Optimize Your Business with Time & Attendance Software

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1 Optimize Your Business with Time & Attendance Software

2

3 Table of Contents Survey Reveals Reducing Labor Costs and Increasing Overall Revenue are Key in 2015:...5 Scrutinize Your Budget: Analyze Time and Attendance Cost...7 Reduce Idle Time: Adjust Scheduled Time and Attendance...8 Raise Business Capital: Give a Time and Attendance Overview...9 Manage Payroll Taxes: Have Essential Time and Attendance Reporting...10 Expand Your Business: Set Controls on Time and Attendance...11 Improve Business Profit: Plug Gaps in Time and Attendance...12 Better Serve Customers: Track Employee Time and Attendance nettime solutions

4 Regardless of our business size, market segment, or industry, we share similar desires in business optimization. Whether we strive for an increase in profits, a reduction in expenses, or a mixture of both, we all wish to make the most effective use of our opportunities and resources. Time and attendance technology can help in nearly every aspect of business optimization, from managing payroll taxes to reducing idle production capacity and analyzing employee costs nettime solutions 4

5 Survey Reveals Reducing Labor Costs and Increasing Overall Revenue are Key in 2015 Spend less and yet drive more revenue? It should be no surprise that business optimization is at the forefront of the majority of business plans for US organizations in According to our most recent survey here at nettime solutions, an overwhelming 90% of companies shared that in 2015 their plans include an increase in overall revenue, while 45% shared that in addition to an increase in revenue, they are seeking ways to reduce labor costs nettime solutions 5

6 What s interesting is that while reducing labor costs is such an important aspect of organizations business optimization strategies, our survey also revealed that 53% of respondents report that overtime for fulltime employees is an everyday challenge. When we see that the majority of businesses are struggling with overtime costs, we want to better understand why these challenges are occurring and try to identify the right solutions to help organizations achieve their business goals. One of the potential solutions is for businesses to have the ability to review their scheduled versus actual hours for their hourly workers. Our survey respondents agree. 52% of all businesses say having insight into scheduled versus actual hours would be beneficial in helping them keep their overtime hours in check, and thus reduce their labor expenses. The other way for organizations to better understand those labor expenses and develop plans to keep them in check is to start auditing the amount of time spent on projects, regions, products, etc. Once again, our survey respondents agree. 58% of businesses said that they would like to have the ability to see how much time an employee is spending on specific projects, and that this type of data would help reduce labor costs and improve profit margins. Beyond time management solutions, our survey also explored the impact customer service can have on overall revenue, and therefore profitability. Customer service is traditionally a key driver in any business plan, and our survey revealed that 72% of businesses rank customer service not only as important, but as extremely important for their business. While there are many ways to improve customer service in an organization, 74% of our survey respondents shared that their customer service suffers when their business is understaffed. Together, everything makes perfect sense. Businesses need to have more transparency within their labor data so they can use that data to make informed business decisions nettime solutions 6

7 Scrutinize Your Budget: Analyze Time and Attendance Cost Every year, as we revive ourselves after receiving the winter holiday shopping credit card bills (whew!), the topic of budget suddenly pops into mind. And for businesses, that means looking at your time budget. With an advanced time and attendance system, you can easily create customized reports to analyze the actual time spent in December, so you re prepared for the following holiday season. Let s consider a typical holiday season. Across business types, various labor scenarios play out: The hiring of additional temporary help ( seasonals ) Overtime for full-time permanent employees Shutting down the business during the two-week gap in normal business activities For example, have you ever over-hired temps resulting in too much time on their hands? Or have your fulltime employees ever been understaffed and found themselves punching in gobs of overtime? Have you ever had employees end up working even though your company was technically closed for two weeks? Customized reports can give you the answers to these questions. Budgeting is not about lowering costs. Budgeting is about solvency and liquidity which means you re prepared to keep your business in a high-functioning order even during the most frenetic of times. 7

8 Reduce Idle Time: Adjust Scheduled Time and Attendance Whether you manage a sleek technology office or a noisy manufacturing site, you don t want your people sitting around doing nothing. A cloud-based time and attendance system streams labor data in real time. Managers can create scheduled versus actual reports to adjust work schedules and direct workforce activities at all times. If you re still using paper-based timesheets, you re probably used to analyzing employee time individually because that s about all you can do. With an advanced time and attendance system, you can create reports that drill down to any business level you require. For example, you can analyze the time spent by crews, teams, and locations. You can analyze the time spent on customers, clients, and accounts. You can even look within your own facility and analyze employee time by wing, department, and cost center. Keeping employees productive requires planning. But time and attendance information is constantly changing. With a cloud-based time and attendance system, employees clock in/out, request time off, and make schedule adjustments in real-time using the mobile interface, the time clock, the web kiosk, or the telephone. All time entries are accurately recorded, which means your time collection can be done in a timely manner. Knowing where and when to place people is the art of business. With easy-to-read time and attendance reports, managers can analyze labor analytics and make decisions to take action. 8

