How to Protect Your Company From Time Theft

Time theft is a serious problem for companies in the U.S.

According to the American Payroll Association (APA), time theft: 

• Negatively affects 75% of businesses, and 
• Buddy punching alone causes nearly 3 of every 4 companies to lose 2.2% of gross payroll costs.

So how do you stop time theft? The answer is an automated time tracking system — and specifically one that has the 3 features below.

1. Online time tracking

It’s never been more important for people to be able to record and report their hours remotely. Once you put the proper system in place, time theft becomes a thing of the past.

Mobile time tracking gives everyone the ability to record, submit and view time information from anywhere, on any device. That visibility keeps people accountable, and keeps everyone on the same page as far as hours worked, breaks taken, and so on.

With an online time tracking system like Time Tracker, you can provide:

• Mobile access for managers, which allows them to view, reject or approve time before it’s submitted
• Employees with the ability to track their time down to the second, and to move easily between projects
• Automatic reporting to help managers identify potential problems and gauge productivity
• Alerts for breaks and overtime so employees always know where they stand
• Expense reports that are updated automatically without extra paperwork 

Bonus: If an employee ever exceeds their predetermined time threshold, a notification instantly goes to an administrator so schedules can be adjusted or employees can be notified to stop working. 

2. Facial recognition

The most effective way to stop a buddy punch is to make it impossible, and that starts with facial detection. Look for solutions with a time clock kiosk that uses facial recognition technology to make clocking in and out easy and precise.

Time Tracker’s time clock kiosk prevents time theft in 2 steps:

1. A camera captures the image of an employee when they clock in and out, and a picture is automatically attached to their time data. 
2. After an employee clears initial verification, they can input their unique 4-digit pin to clock in and out. 

It’s that simple. If an employee attempts to clock in or out for someone else, an email is dispatched to their manager. Buddy punch eliminated! All you need to get started is an internet connection, a tablet and the app.

3. Location tracking

The last layer of buddy-punch prevention is GPS, which helps control both intentional and unintentional time theft. 

GPS systems such as Time Tracker allow you to:

• Collect real-time data on each team member
• Maximize accuracy and efficiency in travel and route times
• Ensure employees are where they’re supposed to be during working hours
• Provide extra security for team members since someone always knows where everyone is
• Reduce travel time and fuel costs, which benefits the company’s bottom line

Plus, requiring employees to share their location while working means there’s virtually no chance of a buddy punch, or of anyone estimating hours incorrectly for a particular job. No more relying on ID badges or passwords to prevent time theft.

Ready to stop time theft at your company? 

Reduce time theft with Time Tracker by eBillity. Try Time Tracker free,14-day trial today.