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Read Now: What’s the best employee time clock for your small business? – 101 Latest News

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1 week ago

May 25, 2023

What’s the best employee time clock for your small business?

#Whats #employee #time #clock #small #business

Across companies large and small, time clock apps are becoming more and more popular. Thanks to mobile technology, they’ve become a go-to tool for managers and business owners. Together with a stellar team schedule, they give an accurate picture of when and where a team is working, and which tasks are being worked on.

As a small business, your approach to tracking employee time is a huge decision. Looking for help choosing the best employee time clock for your small business?

Here’s our deep dive into all the different time-tracking systems out there.

What is an employee time clock?

An employee time clock is a system used by all types of businesses to track employee time and attendance.

A time clock collects data when employees clock in and clock out, and monitors the time spent completing work tasks. Managers also use time clocks to see which employees are at work and which ones are away.

What about an employee time clock for a small business?

Time clocks are a great way to monitor time use across businesses of all sizes. But when it comes to the needs of a small business, no two businesses have the same goals. Certain time tracking systems will work better than others—what makes sense for a larger corporation won’t be useful or appropriate for a mom-and-pop retail store, for instance.

Maybe valuable time is being wasted through time theft or accidental overtime. Or perhaps your labor costs are being inflated by hundreds of dollars by having your employees clock in at a central location before traveling off-site. Time, as they say, is money. And especially if you run an hourly team, every minute counts.

So what’s the best answer to your small business time tracking needs? Let’s jump in.

The importance of an employee time clock to your team

For both small business owners and employees, it’s hard to deny the advantages of a good employee time clock. Without one, you’ll spend more time making sure you’re paying your team correctly for the hours they work, and you’re more likely to deal with payroll errors, causing frustration, stress and low employee morale.

Far from being a show of your distrust in your team, time clocks help you: process payroll more efficiently; ensure there’s fairness in the workload and in taking breaks; reward employee honesty; and keep a better watch on who’s owed time off. They even help you to filter out employees who don’t care about building a positive workplace culture, helping you create an environment centered on trust and respect.

Across the board, your small business needs a good employee time clock to effectively track time—especially if you have hourly employees on your team.

Here are the top benefits of an employee time clock system for your small business:

It makes payroll easier. A time clock ensures employees are being paid what they’re owed, plus lets you seamlessly implement your time-off policy.
It helps you see where you can reduce labor costs. By accurately tracking how team members use their time while at work, a time clock helps you spot any time drains and make potential adjustments.
It minimizes the chance of time theft. With a better picture of a worker’s clock-in and clock-out habits, it’s easier to spot time fraud.
It lets you regularize employee attendance. You’ll be alerted to any attendance inconsistencies, helping you separate coincidences from regular absenteeism.
It helps your business stay compliant. With an accurate picture of hours worked, you can make sure your business is compliant with the Fair Labor Standard Act (FLSA) and all state and local laws.

Taken together, all these benefits make your time tracking system your company’s superpower, letting you focus your time and energy on other parts of your small business.

The 6 most important time clock features

Many factors matter when you’re settling on the best time clock system for a small business. When making your choice, you’ll want to look for certain essential features—the must-haves for making your time-tracking system work in your favor.

Here are six features that should be non-negotiable:

1. Payroll integration

Employee time tracking goes hand-in-hand with payroll processing. As anyone in payroll will tell you, it’s certainly not as simple as paying your employees a check for the same amount every week or two.

Any pay-related mistakes can be a big turnoff for your employees—nothing annoys your team members the way inaccurate paychecks do. Plus, to avoid getting fined by the Internal Revenue Service (IRS) for late or insufficient payments, you also need to stay on top of taxes and compliance.

That’s why it’s not surprising that many thriving small businesses streamline their processes, integrating payroll with time tracking to make sure that both are error-free. When your time tracking system is one with your payroll software, it generates gross pay seamlessly with total accuracy every time.

2. Overtime calculations

Overtime adds up quickly, if you don’t have a good system in place—especially with hourly employees—it can be ripe for issues. Workers are tired and less effective at their jobs, your labor budget increases: significant overtime isn’t an ideal situation for anyone.

An ineffective time management system can be at the root of your overtime issues. Whether intentionally or not, employees can clock in and out when they’re not supposed to. Over the space of a week, even if it’s just a few minutes early or a few minutes late, inaccurate clocking-in can push them into overtime territory. Look at it this way: the extra time accumulated by early clock-ins can cost businesses an estimated average of $100 per month, per location.

