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Features That Determine the Pricing of Employee Time Tracking Software

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Employee time tracking software has become an integral part of business operations. It allows organizations to establish accountability in working teams as it informs their employees’ ability to complete tasks like time taken, and so on.  The software also enforces accountability in employees as they know their work progress is measured across time.  

When we purchase business software, we expect the highest possible value from it. The features and the number of users are important factors that determine the price of employee timesheet software. Here we have discussed features that affect the pricing of time tracking software.

Device Compatibility 

Device compatibility is an important factor in a time tracking software. Software with higher device compatibility will work seamlessly across different platforms, hardware, browser, or configuration. Modern businesses have a distributed workforce, which also includes remote employees. The timesheet app that works seamlessly on a smartphone, computer/browser, and tablet would provide maximum flexibility to the workforce.

Project Costing 

Every business needs to draw an estimate of project costs before executing the plan. Advanced features like project costing combine employees' work hours and hourly rates to give real project costs. Software with project costing features makes things easy for project managers. It enables them to compare actual project costs with estimated project costs. The insights allow them to make changes to the project to maintain the profitability of the business. 

The project costing feature involves use of complex algorithms to give you insights which decide the price of software. 

Real-Time Reporting

Real-time reporting provides maximum transparency in workforce efficiency. It is a business intelligence feature that allows businesses to get real-time information on employees' productivity. These reports can also include GPS tags that enable businesses to check the employee's location at a particular time during tasks.

Such features allow project managers to get the employee's status at any given time and get up-to-date results. In simple words, real-time reports are the easiest way to assess the performance of any employee. Real-time reporting is an advanced feature which increases the cost of software. 

Enhanced Security 

Security is an essential element for every business app. Leading employee time tracking software offers face recognition log-ins that ensure only authorized persons can log in to the software and record all work-related activities. Facial recognition is a useful security feature in apps as it eliminates the need to remember complex passwords on the employee’s end. 

On the IT admin side, they are not required to create user password policies or reset passwords for employees. All this can reduce the burden on the IT department and makes things convenient for both. 

Streamlined Payroll Reporting 

A streamlined system ensures you save money and time while getting the work done. Payroll is a vital function in every business. A time tracking app with streamlined payroll reporting can keep track of all variables required in payroll reporting.

It considers employees' flexible work schedules, freelance contractors, and remote employees while collating payroll data. It reduces the manual work involved in collecting data from different data sheets and calculating work hours to generate payslips. 

Support for Custom Company Policies 

Every business has unique policies related to work breaks, week-offs, overtime, and rounding time off. A time tracking software that allows integration of the company’s systems in the workflow can make things easier for HR. Such features are considered advanced as it applies business intelligence to the workflow and gives accurate results.  

Software that supports custom company policies in time tracking will have better functionality and accuracy in the final results. 

Administrator Dashboard

A central administrator dashboard allows the project manager to get a holistic view of the workforce's availability and efficiency. The dashboard will give unlimited access to work and time-related statistics of employees at any given time. 

The centralized console allows administrators to identify any bottlenecks in the processes that are causing delays. Using the information from the time tracking app, the project manager can make the right decisions to optimize the processes causing delays. 

Round the Clock Support

Each software has a learning curve, and round-the-clock support makes a huge difference. A software developer offering round the clock customer service would allow your business to overcome any technical difficulty and help your business run smoothly. However, this would increase the costs for you.

Subscription Plans

Every software developer wants to lock the customer for a more extended period to recover customer acquisition costs and improve cash flow. Hence, annual subscriptions of time tracking software cost significantly less. Businesses can expect around 20% savings on software costs by opting for a yearly subscription.

To sum up, these are some of the features that determine the pricing of employee time tracking software.

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