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4. - Important terms related to workforce management software: Read more in this section
- time and attendance software
- workforce analytics
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Time and attendance software is a type of business application designed to track and optimize the hours that employees spend on the job and keep records of wages and salaries paid. This type of software is common in businesses of all sizes.
Time and attendance software provides management personnel with diverse tools to help maximize cash flow and minimize waste. The programs can generate, maintain, and archive important payroll and tax information. The records can prove invaluable in the event of an audit by taxing authorities. A good time and attendance software suite will continue to function properly as an organization evolves.
The most important features of time and attendance include:
- Tracking employee hours.
- Tracking wages paid.
- Automating payroll processes.
- Complying with government regulations.
- Ensuring that employees receive proper compensation for overtime.
- Minimizing errors in bookkeeping.
- Breaking down processes and events into tables, graphs, and charts.
- Integration with financial analytics, business intelligence/business analytics (BI/BA) and human resources management systems.