You can’t watch over every single-time entry. Quite frankly, it’s a waste of your time trying to figure out the number of overtime hours due for payroll. Your employee time clock should help you make overtime the exception, not the rule.

Your time tracking system should let you set when your work week starts, select what overtime wage type applies to each employee, then automatically register that team member’s overtime hours. Web-based and mobile time clocks can even send you notifications when a given employee has hit overtime.

3. PTO tracking

Along with carefully monitoring overtime, keeping careful track of breaks and PTO (paid time off) is another key part of an efficient and well-run time tracking system. It’s also vital to the happiness and satisfaction of your team members, helping avoid employee turnover. The benefits of taking time off extend to both your workers and your business, adding to productivity and producing higher-quality work.

Your time-tracking system should be able to track your employees’ paid and unpaid breaks. It should reduce the costs and manual administrative tasks associated with vacation scheduling by automating the whole process, from putting in leave requests and approvals, to preparing PTO reports.

4. Comprehensive reporting

No matter how much data your time clock system is collecting, without good reporting options, you won’t be able to fully analyze and benefit from the information or predict your job costs.

You’ll want to look for a time tracking system with comprehensive reporting options like attendance, job costing and payroll reporting. Choose an option with multiple exporting options and the ability to customize your reports.

5. User-friendly interface

Is your time tracking system difficult to use and understand? It shouldn’t be. Because if your chosen time clock software has a confusing or cluttered interface, it will instantly become counter-productive for your team. Plus, you’ll waste time helping your team members troubleshoot issues if they’re constantly coming up.

Make sure your time tracking solution is easy to install, access and navigate. If you have remote employees or field workers, then ease-of-use is especially important.

6. Good customer support

Your time clock software should offer quality customer support, whether by email, phone, or live chat. Look into how knowledgeable the support is, the average response time, and how much emphasis they put on the customer experience.

Beyond these essential things to look for in an employee time clock system, there are a host of advanced features that can benefit your business depending on its needs and challenges. These include:

Biometric data-scanning like facial recognition
“Picture on punch” clock-ins
Geofencing
IP address locking
And more (read on!)

Types of time clocks, and how to choose the right one

There are a lot of different time tracking options for small businesses on the market, and each one has its own unique features. Some have higher ratings, while others promise more advanced functionality. To decide on the right solution for your business, it’s important to understand their differences. Here’s our across-the-board breakdown.

Time punch clock (clock card machine)

Punch-card time clocks, also called clock card machines, are physical devices installed at a central location, which go back as far as the turn of the twentieth century. They require an employee to insert their timecard to be stamped with the time their shift starts and ends. A manager then needs to gather all the timecards, manually inputting the hours worked into the company’s payroll.

Though employees can move through the line quickly as they punch their cards, much more time is required to compile and record the associated data, especially if your business has a larger number of employees. Because of the sheer number of timecards and amount of data, an employee is usually dedicated to the collection and processing of time data.

Once the data has been collected and processed, it still needs to be entered into some form of database for employees to get their paychecks. As with any kind of manual system, there’s a high chance of entry error.

Physical timeclock devices can cost several thousands of dollars to purchase and install. You’ll also spend more on physical items, since unlike digital time-keeping systems, time punch clocks rely on a constant supply of paper timecards.

Electronic time clock

An electronic time clock is the modern evolution of the original analog time clock, and leaves behind many of the problems inherent with paper timecards. Three of the most popular types of electronic time clocks for businesses are:

Digital (either hardware-based or software-based) time clocks
Biometric time clocks
Mobile time clocks

Proximity time clock (card swipe time clock, fob time clock)

A proximity time clock is a kind of digital time clock. With a proximity time clock, the employee has an activation device that they keep with them at all times. Whether it’s a barcode that gets scanned on their ID badge, or a dedicated swipe card or fob, this style of time clock usually connects to time-tracking software that logs each person’s time punches throughout the workday.

A common pitfall of proximity time clocks—and hey, we’ve all been that person—is when employees lose their activation device or leave it at home. And if you’re using magnetic strips in activation devices, they’ll need replacing when they wear out.

