In many engineering and IT environments, the main focus points back to security. That’s because the success of many firms relies heavily on protecting their intellectual property. Along with security, engineering firms must also focus on managing their workforce in order to maximize ROI on every project. This starts with tracking how much time your […]Read More >
Time & Attendance Software for Technology Startups
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Is there a “right time” for a tech startup to add operational management functions, especially if they’re not ready for a human resources department? Some startups begin thinking about HR and management functions when they reach about 20 employees. That’s when a number of federal and state employment laws kick in. Others will apply when an employee count reaches closer to 50. However, the Fair Labor Standards Act (FLSA), which regulates things like wages and overtime, is in effect for covered employers with even just one employee.
From that perspective, it’s never too soon to think about operational management tools.
There are plenty of cloud-based solutions that help startups put management systems in place before they dedicate capital and resources to their own HR department. Some tools help companies manage payroll and benefits, while others handle functions related to recruitment, onboarding, and employee data. But what about time & attendance for tech startups?
For Tech Startups, A Time & Attendance Solution is About More Than Tracking Time
On the surface, time & attendance seems like an easy-enough thing to manage without help, right?
For a startup, it’s possible that a small group of dedicated employees oversee nearly every operational piece of the puzzle. This includes product development, marketing, customer communications, payroll, and generating new lines of business.
And in this kind of environment, people can occasionally take tracking time & attendance for granted. After all, how hard can it be for employees to track their time, and submit timesheets at the end of a pay period?
As it turns out, a dependable time and attendance solution is about much more than tracking time.
Can your time & attendance software really impact the way that tech companies recruit, retain employees, budget projects, and even win clients? We believe the answer is yes. Our latest report, “Cloud-based Time & Attendance in the Tech Industry,” discusses a number of ways that stratustime supports businesses in the tech industry.
Time & Attendance Helps Tech Startups Defend Labor Decisions to Funders
If your time & attendance system lags behind what your company actually needs, or creates blind spots in your operations, then any holes in your system will eventually show. This is especially true as your team grows, projects become more complicated, and new clients enter your workflow.
With a time & attendance solution such as stratustime, you’ll get support in places that go beyond tracking time and schedules. stratustime can help you:
- Allot workload and workflow functions across employees and teams.
- Track projects and bill clients accurately.
- Pay your employees and contract workers on time.
- Review, plan and communicate real-time budget needs.
- Scale your workforce.
- Generate reports for outside funders and senior leaders.
Here are three of the key ways that stratustime can support your startup company as you build a foundation around your people and your business:
3 Ways That the Right Time & Attendance Solution Supports Startups
- Stay ahead of management issues related to time & attendance.
In larger companies, teams of project managers help keep jobs on target. But this isn’t the case in most startup environments, especially when you’re in growth mode.
- stratustime can help you track project costs, and it delivers the type of information that makes it easier to prepare future budgets.
- Your employees can track their time within projects by whatever codes you set up, no matter how many phases a project includes. Setting details within projects can help you gain insight into why certain phases move faster or slower than others, and where budget projections are off.
- Support your employees and protect your business.
What’s a surefire way to create a little disharmony in your workplace? How about not paying your employees on time, or paying them less than they billed for? If your time & attendance software doesn’t talk with your payroll software, or if employees are manually entering hours, and entering them wrong, then it’s only a matter of time before payroll issues begin to pop up.
- stratustime plays nicely with dozens of payroll systems, in addition to other HR management solutions. This helps prevent issues when it’s time to pay your employees.
- stratustime can also assist startups when faced with potential litigation, especially in wage and hour cases. The software makes it easy for managers and administrators to generate reports that show an employee’s actual scheduled time & attendance over the weeks, months, or years that they worked for you.
- Keep things simple even while you scale.
As you plan to scale your growth, and perhaps even evolve your consumer and employer brand, it makes sense to add a time & attendance software like stratustime that will scale with you.
- stratustime’s pricing is built on a per-employee/per-month model. You can set costs around it, and plan accordingly with the help of our engineers and customer support team when it’s time to add more people or features to your monthly plan.
- As your dedicated time & attendance solution, stratustime can help you prepare your next RFP. The system makes it easy for you to generate and review reports to see how well proposed and actual budgets align. You can use this information on future estimates, and base budgets on hard data.
No matter what type of time & attendance solution you choose—be it paper timecards, a shared spreadsheet, or cloud-based time & attendance software—companies at all stages want something that will sync up with other systems, and keep things simple for their people. Making the right choice can be the key to keeping the best interests of your employees and your company’s growth in mind.
While many time & attendance software companies promise similar core functionality, stratustime’s SaaS model is built around what companies need today and tomorrow. Give us a call, and learn more about all the ways we can put stratustime to work for you.