9 Raise Business Capital: Give a Time and Attendance Overview Has a shiny new object caught your eye? Perhaps it s a monstrously big piece of equipment, or the latest innovation in nanotechnology. Now your next step is to raise business capital to pay for it. With an advanced time and attendance system, you can create customized reports to help meet the enormous reporting requirements of securing capital. Customized reports accurately reflect your business in your terminology. The lender (or investor) will want to know everything about your business before they fork over the cash. For example, a business is often made up of profit centers such as Sales and Service. You can use time and attendance reports for an operational overview on how much time your people spend in each profit center and to learn when your busiest periods occur. Quality information like this can help your lender (or investor) focus on the nature of your business with real examples of employee time. 9

10 Manage Payroll Taxes: Have Essential Time and Attendance Reporting Time and attendance reports can help payroll managers reconcile the amount of payroll taxes withheld and owed. In which case, double-checking is essential. But if you are still using paper-based timesheets, your manual time and attendance reports may be wrong. With an advanced time and attendance system, you can create Excel spreadsheets or PDF reports that seamlessly integrate into your payroll systems. Managing payroll taxes is a serious subject and we like to simplify things when we can. Payroll taxes: Represent withholdings of employee earnings Are due when wages and other forms of compensation (reported as W-2 earnings) are paid to employees Are held in trust by the business for the employee A cloud-based time and attendance system captures employee time and attendance (right down to the second). With this accurate reporting, you can better verify payroll tax. It s that simple nettime solutions 10

11 Expand Your Business: Set Controls on Time and Attendance Perhaps you ve looked at all of your business accomplishments to date and you realize you re ready for the next step: to expand your business. The customizable reports generated by an advanced time and attendance system can help business growth in two ways. Your people are your most precious resources. With customizable reports, you can analyze where they are kept the busiest (i.e., by location, by project, by team) and when. And if you look at the time spent by customer, you can even discern why they are spending time. The result? You can better schedule employee time to help drive your expansion plans. Second, a cloud-based time and attendance system provides an effective prevention against time fraud. As your business grows rapidly, it is more important than ever to have internal controls in place. An advanced time and attendance system displays a dashboard of time entries. There is a transparent chain of approval and edits. And as you grow your business, you can generate reports with audit trails for all time transactions. 11

12 Improve Business Profit: Plug Gaps in Time and Attendance Make more money tops the corporate agenda year after year. But if employees are still clocking in with paper-based timesheets, stop losing money should be your first goal. An advanced time and attendance system lets employees punch in/out right down to the second of their time. With such high-quality data, managers can create customized reports to analyze employee time individually or in groups. For example, you can create reports by crew, department, group, facility, location, wing, store, zone, team, and even by position. With a cloud-based time and attendance system, your employees clock in/out using the mobile interface, the time clock, the web kiosk, or the telephone. With this streaming time data, you can track and analyze where your employees spend the most time working and when the most hours are logged. These reports integrate into HR systems making a streamlined process for benefits, training, and/or safety compliance. Profitability lies in the margin of employee time. If you can lower costs while still retaining quality products and services, you are better positioned to reach your goal of improving the bottom line. 12

13 Better Serve Customers: Track Employee Time and Attendance Does the thought of generating another report make you want to crawl back to 2014? Probably, if you re still using outdated time and attendance processes like a punch card or spreadsheet. With an advanced time and attendance system that culls real-time data you can easily create customized reports. For example, let s look at your customer base. Depending on your line of business, your customers may also be called clients, patients, or accounts. You already know that no two clients are the same, and that some accounts require more hand-holding than others. But what you may not know is exactly how much extra time these special customers require. With easy-to-read time and attendance reporting, you can filter reports by customer, projects, and/or jobs. Everyone s time is valuable but none more so than your customers time. By analyzing scheduled employee time versus actual time spent, you can better schedule employees, so that way each customer is given the time they need. 13

14 Without understanding the intricacies of your unique business, we can emphatically say that time will happen to your business, regardless of if you are a 3,000 employee manufacturing facility or a 250 employee law firm. Moreover, that time can have a critical impact on your business optimization, and time and attendance technology can help in nearly every aspect of business optimization, from managing payroll taxes to reducing idle production capacity and analyzing employee costs and even better, serving your customers nettime solutions 14

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