examining labor costs for similar jobs gives insight to different areas of waste that could be affecting your bottom line.
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