Key Takeaways:
- Time-tracking software offers numerous benefits to retailers, particularly when it’s integrated with a retail point of sale system.
- This post covers 10 benefits, some of which include better profitability, improved accuracy, less wasted time for management, and greater overall production.
The point of sale is the hub of all day-to-day business operations for any retail store. It allows cashiers to ring up transactions, customers to redeem loyalty points, managers to track sales and promotions, and more.
But no POS system can do it all. Each must rely on important partners and integrations for things like payment processing, accounting functionality, and time tracking/employee scheduling.
Though it may seem obvious, it’s so important that retailers track employees’ hours through the retail POS system. Today, we’ll cover the benefits of time-tracking software and how businesses can take advantage of the technology with their point of sale technology.
What Is Time Tracking Software in Retail?
Employee time tracking software in retail consists of a business logging all employee hours directly through staff signing into their shift with the POS system. Employees can clock in and out for their shift by swiping their card, entering their PIN, or logging into their account in another way.
Overall, time-tracking software integrated with a retail POS improves several key aspects of any business’s operations.
The Benefits of Time Tracking Software in Retail
Below we’ll look at the most important benefits of time-tracking software in retail. While this list is far from exhaustive, it covers the biggest reasons for retailers to invest in modern software solutions.
Keep Time-Tracking Accurate
Most importantly, time tracking software keeps the process of time tracking much more accurate than any sort of manual solution. One 2015 study found that U.S. businesses lose 50 million hours of productivity every single day because of incorrectly logged work hours. This is the equivalent of $7.4 billion per day! Investing in modern time-tracking software keeps time tracking significantly more accurate.
Optimize Labor Costs
Using time-tracking software enables businesses to focus on their labor costs and keep their budgets in good order. Manual tracking leaves so much room for error and will inevitably result in higher labor costs. The best app for scheduling employees will keep operations more organized and productive.
Improve Staff Productivity
Time-tracking software increases a sense of accountability among all retail employees. Most time-tracking apps monitor various activities at the POS terminal. This discourages abuse of company time and inspires each team member to be more productive.
Ease Burdens on Management
Likewise, time tracking software helps relax some of the problems that retail management might otherwise have to deal with. Micromanaging is annoying to deal with, a waste of time, and frustrating for both manager and their staff. Time tracking software helps reduce the amount of time managers need to monitor staff schedules and hours logged.
Better Project Management
For retailers that must track different projects, time management software is even more beneficial. Track specific projects in addition to normal retail hours with modern solutions. Owners and managers can set specific expectations for different tasks and track productivity with each.
Keep Tabs on Team Members
It’s hard to keep track of each employee’s performance. Time-tracking software monitors only a portion of performance, of course, but it’s an important tool for managers to keep up with timeliness and productivity.
Pay Employees Accurately
Not only does time-tracking software help improve the bottom line for retailers, but it’s important to remember that it’s also a significant added benefit for all employees. Staff members can be assured that they’ll be paid accurately each pay period, and any discrepancies can be easily cross-referenced in the software.
Increase Profits
At the end of the day, any improvement in operations (including more efficient and accurate time tracking) will result in a boost in profits. Time tracking software allows business owners to see where their payroll money is going and monitor it all in real-time.
Add More Discipline
It doesn’t have to mean you’re running too tight of a ship, but time tracking will help your employees be more aware of their time management and productivity. All hours are logged, offering more transparency into the entire work experience.
Integrate with Payroll Software
Time clock tracking can also integrate with payroll and accounting software. This streamlines all employee management operations to make running a business a bit easier. The more that a business can minimize headaches with day-to-day items, the more they can focus on the bigger picture.
Time Tracking with KORONA POS
KORONA POS offers all retailers significant employee management capabilities natively. The software also integrates with several other solutions for businesses that need more advanced features. To learn more, schedule a demo below.
The more I learn to use KORONA POS, and with the help of awesome customer support, the more I believe this POS system could be a very good fit for many types of businesses out there. What I love the most about this software is the 24/7 customer service and reporting function which are very easy to use.
-Kevin L.
