Payroll errors can cost companies an average of $291 per incident. This includes the direct cost of the overpayment and the indirect cost associated with correcting the error.
However, the amount can vary depending on the type of payroll error. Failure to enter sick time can cost as much as $705 per incident. Labor tracking helps to minimize these errors. It can also increase productivity and revenue.
When choosing labor tracking software, it’s important to get a solution that meets your business needs. Here are a few tips for using time-tracking software.
3 Tips for Using Labor Tracking Software in Any Industry
Employee productivity and labor tracking can help companies manage projects more effectively. Labor tracking software is adaptable to any industry. However, there are a few things you can do to ensure you’re using the software effectively:
1. Choosing the Right Software
When choosing labor tracking software, consider the benefits to your company. The software should seamlessly integrate with your current system. It should also align with your business goals.
Your budget plays an important role when choosing the right software. A solution with the key features you need, and that does not require expensive hardware can make implementation more affordable.
The industry you’re in should also be a deciding factor. Labor tracking software for construction companies can help with estimating labor costs. While tracking over time might be more of a priority for other industries. Find software with features that will help you cut costs while increasing productivity.
2. Ensuring Ease of Implementation and Use
Decided on the best labor tracking software for your company? Test to ensure integration is complete. An implementation team can learn how to use the software. They can then help train others to help with the transition.
A platform that is simple and easy to use can expedite the training process. One of the benefits of implementation should be the reduction of payroll errors. You wouldn’t want software that’s too complicated, which could make input errors more likely.
There should also be a period where employees can familiarize themselves with the software. They can ask questions and offer feedback. This provides an opportunity to review and resolve any issues raised.
3. Utilizing Data and Metrics for Greater Efficiency
Labor tracking software can do much more than accurately capture hours worked. The right software can provide real-time reporting. It will allow you to track hours and monitor overtime.
It’s an important feature when using tools for manufacturing labor tracking. These reports can help manufacturers allocate resources more efficiently to increase profitability.
Regardless of the industry, the data and metrics generated from any time and labor management software are only beneficial if analyzed for greater efficiency.
The Best Labor Tracking Software for Your Industry
Effective labor tracking can help reduce costs while increasing productivity and profits. You can reap these benefits sooner rather than later with software that is easy to implement and use.
TimeTrakGO’s web-based time clock software meets these criteria and so much more. Our application is not only easy to use but affordable. Why not see for yourself with our 14-day FREE trial?