Maybe Not When It Comes To Your Time and Attendance System!
For most companies, time and attendance management is a topic best avoided because there's a system or process that has been in place for years. While often painful, many enterprises feel their current system is ‘good enough’. But is it? With advances in mobile apps, systems integration, and automation, most companies can achieve big benefits from revamping their current time management procedures.
Let’s study a very time-oriented industry such as professional services. Most consultants are constantly on the road with a mobile device always on hand. They need to keep careful track of hours for each of their clients and projects. The easiest way to do this would be via their mobile phone but often times mobile interfaces are not available or are difficult to use. Therefore the consultant must take extra time to login to their computer, connect to Wi-Fi, open a web browser, navigate to the time and attendance system, login to the system, and enter hours. With a properly designed mobile app, several of these steps can be eliminated, thereby saving each consultant time.
Another common issue is consultants must use several systems and even paper-based processes to complete time management tasks. Consultants’ hours may be tracked in one application while vacation requests are entered in another, andleave of absence applications require paper forms. Such a mish-mash of systems and processes requires consultants to use multiple logins, become familiar with several user interfaces, and complete forms that could have been electronic and thus pre-populated with system data. A unified application with one login that hides underlying disparate systems and digitizes paper intensive processes can greatly simplify the burden of time and attendance management for consultants.
Addressing time and attendance issues equates to significant time savings that can be redirected to value-add, billable work. Consider a 3,000 person public accounting firm in which 85% of the workforce performs billable work. The average billing rate for the firm’s consultants is $322* per hour. If system improvements saved consultants just three minutes of time per week, the firm could boost revenue by $2.1M annually!
As this example illustrates, even small enhancements to your time and attendance processes can yield significant returns. Maybe it is time for your company to wake the time and attendance dog!
To further explore these and other time tracking issues, download our ebook entitled ‘Better Time and Attendance Management – 5 Elements for Success’
Or contact us to see how Sitrion SmartRoutines can simplify time management and save your company time and money.
*Source - Inside Public Accounting