September, 2017

How Much Should a Time Tracking Solution Cost?

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How Much Should A Time Tracking Solution Cost?

Tracking and managing employee hours can be very tedious and time-consuming when handled manually. And if your current solution is not integrated or unified with your payroll processing, there is still the potential for time wasted on duplicate data entry and correcting errors. But what is the true cost to automate your time and labor management?

We previously discussed how much core HR and payroll solutions should cost while offering some valuable information and resources to help in your research process. Today we are talking about how much a time tracking solution should cost and what you should expect.

What a Time Tracking Solution Should Offer

Time tracking solutions should make it easier to track and manage your time and labor to have a more accurate representation of hours worked and labor costs. Look for the following features and benefits in a time tracking solution:

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Allow employees to clock in and out electronically via time clocks, computer kiosks, desktops, mobile devices, and biometric verification.

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Data should automatically sync to your payroll solution for seamless and accurate payroll processing.

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Track and monitor off-site workers using GPS locations on mobile devices.

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Real-time data on who is working, who is clocked out, who missed a shift, and who missed a punch.

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Manage time-off requests and allow for approval/denial of those requests.

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Create, manage, and approve schedules and shifts.

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Provide reporting of labor data for better cost control.

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Manage paid time off (PTO).

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Manager and employee self-service options for more streamlined workflows and accountability.

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How Time Tracking Solution Vendors Determine Price

The pricing structure of time tracking solutions can be based on several factors, including:

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Whether the solution is cloud-based or on-premises.

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A price per employee is based on how many employees you will be tracking.

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Additional charges could be involved, such as setup and implementation fees. There could also be a base monthly charge on top of the per employee pricing.

What to Look For:

Consider a solution that is unified with other processes like payroll, HR, and ACA compliance to further reduce manual work and the potential for errors to ensure maximum ROI for your company.

Determine Your Needs

It’s important to determine what your current business needs are as this will determine what you’ll pay for a time and attendance system. Today’s solutions aren’t just about employees clocking their hours worked, and it’s important to understand the capabilities in relation to cost:

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Are you looking for flexible time tracking options using various devices or are you just needing a standard desktop login feature?

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Are you currently using a payroll solution that will need to integrate with your time tracking solution or does your current payroll provider offer a native system?

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Have you thought about ease of use, adoption, and efficiency to ensure maximum ROI?

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Do you currently have the ability to control when employees clock in and clock out to ensure accurate tracking of hours worked?

What to Look For:

Check to see if the solutions you’re evaluating offer alerts for items like missed punches or employees nearing overtime. These types of proactive alerts will allow you to better manage labor costs.

Ready to Pull the Trigger on a Time Tracking Solution?

When it comes to making a decision to purchase software, knowledge is power. Arm yourself with resources like a buyer’s guide to really focus in on what your company truly needs. Vendor review sites like G2 Crowd, TrustRadius, Software Advice, and Capterra allow you to get a sense of what different time tracking providers can offer based on their current customers. Finally, make sure you demo different platforms so you can choose the right solution to solve any challenges your business is facing.

The True Cost of Outsourcing

It can be overwhelming to outsource your time tracking or switch to a new provider with so many options available. The best way to approach this decision is to find a solution that can best solve your challenges and pain points. Making the decision to outsource your payroll or change providers is a weighted one. Today’s business landscape makes it very challenging to manage time and attendance manually, and doing so makes your company vulnerable to compliance issues and errors. The true cost of outsourcing your time tracking processes and tasks can potentially outweigh the cons:

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Accuracy: When your time tracking data is accurate, your payroll is accurate. That’s time and money saved on payroll errors.

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Overtime Calculations: Calculating overtime manually is tricky. A time tracking solution can automatically calculate this for you so you’re always paying the correct amount.

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Labor Costs: The ability to view real-time labor costs, automate scheduling, and see turnover reports will give you the power to better control your bottom line.

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Adoption: When your time tracking solution allows you to process accurate payroll, provide timely reporting, and eliminate challenges like duplicate data entry, you’ll see increased system adoption for a better return on investment.

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Empowered Employees: With self-service options, employees will feel empowered with access to information like time-off requests, pay stubs, and schedules. Talk about a morale boost.

Overall, outsourcing and automating your time tracking (especially with your payroll processing) means more accurate data, less manual processes and paperwork, and a more engaged workforce.

SOURCES

Choosing a Time and Attendance System: 2017 Guide

Top Time and Attendance Software

How APS can help

APS helps organizations of all sizes and industries with their payroll processing and tax compliance needs. With a unified platform and a team of tax compliance experts in your corner, we can help make payroll and tax errors a thing of the past.

Looking to make a mid-year switch to a new payroll provider? It’s easier than you think and APS can help you along every step of the way to ensure a successful transition. For the past four years, we have ranked as a High Performer, Best Customer Support, Ease of Use, Functionality, and Product Quality by G2 Crowd. We have also been ranked the #1 software company in Louisiana, a testament to the confidence our clients have in our work.