Time Management Software can boost efficiency and ROI

Today’s challenging business environment calls for more effective ways of dealing with age-old problems such as time and expense tracking. Technological advances taking place today are dramatically changing the way business is done, in companies of every size, in every area of business. While ERP and CRM solutions are used in large numbers of organizations, workforce management solutions such as those for time and attendance tracking have been relatively less well known until recently. Today, in their drive for efficiency and profitability, leading organizations across the globe are increasingly adopting cloud-based time management software.

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How does time management software help?

Automation of timesheets helps ensure that employees are paid on time, expenses reimbursed correctly, and billable time recorded accurately. In addition, automatic time and expense tracking can also provide valuable insights that can contribute to the growth of an organization. This is why companies and other organizations have adopted modern time management software solutions to eliminate their manual time-tracking issues.

How does a cloud-based time management solution help?

By using time management solutions that are cloud-based and thus accessible through a web browser or even a mobile application, payroll, finance and HR managers can do away with mountains of paperwork and manual collation and analysis of paper or Excel-based timesheets. Employees can easily report time worked through any computer connected to the Internet, and an administrator is instantly notified and can immediately review and approve (or reject) it.

Automatic time management software can perform overtime calculations and thus eliminate guesswork from timesheets, giving management accurate, hands-off numbers to use in planning, budgeting and forecasting. The potential for error is eliminated, as specific criteria such as minimum hours worked daily or weekly can be set by administrators. Omitted fields or incomplete timesheets cannot be submitted, and can be easily defined and setup with customized administrative settings.

Leading cloud-based time management solutions are seamlessly and automatically updated and improved with each successive iteration, so that users will never have the hassle of buying and maintaining their own hardware and software (as in older on-premise business software solutions). This also allows companies to avoid the expense and complexity of a dedicated team of trained IT staffers to keep the system running. Typically, cloud-based solutions come with a guarantee of over 99% uptime, meaning that users have instant online access whenever and wherever they need it. This are some of the main reasons why business applications are moving to the cloud in ever increasing numbers.