The Cost of Doing Nothing

The Cost of Doing Nothing

The Challenge

Every business needs to run itself as best as it can given its operating circumstances, business plan, and the current market conditions. Oftentimes, investments that are made to increase efficiency and reduce operating costs do not produce the anticipated savings, or take a long time to show positive results. Decision makers are usually confronted with having to make tough decisions when it comes to spending precious capital and allocating resources appropriately. So what can help managers make the best decisions when it comes to maximizing resources and ROI?

The Prescription for Success

We suggest that companies start with something easy to adopt like automated and hassle-free Resource Management software. Not only does this timekeeping software start paying back as soon as it is implemented, the solution also leads to a cascade effect of positive changes in any organization. From helping to create a culture that is time-sensitive, to providing management with vital data on the time that employees spent on a specific project, time tracking software provides a great deal of benefits to its users.

For companies with offices spread across the globe, or with a mix of various types of employees (full-time, part-time, hourly, etc.), the complexity of time tracking can take its toll in terms of hours spent to adequately keep track of what the workforce is accomplishing at any given moment. Manual systems for tracking time and attendance are error-prone and can result in compliance issues down the road, in addition to costing the company more due to the frequent issue of overpayment. Figures from the American Payroll Association show that manual processing of time and attendance can introduce errors that reach up to 7% of payroll due to human error. These kinds of errors can be easily avoided by switching to an automated system.

Overtime can help a company meet its production deadlines, but this extra cost should be minimized. One way of accomplishing that is to adopt time tracking software to better schedule your resources’ time and provide management with better visibility into employee utilization and work scheduling.

In Conclusion

Among the plethora of steps that an organization can take to improve its efficiency, few are as easy to implement as an automated online time and attendance tracking solution. Companies looking to enhance their ROI and increase profits would be well advised to adopt innovative solutions that are hassle-free and cloud-based, such as Replicon’s TimeAttend software. Investing in a time and attendance tracking solution today will produce measurable improvements in your company’s efficiency and productivity tomorrow, as many of Replicon’s customers can attest to.

Avatar
ABOUT THE AUTHOR
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

Global Compliance Desk – Ireland

New Unpaid Parental Leave Entitlement The Parental Leave Acts allow parents to take parental leave from employment in respect of certain children. Under the Parental Leave Act 1998, parents of…Read More

Global Compliance Desk – Germany

Annual Leave Entitlement During Unpaid Special Leave  An employee who is continuously on unpaid special leave for a calendar year is not entitled to holiday leave in the absence of…Read More

25 Employee Payroll Tips for Small Business Owners

Recruiter | July 05, 2019 By Lakshmi Raj, Co-Founder and Co-CEO, Replicon Payroll can be a challenging task for any small business but with the right tools, it can become…Read More

Exempt vs non-exempt workers: simplify employee classification

In the United States, most jobs are governed by the Fair Labor Standards Act (FLSA), which classifies workers into two broad categories: exempt and non-exempt. Under the FLSA, non-exempt employees are…Read More

The five reasons employees work overtime

Very few people enjoy working overtime, and even fewer companies want their employees stretching their hours. Besides the costs of paying overtime (and a few extra costs), research has shown…Read More

The 7 must-haves for choosing the right professional services management solution

Not too long ago, if you asked any professional services organization to tell you how they managed client projects, resources and utilization rates, the answer was always the same: spreadsheets.…Read More
  • Cloud
  • In The News
  • Corporate
  • Professional Services Management
  • Project and Program Management
  • Shared Services Management
  • Time and Attendance Management
  • Workforce Management
  • Customer Feature
  • Feature Update
  • Time Intelligence
  • Industry News
  • Webinar Recap
  • Global Compliance Updates
  • Chat with us
    How can we help you?