Keycode time clock

A keycode time clock is another kind of digital time clock. Some keycode time clocks require employees to enter a password or a personal identification number (PIN) when they start and end their work. Keycode time clocks often work as a second form of identification to other entry methods like a barcode.

It can be a headache—not to mention add to your costs—when someone forgets their credentials, since a tech support person is needed to assign them a new entry code. It can also be a little more slow-going to your process if you have a larger group, as employees will have to wait in line a bit longer to start work.

Online time clock

An online time clock is a software-based form of digital time clock. Online time clocks let employees punch in and out through a web browser on any computer, logging in with their unique credentials through a secure webpage.

After accessing the system, they enter their workday start and end times. They can also log the start and end time of unpaid breaks like their lunch hour, and many online systems also offer auto-lunch deductions. The web-based time clock is a solution that easily integrates with the other platforms you use, helping you streamline your processes and avoid manual data entry between platforms. An online timesheet or time tracking software makes it much easier for you to calculate hours and create payroll reports and wages for each team member.

One of the biggest advantages of using an online time clock is the multiple features that come with this solution. As a manager, one look at the dashboard of an online time clock gives you an exact view of who’s working and who’s out-of-office at a given moment. You can easily see at what time people left or arrived at work, and at which location—a bonus if you have multiple locations.

From your employees’ perspective, using an online time clock can help you create a modern workplace that attracts and retains top talent. By using insights into workflow, team communication and productivity, you can make helpful changes that support your employees.

If your team is made up primarily of desk-based employees who work on the same computer all day, this kind of time tracking system could be a great solution for you.

Biometric time clock

A biometric time clock is a time tracker that uses biometric data—a person’s unique physical qualities—to confirm identity. Biometric time clocks can rely on voice or facial recognition, fingerprints, palm-prints, or iris scans.

No longer just fun gimmicks from a sci-fi thriller, biometric devices are becoming increasingly popular—just look at a typical smartphone these days. They can also be used for security purposes when placed at an entry point, permitting only authorized workers to access a designated area.

Biometric time clocks are easy to set up and use. No password to remember, no complicated code. Biometric time clocks also prevent time theft like buddy punching, when one employee clocks in and out for another in an effort to cheat the system. It’s a problem that many small businesses have to deal with, but with a biometric time tracking system, you ensure that only the individual employee can clock in for themselves.

Employee time clock app (mobile time clock)

A mobile electronic time clock—also known as a time card app—is an employee time clock software that lets employees clock in and out using a smartphone or tablet, rather than using a web browser on a computer.

Employees can access the mobile time clock through an app on their mobile device. Using GPS technology to verify the location of the employee, a mobile time clock lets employees accurately clock themselves in and out no matter where they are. Some mobile time clocks also use biometric technology like facial recognition to verify the employee’s identity.

An employee time clock app is especially helpful for remote employee time tracking, or if your team works from different locations. Construction workers, for instance, can’t instantly access a web browser-based time clock while working at a construction site. Because mobile time clocks reduce your business’s dependence on physical devices—many people already own a mobile device, after all—they can help you lower your equipment costs and maintenance expenses.

Picture on punch clock-ins

An employee time clock app can also be a biometric time clock, allowing for “picture on punch” clock-ins. This means you can have employees’ webcams and built-in cameras take their photo whenever they clock in or clock out, giving you extra security to cut down on time theft or buddy punching.

Geofencing

Some mobile time clock apps include geofencing, which allows the app to work only within a specific area, or lets you record an employee’s exact location when they clock in and out. Another feature that mobile time clock apps can provide is IP address locking. This allows you to tighten your security even when employees are working out of office, ensuring that your team members only log in from secure locations.

Push notifications

Many top time tracking apps have push notifications that prompt team members to stay within their scheduled hours. That way, there’s less risk of them working longer than planned or forgetting about a shift. As a manager and or business owner, you can also receive alerts for late arrivals and no-shows, so you can quickly find someone else to come in.

Tme tracking gamification

Another benefit of mobile time clocks, especially for younger workers who already have their phones in hand? You can consider gamifying time tracking. Gamifying is a fun way to encourage employees to manage their time more effectively, not to mention a great way to reward your staff. When your team members automatically hear a word of encouragement—some form of “way to go!”—after practicing good time tracking, they’re more likely to remember to clock in and out, even if they’re having a hectic day, are rushing or running late, or have other things on their mind. In other words, employee gamification helps you make time tracking more engaging. It’s a fast, simple, low-cost way to boost productivity, and if you have a top employee time clock app, you can start right away. Talk about a win-win for both employees and employers.

