V2verify's Time and Attendance Solution is Quickly Becoming the Go-to Solution for Time and Attendance Management.
Time clock fraud may seem like a minor issue, but it’s not. If left unchecked, it can create a hole that's difficult for businesses to climb out of. With time theft now totaling over $50 Billion annually in lost revenue and productivity.
V2verify's Time and Attendance Solution:
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Can eliminate buddy punching - (one employee punching in/out for another) by using a voice biometric to clock the employee in/out with a 99% degree of accuracy.
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Ensure the employee is where they are supposed to be - V2verify collects geolocation and other metadata to confirm the right employee is where they are supposed to be at the right time.​
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Reduce overtime costs - automated triggers can notify managers when an employee is reaching 40 hours.
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Provide an audit trail - with increasing legislation around wage theft, it's important employers have iron tight records.
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Easily Integrate with HR and Payroll systems - This eliminates the manual process and reducing the chance for human error.
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Time fraud also can affect employee morale especially if there aren't any consequences for the offenders.
According to studies by the American Payroll Association (APA)
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Time clock fraud costs businesses 1.5% to 5% of gross payroll annually
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43% of employees commit time theft
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75% of businesses are affected by time theft
Wage and Hours Disputes - Wage and hour disputes are expensive — and they’re on the rise.
If you have a dispute with an employee about the hours they’ve worked, and all you have is a paper time card, it may come down to your word against theirs. In the hands of a good attorney, your employee may be able to build a case against you.
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The best defensive against wage disputes it to have a solid digit audit trail, and because under federal law timesheets must be kept for at least two years, digital files are easy to archive and manage.
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