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:
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.
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.
Reduce overtime costs - automated triggers can notify managers when an employee is reaching 40 hours.
Provide an audit trail - with increasing legislation around wage theft, it's important employers have iron tight records.
Easily Integrate with HR and Payroll systems - This eliminates the manual process and reducing the chance for human error.
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)
Time clock fraud costs businesses 1.5% to 5% of gross payroll annually
43% of employees commit time theft
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.
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.