5 key benefits to using reporting software

5 key benefits to using reporting software

In the modern business world, securing your company's future means identifying growth opportunities and having the confidence to take them as they come.

Yet, businesses must streamline their operations to achieve growth and ensure each team member contributes to the bigger picture.

Reporting software can be a beneficial tool for any business, providing on-demand information so management teams can make quick decisions.

In this guide, we'll discuss the key benefits of reporting software and how it can give your business a competitive advantage.

What is reporting software & why is it beneficial?

Reporting software is a tool that professionals use to generate accurate reports on various employee data points, which ranges from time and attendance to performance reviews to compensation information.

Senior management teams can use reporting software to monitor their team's performance and evaluate their productivity goals, as well as assess whether the business will be able to meet the KPIs in place.

We'll explore the intricacies of software later, but before we do, we're going to share an overview of the benefits it offers.

1. A reporting system saves time and money

Before software solutions became popular, businesses would have to monitor their team and perform daily operations manually, which was timely and cumbersome

Today, even small companies can utilise software to handle general administrative tasks while they focus on developing their businesses.

As a reporting tool, Planday can help you monitor your employees and give them more control over how they plan their days.

Here are some examples of what the software can do for you.

Dealing with holiday requests

Every workplace has to ensure their team gets a certain amount of holiday leave each year, and it's up to the management or HR departments to manage these requests.

It can get particularly stressful in the busier seasons, and many people have to spend hours going through requests.

Let's not forget that manually calculating how much time employees have left and ensuring holiday dates don't clash is no easy feat.

The software makes everything easier because there's no room for errors, and it does all the calculations for you.

Managing staff absences

Staff absences can have a devastating impact on a business, including having to pay other employees overtime and using agencies to fill staffing gaps. Despite their effect, an article by Bdaily News shows that 55% of companies don't fully grasp the cost of staff absences and how it negatively impacts their business. 

For instance, staff absences can account for around 3% of a business's payroll expenses. That might not seem a lot, but it does add up - especially if employees are regularly off work.

Reporting software can highlight which team members are taking a lot of sick days, giving you space for contingency planning.

Streamline payroll operations

Payroll can be a complex and time-consuming process, especially for businesses with a large workforce. Reporting software can help to streamline the payroll process by automatically collecting and organising employee data.

The software can track employee hours, vacation and sick days and generates detailed reports that help with wage calculations.

It will also generate tax forms and other documents required for payroll, saving businesses a significant amount of time and money.

2. Software can benefit employees too

The heart of any company is its workforce. The product or service can be innovative, and the price might be just right - but without a dedicated team, no company can survive.

While reporting software seems to only benefit managers on the surface, it's a valuable tool for individual team members. 

Reporting systems enhance productivity

As we mentioned, all employees have the right to holiday leave, but manually submitting requests can be time-consuming. Not only do people have to ask for a break, but they also end up chasing their manager to confirm it.

When team members can update requests on one system, they're more likely to focus on their work instead of getting distracted.

Demonstrate that employees are valued

The average turnover rate of employees in the UK is 15% each year (Monster). While this might not seem like a considerable amount, it still shows that many people leave their current job to seek better opportunities.

One reason is that people don't feel their employers value them. Investing in software shows each team member that they're valued, which can improve retention rates.

3. Improve security and GDPR compliance

Maintaining compliance with security and data privacy regulations can be challenging for any organisation. HR departments are particularly vulnerable, as they deal with sensitive employee information daily.

Luckily, reporting software can help to improve security and GDPR compliance because it tracks and reports all employee data, including contact information, job history, and performance reviews.

By keeping all this information in one central location, HR departments can protect it, permitting only authorised personnel to access it.

We also must remember that the software can remove the risks of human error and keep private information secure by identifying potential breaches.

4. Faster decision making

Making proactive decisions is central to any business's growth and continual development. A variety of things can impact performance, and reporting software generates data that managers can use as and when needed.

Assess key performance indicators

Key performance indicators are in place to measure the overall success of a company and how each employee is performing. However, tracking individual performances is hard, and doing it manually could waste countless hours.

Reporting software can generate automated reports that determine whether an employee is reaching their goals and identify any issues with recurrent absences.

These progress reports ensure companies can save money and look at training team members that aren't performing their duties.

Analyse costs

Businesses need to clearly understand their costs to make informed decisions about where to allocate their resources. Reporting software can help organisations to do this by providing detailed data on labour costs.

The information identifies areas where costs are high and allows senior management teams to develop strategies for reducing expenditure.

Providing accurate insights into how a business is performing will maintain relationships among stakeholders and help people make decisions about implementing new cost-reducing procedures.

5. Cloud-based software facilitates remote working

Lastly, a reporting system can improve performance among remote workers, as it allows people to log their expenses and share valuable information wherever they are.

Being able to communicate seamlessly ensures better customer experiences and efficiency among departments.

A dedicated platform allows people to collect information, share files and maintain strong working relationships, which will benefit the business.

Planday helps you make intelligent business decisions

Imagine being able to do everything on one platform. That's what Planday offers for businesses in all sectors. Our cloud-based solution empowers your senior team to make the best decisions during critical periods.

Here's what you get with Planday.

Monitor staffing and payroll costs

Keep track of what your team is doing and when they're doing it. Our software generates up-to-date reports, so you can ensure no staff member is working more hours than they should.

You'll also be able to monitor how much you're spending on payroll and forecast potential overtime costs.

Software tailored to your industry

We know that each industry works differently, but there are zero sacrifices with our software. If you're in the hospitality, retail, healthcare, hotel, leisure and many more sectors, you'll have everything you need to manage your business online.

Real-time reporting system

Planday is always accessible. You can tailor the software to send automated reports regarding any changes among your team, including absences or an employee who is close to working more working hours than agreed upon.

Get a free trial today

We designed Planday to be a convenient and cost-effective solution for companies of all sizes and would love to see how it can work for you.

Please feel free to contact us with any questions or book your free trial today.