Operations are not easy as a small business owner, especially if you’re just starting out. When you have a growing number of employees who need to get paid, keeping accurate records can become challenging. It’s important to be aware of every detail related to employee hours, pay rate, and time off. To help you get started, here’s an overview of the significance of accurate timekeeping and how timekeeping systems can positively impact your business.
The History of Timekeeping
Timekeeping has been an essential aspect of business logistics since the invention of the clock. Records of timekeeping date all the way back to 1772 BC with the Code of Hammurabi. This Babylonian treatise kept track of workers’ hours with a wage of 6 grains of silver per day, less than a dollar in today’s currency.
After many centuries, this system eventually evolved into the hourly wage when Willard Bundy invented the mechanical time clock in the 1880s. In the 1950s, the billable hour began to make its way into professional settings. Today, modern timekeeping technology has gone far beyond paper and machinery, and many employers now use cloud-based timesheet platforms and smart devices to make the process more efficient.
The Importance of Timekeeping for Businesses
Timekeeping can improve productivity and efficiency for all team members. Employees display responsibility and reliability when their work matches the time recorded in their timekeeping application; it initiates a need for time management, which is important for the entire company. Some businesses rely on timekeeping more than others, especially when deadlines are essential for their services.
Businesses That Benefit From Timekeeping
- Retail and Hospitality
Despite how it may appear, small businesses make up the majority of retail and hospitality services; this includes local coffee shops, locally-owned lodging accommodations, and local restaurants. However, many of these businesses are forced to rely on outdated resources and technology for timekeeping.
- Construction and Manufacturing
Construction careers are unique since they often include team members that work by contract. Since everyone has to follow a strict deadline, one misstep could delay the entire project. For these reasons, keeping track of all employees working on the project is essential. Updated timekeeping software can reduce potential time theft and improve project efficiency. When billing clients by the hour, it’s very important to have data to back up the balance sheets.
Timekeeping Systems – Brabo Payroll
As a local payroll company for small businesses, Brabo offers online timekeeping services that are efficient and easy to use. We provide operational solutions, supporting your small business so that you can focus on more important matters.