Time and Attendance Software Market Global Opportunity Analysis and Industry Forecast, 2017-2023
Time and attendance software is a business application developed to optimize and track the number of workhours of an employee, which helps keep record of wages and salaries paid. It provides management personnel with diverse tools to help maximize cash flow and minimize waste. Payroll management, time & attendance, scheduling, labor budgeting, attendance management, and task management are few applications of this software. Time and attendance software offers payroll processes automation; complies with government regulations; ensures proper compensation for overtime; minimizes errors in bookkeeping; and enables breaking down of processes & events into tables, graphs, and charts, which drive the global time and attendance software market. Moreover, integration with financial analytics, business intelligence/business analytics (BI/BA), and human resources management systems supplements the adoption of time and attendance software solutions. Furthermore, customization of the software to cater to the needs of different groups of employees presents a major opportunity for prominent players operating in the market. However, cost of installation of this software restricts the market growth.
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