Monthly Archives: March 2024

Software Employee Time Tracking Effective Employee and Business Management Tool

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A popular set-up of small to large companies today is to hire remote workers other than the team they have at their site. It is a cost-saving measure. Although it has its benefits, problems still arise, particularly on regulating and tracking employee activities. These are very important because schedule has to be followed. Delays just won’t do any good especially if you are just building your clients’ trust and loyalty. Keeping an organized workflow and manpower must be maintained in order to establish competence. A software employee time tracking will help not only in efficiently managing schedules, but will also help increase productivity because employees tend to focus and concentrate when they know they are being monitored. Idle time is greatly avoided. Your remote workers would have to be mindful of the time. Instead of doing personal stuff before proceeding to work mode, they would have to be conscious that once they log in their activity, the clock will start ticking.

What a software employee time tracking basically does is capture employee time automatically. It’s the accurate and reliable method to implement to record time, view reports and produce billing statements. Significant savings is achieved because the process of attendance and time tracking is already automated. Let us also include its capacity to create detailed invoices. Surely, no time is wasted just to ensure the veracity of the invoices.

This tool also supports company’s need for better project management. Using this software, you can easily track employee activities to ascertain that schedules are followed. You’ll get to have a more organized workflow where delays are greatly avoided.

If you have your own team of workers, payroll is also a business administrative task that is aided by this time tracking application. Using less powerful software would result to erroneous and faulty data, especially when it comes to integrating attendance, leaves, sick leaves and benefits to an employer’s salary. There are also government taxes and loans that need to be reflected on the payroll. And because it can be generated online, companies get considerable savings on printing and hiring administrative staff to do the paperwork. You are also supporting the government’s move in encouraging business firms to go paperless in their transactional processes as much as possible.

Surely, you’ll get a strong hold on how you run your business from administrative tasks to employee supervision. When you have support tools like software employee time tracking, you’ll have enough time to attend to other pressing matters.

Creditors Now More Accepting Of Company Voluntary Arrangement (cva)

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A Company Voluntary Arrangement (CVA) has hit the headlines again with outdoor and leisure retailer Blacks trying to agree one with its creditors. This provides more evidence that creditors understand the value of a CVA in the business turnaround of a struggling company.

According to recent reports, outdoor and leisure clothing retailer Blacks Leisure, (Blacks, Millets and Free Spirit) is likely to agree a Company Voluntary Arrangement with its creditors within the next few weeks. This agreement will allow Blacks to close unwanted stores, and gain the support of its creditors to survive.

What is a CVA?

In simple terms a CVA is an agreement where a company’s creditors decide to accept reduced payments and write off debt. This frees up cash by reducing the debt burden on the company allowing it to continue to trade. As a result of the CVA, creditors not only agree that they will write off a certain amount of the money that they are owed. They also have the opportunity to continue to trade with the company into the future. This is certainly a better prospect than the total failure of the business and the likelihood that there will be little or no returns for creditors at all.

As with many business recovery solutions, CVAs have attracted some criticism. Creditors argue that they are forced to accept the terms of a CVA because if they do not, they are threatened with the closure of the company and that they will be left with nothing. In fact, this argument is flawed because a company would only consider a CVA in the first place if it is struggling to repay its debts and facing liquidation. If this situation were allowed to happen, the creditors would lose everything anyway.

A Company Voluntary Arrangement is designed to save the business and at least get some return for the creditors. It is not a method of simply avoiding paying the company’s debt. It is seen a more consensual business rescue option than others such as pre-pack liquidation as it requires the approval of 75% of the value of voting creditors to be accepted and set in place. Without this, the CVA cannot be implemented.

In an article in the Sunday Times on the 27th September the author suggests that Company Voluntary Arrangements are most often used by retailers to reschedule their debts and close under performing stores. It is true that during 2009, there have been a number of high profile retailers who have used the CVA solution. Notably JJB Sports plc, Stylo plc and Focus DIY plc have all put forward CVA’s (although Stylo’s was rejected by the creditors). However, the CVA solution can be used by any struggling business whatever its size which needs to renegotiate the debt it owes to its creditors in order to survive.