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As a business owner or manager, it is your job to find modern technology that can enhance your business and help you meet your bottom line. There are many reasons time clock solutions are being used in enterprises globally. It can help boost your team’s efficiency and help your business become more productive. On top of that, it can also help you feel less stressed with running a business and help take care of many administrative tasks that you probably don’t have time for.

Companies who choose older methods of time clocks spend a lot of time on tasks that could be done in a few minutes. Calculating individual hours and ensuring accuracy takes an enormous amount of time that business owners do not have. Without a modern time card app, all hours must be checked repeatedly between the pay periods, and pay period cards must be triple-checked. Still, mistakes happen when all of this is done by hand.

The more employees you have in a business, the more time you will spend on payroll. This can be detrimental to your business when you have other things you need to focus on. Old school time and attendance methods can decrease your efficiency to run a business and hurt your profits in the future.

Let’s look at why you need to switch to a modern time card app and how it can help boost efficiency and your bottom line.

Safe and Secure

Physical punch clocks came with many issues, but one of the more prominent issues was security. There was a centralized area where all employees placed their time cards, meaning anyone could view time tracking information and personal time off requests for anyone else. Not to mention that these cards could be easily misplaced.

A time and attendance app ensures that employees can only view their time tracking or time off details. All time card information is securely stored in the cloud, so it cannot be misplaced or accidentally thrown out. Additionally, time tracking information can be referenced by management from any permitted location or device, so they no longer have to try and hunt down a physical time card.

Decreases Administrative Costs

One of the most time-consuming and costly parts of time tracking is handling each process manually. This is especially true when manual punch clocks are still being used. In the event of an issue, administrative staff would have to track down an employee to try and rectify the problem.

With a time card app, the time tracking process is passive and only requires hands-on intervention when necessary. This allows you to take the money saved on reduced administrative oversight and put it towards another part of your business.

Easily Editable

As mentioned, with a job clock, a great deal of the time tracking process is passive. However, employees will inevitably make mistakes every now and then, and management will need to step in to make adjustments to schedules or employee time.

Since a timekeeper app is easily accessible, management can adjust employee work hours, time off, or schedules from any permitted location or device and with only a few clicks. Making adjustments in real-time and quickly is an essential part of streamlining operations, and with a time card app, you can do just that.

Reduces Time Theft

Time theft is an issue that most, if not all, workplaces have experienced. Not only does time theft impact your bottom line, but it can also severely damage employee morale. One of the best things about using a simple time card app is that some use biometrics to allow people to punch in. This means it verifies their unique physical identifiers, such as a fingerprint or face, before allowing them to track time.

Other features, such as geofencing, help you ensure that employees are only at permitted locations before punching in and not simply punching in while they’re still on their way to work. These features help with reducing time theft and can ensure that employee morale stays at a healthy level through fair time tracking practices.

Motivates Teams

A great feature of this tool is that you can see what projects make the most money, which team makes the most sales, and what workers may be struggling to meet set deadlines. One way to help encourage employees to work at their best every day is to reward them for positive outcomes. This will create a fun way to boost efficiency and motivate your team for the right rewards.

If your business is struggling and you’re looking for a sound investment to help improve your bottom line, then a time card app may just be the answer. It can help streamline the overall time tracking process, improving employee productivity and business efficiency.

Money is critical and has a lot of means to be dealt with. Many fraudsters will try their best to lure you into a trap and then deceive you. Most of such scams happen while transacting in money transfer certificates. Wire transfers between domestic U.S. banks are mostly completed within 24 hours. On the other hand, international transactions take one to five business days.

Though, that’s not the same for all wire transfers. As you understand, “what is a money order or how long does a wire transfer take?” you need to bestow some more time on identifying numerous variables that can potentially hinder the speed of electronic money transfers. Note that some of these factors will be beyond your control, but you can still work on manipulating others to speed up the transaction.

FACTORS AFFECTING THE SPEED OF ELECTRONIC FUNDS TRANSFER

All electronic funds transfers don’t move at the same speed. Certain factors influence their pace. Read below these factors thoroughly and get going.

Time of Transfer

When the transaction was made makes a huge difference in how long it takes to clear. Time and day when you submit your wire transfer paperwork is essentially the most common variable here. Be at ease! You can have control over it since it is easy to alter precisely to speed up the process.

Each financial institution has its unique cutoff time for electronic fund transfers. While for some, it is 2 p.m., Monday to Friday for same-day clearance, some others have a cutoff time of 5:15 p.m. for international transactions and 6 p.m. for domestic ones.

Thus, submit all your paperwork before the deadline if you wish the transfer goes out the same day. Otherwise, it will not go out until the following business day. So, it all depends on the time of transfer.

Location of Recipient

Domestic work gets done rapidly because of territorial privilege. And if you are sending the money within a single institution, it will be way swifter to get it done. International transactions are overwhelming at times. Typically, they take longer, partly because of the recipient bank. The recipient often slows down the process to ensure security against fraudulent transactions.

In fact, some nations are labeled “slow-to-pay” due to their prolonged finance-related processes. Some of these nations are China, Brazil, Indonesia, Russia, Argentina, and Cambodia.

Bank’s Method of Fund Transfer

The three most commonly used methods of wire transfers are FedWire, CHIPS, and SWIFT. Let’s see how these three methods affect the momentum of money transfer.

FedWire

Often considered the fastest method of electronic fund movement, FedWire is reserved for large amounts and time-sensitive transactions. It is applicable only when domestic transfers are to be made. But these are processed almost immediately as once a wire is sent by your bank through FedWire, the recipient gets it instantly, particularly if the recipient bank is the same.

CHIPS

Short for Clearing House Interbank Payments System, CHIPS is the process of grounding multiple transactions into batches and sending in a large transaction. There might be a slight delay compared to other methods as wires are sent in groups rather than as individual transactions.

SWIFT

Society for Worldwide Interbank Financial Telecommunications (SWIFT) is the primitive method of electronic funds movement. Under this system, wires are sent via intermediate banks before reaching their final destination. Due to this, the bank’s cutoff times and other administrative factors delay the transfers.

Takeaway

Wire transfers are used for sending huge funds because they are secure. You are provided with a Federal Reference Number that ensures the uniqueness of your transactions. This reference number can also be used for tracking the status. Overall, it is speedy, secure, and typically helps you get past all the hurdles en route.