Why Accounting Firms Need an Employee Time Tracking App
As an Accountant, are you tired of sorting through hordes of paper-based timesheets and punch cards daily that take up a significant chunk of your time? On top of that, are you dealing with payroll and budgeting issues that often crop up mostly because somebody didn’t enter the data right? An employee time tracking app might be right for you!
Accounting and managing the funds of a company has proven to be one of the most important and daunting tasks. Accounting includes various aspects, from payroll and budgeting to generating bills and invoices. The critical issue that most Accountants face is the dire need for accuracy because even a small slip up or inaccuracy can result in a significant loss for the company.
Sure, they are only dealing with numbers, but taking into account the time spent as well as several complications that arise when dealing with these numbers along with the vast quantities of numbers we’re talking about here, an employee time tracking app that keeps an accurate track of the time down to the second functions as a great assistant. Along with keeping time records, it helps with GPS timesheet tracking of reports and performance of employees.
Here are five reasons why accounting clients should consider an employee time tracking app.
Accurate time tracking: Employee time tracking apps like Timeero promise to provide precise time tracking records which prove to be extremely useful when generating payroll. A study done by Affinity Live shows that inefficiencies at work cost the US economy 7.4 billion dollars regularly.
As an Accountant, it is extremely easy to lose track of time. This often results in incorrect estimates of time, that can lead to underbilling or overbilling a client, and both of these results invariably lend themselves to one final consequence: loss of money and time.
It’s about time that we make the switch to an employee time tracking software because a) It’s easy to use, b) It’s more reliable than paper-based timesheets, c) There’s no room for estimates or slight inaccuracy because time records are being kept down to the second d) It saves time and money and takes a lot of stress away from the managers.
GPS timesheets: In America, 38 percent of employees still use punch cards and paper-based timesheets. More than 1 in 3 time tracking systems are still outdated and that only adds to the number of paper-based timesheets being produced, not to mention the number of hours employees are wasting to make and manually input the times. This scenario comes in when we have a much more reliable and faster solution to boot. An employee time tracking app saves the Accountant from the hassle of managing and maintaining timesheets. GPS timesheets make tracking an employee’s time much more comfortable. There is also the option of maintaining GPS timesheets by tracking the individual records of an employee or grouping all the files together, which allows one to be aware of the general employee behavior at work and maintain records of the late arrivals and overtime.
What’s great about this is that if you set a geofence for clocking in, you can avoid cases of employees clocking in/out outside of the work place. This GPS based time tracking makes employee time records that much more accurate and reliable..
Automatic Payroll Generation: The best part of using an employee time tracking app like Timeero for Accountants is that it can make payroll generation a breeze. Simple keep all the GPS timesheets from tracking the employees’ time over a specific period, say a month, in one record and calculate the payroll against the number of hours worked for each employee. As an Accountant, having to crunch through numbers daily proves to be a severe headache, especially when there’s a better alternative to choose: an employee time tracking app.
Accurate time records combined with GPS timesheet tracking and automatic payroll generation make an employee time tracking app not just a convenient choice, but a necessity with the exponential growth of data and employees. It keeps a check on human-generated error, makes sure that time tracking is accurate avoiding any cases of buddy punching and time theft and also makes the data available online, which is a big advantage at a time when all data is being hosted online for review, invoicing and billing.
Job Costing Reports: Why should one have to stick to paper-based reports and file them in an inventory, and compare the costing with the payroll, check the budget and then proceed through to get it approved? Such a complicated process can be reduced to a simple one with the click of a few buttons with Timeero. You can create the project reports on Timeero and stay on top of your budget. With all the job costing and payroll hosted in a single place, it has become much simpler for you to take all budget-related decisions or have them approved.
The ease of use, availability and the convenience that creating reports on the employee time tracking app itself provides is unmatched in all spheres and works as a significant beneficiary to all Accountants. Keeping records on paper only to have to sort through them later for a single file is precisely the kind of hassle you can prevent by digitizing all your reports.
Integration with QuickBooks: The primary job of Accountants becomes more manageable as you can integrate with QuickBooks with a simple tab. Import and sync all your records, GPS timesheet tracking as well as budget and payroll to QuickBooks without manually typing the data. It can simultaneously generate bills, invoices, and reports and help you keep an eye on the money in a better way than you could think. Imagine having all the time records, location data, payroll and project progress of employees in a single place which can help you cross-check the payroll and data as many times as possible to avoid errors and keep your work sorted.
Another significant advantage of Timeero, the employee time tracking app, is the cross-platform availability, that means you can access all this data from your office computer, phone, laptop as well as tablet, without having to store all this data individually on multiple devices specifically.