When it comes to choosing an employee time clock, you have several options available. You can opt for a traditional time clock, a time clock system with no monthly fee, or a subscription-based web time clock. The choice depends on your specific requirements and preferences as time tracking solutions come in different forms.
The prices for time clocks and time clock software can vary significantly. They depend on factors such as the features you need, the number of employees you have, and your budget. However, the following information will give you a general idea of what to expect.
Cost Breakdown
For an electronic time clock that prints on a time card, you can expect to pay anywhere between $50 and $500. If you prefer a standalone fingerprint time clock system, the price range typically falls between $100 and $1000. As for cloud-based time clock systems, the cost usually ranges from $1 to $20 per person per month.
Understanding Value
In general, the price you pay for a time clock reflects the features and functionality you will receive. This holds true for both traditional time clocks and standalone systems. The higher the price, the more likely you are to gain access to advanced features. The same principle applies to cloud-based attendance systems as well.
It's important to consider the true value you will receive in return for your investment. While it may be tempting to opt for the cheapest or even a free service, it's crucial to weigh the potential costs associated with subpar solutions. Keep in mind that the American Payroll Association recommends using an attendance solution that ensures compliance with regulations.
To help you make an informed decision, here are four key benefits to consider before investing in a time clock:
1. Time Savings: Traditional time clocks often require manual calculation of employee hours, while even calculating time clocks may still require manual data entry for payroll. To save time and reduce errors, consider using time clock software that automates these processes.
2. Ease of Use: Standalone time clock systems are usually user-friendly for employees, but transferring time clock data to your payroll system may still require manual work. Look for a system that allows for easy export or integration with your payroll software.
3. Buddy Punch Prevention: Time theft, where employees clock in for each other, can be a costly issue for businesses. According to Smallbizgenius, 75% of US-based businesses experience problems with time theft, resulting in significant financial losses. Consider using a more secure system that offers biometric time clock features.
4. Mobile Accessibility: Currently, there are no monthly fee time clock solutions that offer mobile phone access. In such cases, employees need to clock in using a time card or collection terminal. Additionally, administrators may not have access to payroll data from the web. If mobile phone access or GPS tracking is essential, your best option is an online time clock app.
Embrace Modernization
While the cost of purchasing an employee time clock with no monthly fee may seem appealing, it's important to consider the advantages of using an online time clock system like Open Time Clock for your payroll needs. Such systems offer time savings, ease of use, buddy punch prevention, and mobile phone accessibility. Additionally, optional face recognition time clocks are available for enhanced security.
By understanding the value and benefits associated with different time clock solutions, you can make an informed decision that aligns with your workforce management requirements.
