Still using spreadsheets for tracking time? Here’s why you should stop now

Avoid Using Spreadsheets

For many years, software vendors have predicted the demise of the spreadsheet – but instead, it’s mutated from being a simple calculation tool to an application used for more complex business tasks. In the employee management world, small businesses to multinational corporations alike are still using spreadsheets to track staff hours, better utilize resources and improve business efficiencies.

Yet for a tool designed to enhance efficiency, it’s a productivity drain. Think about it: in an age of automated technologies such as self-driving cars, drones and robots, shouldn’t using spreadsheets be a relic of the past?

Spreadsheet pitfalls explained

Tracking employee time on spreadsheets is fraught with data entry frustrations. Errors are rife, and finding and fixing them can be a time-consuming nightmare. Plus, spreadsheets’ lack of centralization means there’s no way to get actionable insights from the data, and the human intervention at each step leaves a question mark on the data’s accuracy. Spreadsheets are not only cumbersome and difficult to consolidate, but weak timesheet controls make companies vulnerable to hidden costs such as timesheet fraud, revenue leakage from inaccurate data entry, and higher risks in wage and hour noncompliance. In fact, the Department of Labor’s Wage and Hour Division has recovered a whopping $1.3 billion in back wages for workers since 2009.

Thomson Reuter’s research on the hidden dangers of using spreadsheets found that many organizations have spreadsheet-based solutions that are not only inherently unreliable and insecure, but simply weren’t designed to support multi-user, process-centric working environments. Version control, auditability, and integrity are all well documented problems. Spreadsheets also can’t meet the standard record retention guidelines of compliance programs. Clearly, this model is just not sustainable in today’s data-rich and analytics-hungry business environment.

Automated technologies to support your bottom line

The challenges that spreadsheets present to track employee time mean that the benefits of using automated time tracking tools, such as Replicon Time & Attendance, are a certainty. These solutions are easy-to-use and add much needed scalability, visibility and security.

The advantages of automated time and attendance solutions are:

  • Reduced labor-intensive payroll processing, and less errors and costly overpayments
  • Ability to integrate with other processes such as tracking project costs and client billing
  • Real-time insights into labor cost management, project completion, and a reduced billing cycle ― dramatically improving cash flow velocity through quicker invoicing
  • Robust reporting functionalities to ensure compliance with labor laws, minimize operational and compliance risks, and ensure a strong audit trail

Whether you’re looking to move away from spreadsheets, or are aiming to maximize the benefits of an existing system, a flexible and powerful time and attendance system can drive significant value to your business – and your bottom line. You don’t have time to waste on manual, labor-intensive systems of yesteryear. Are you ready to reap the benefits of an automated solution?

Vivek Gopalpuria
ABOUT THE AUTHOR
Vivek Gopalpuria
Vivek is the VP of Product Marketing at Replicon. Replicon provides award-winning products that make it easy to manage your workforce. With complete solution sets for client billing, project costing, and time and attendance management, Replicon enables the capture, administration, and optimization of your most underutilized and important asset: time
Get started today.
Set up a free trial based on your business needs. Start Free Trial

Top 5 Mobile Timesheets On the Go to Make You More Productive in 2022

Time tracking software is the backbone of every company when it comes to recording time and attendance as well as project management. The demand for such software is always increasing…Read More

How can Large Service Organizations Maximize Resource Utilization to Drive Higher Project Profitability

Large services organizations are facing several challenges in their business. On one hand, they need to maintain a flexible hybrid workplace that supports collaborations and can bridge the gap and…Read More

The Impact of Brexit on The Working Time Directives

TLNT | OCTOBER 13, 2021 By Lakshmi Raj, Co-founder and co-CEO at Replicon On the 1st January 2021, when the UK officially left the European Union, they gained the power…Read More

Time and Attendance Orientation Guide

In a growing business, the day will eventually come when managing time and attendance on paper becomes both inefficient and risky, especially when trying to balance things like overtime, paid…Read More

Using shared services? These five technologies are a must

As organizations continue to scrutinize operating costs and look for areas to drive efficiencies, shared services centers (SSCs) are a no-brainer. The concept of a multi-function SSC has been around…Read More

Employee time tracking is dead

iBeacons, Bluetooth Low Energy, Proximity sensing and the obsolescence of time tracking as we know it. Businesses have to track the time their employees work for a variety of reasons,…Read More
  • Polaris
  • Time & Project Insights
  • Time & Projects Solutions
  • Replicon Products
  • Replicon Users
  • Enterprise Time Tracking
  • Cloud
  • Corporate
  • Professional Services Management
  • Shared Services Management
  • Time and Attendance Management
  • Customer Feature
  • Time Intelligence
  • Industry News
  • Global Compliance Updates
  • Others