Read more: Top 10 time clocks for small businesses in 2023

Homebase: the best employee time clock for small business

The best employee time clock for your small business? That’s Homebase. With robust features and benefits that combine affordability, ease of use, and versatility, we’re here to meet your most pressing needs as a small business owner.

Our free time clock app can be downloaded to smartphones, iPads, computers, POS devices, and more. Employees can use a unique PIN to log in, or you can set our software to take a photo of the person clocking in to confirm their identity. Buddy punching? Not on our clock.

On top of the theft-prevention perks for your small business, your employees won’t need to manually input the start and end times of their work, saving a lot of time. Homebase also helps prevent unintentional time theft for employees who clock in early by accident, or people who forget to clock out.

You and your team can benefit from comprehensive features like GPS time tracking and geofencing that integrate with full-service payroll, hiring and onboarding and team chat, as well as HR and compliance tools to cut down on excess software. You can easily and effectively track hours, breaks, overtime, and paid time off—all with one system.

Our customers praise Homebase because of its clear, straightforward navigation and intuitive design. That means you can trust your team members to install and use the app with minimal training or troubleshooting.

There’s a reason Homebase is the top-rated time clock app—it helps you minimize time theft, control labor costs, track hours, prep for payroll, and more. Our time clock tool is free for up to 20 employees, and we include many of our time tracking features in our lowest-cost plan.

Save time with smarter time clocks. Try Homebase’s time clock tool for free. Get started today.

The best employee time clocks: FAQ

What is an employee time clock?

An employee time clock is a system that tracks employee time and attendance, collecting data when employees clock in and out, and monitoring the time spent completing work tasks.

Why are employee time clocks important for small businesses?

Employee time clocks are important for small businesses because they make payroll accurate and automated, help business owners see where labor costs can be reduced, minimize the chance of time theft, help regularize employee attendance, and make it easier for companies to stay compliant with labor laws.

What are essential features of an employee time clock?

The essential features to look for in an employee time clock include payroll integration, the ability to calculate overtime, PTO tracking, comprehensive and customizable reporting, a user-friendly interface, and good customer support system.

What are the different types of time clock?

The different types of time clocks include biometric time clocks, online time clocks, proximity time clocks, card swipe time clocks, keycode time clocks, mobile time clocks, electronic time clocks, time punch clocks, clock card machines, time clock desktop software, and time clock mobile apps like Homebase.

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Read Now: Hackers launch another wave of mass-hacks targeting company file transfer tools – 101 Latest News

Published

15 mins ago

June 2, 2023

ahmedaljanahy

Hackers launch another wave of mass-hacks targeting company file transfer tools

#Hackers #launch #wave #masshacks #targeting #company #file #transfer #tools

Security researchers are sounding the alarm after hackers were caught exploiting a newly discovered vulnerability in a popular file transfer tool used by thousands of organizations to launch a new wave of mass data exfiltration attacks.

The vulnerability affects the MOVEit Transfer managed file transfer (MFT) software developed by Ipswitch, a subsidiary of U.S.-based Progress Software, which allows organizations to share large files and data sets over the internet. Progress confirmed on Wednesday that it had discovered a vulnerability in MOVEit Transfer that “could lead to escalated privileges and potential unauthorized access to the environment,” and urged users to disable internet traffic to their MOVEit Transfer environment.

Patches are available and Progress is urging all customers to apply it urgently.

U.S. cybersecurity agency CISA is also urging U.S. organizations to follow Progress’ mitigation steps, apply the necessary updates, and hunt for any malicious activity.

Corporate file-transfer tools have become an increasingly attractive target for hackers, as finding a vulnerability in a popular enterprise system can allow the theft of data from multiple victims.

Jocelyn VerVelde, a spokesperson for Progress via an outside public relations agency, declined to say how many organizations use the affected file transfer tool, though the company’s website states that the software is used by “thousands of organizations around the world.” Shodan, a search engine for publicly exposed devices and databases, reveals more than 2,500 MOVEit Transfer servers discoverable on the internet, most of which are located in the United States, as well as the U.K., Germany, the Netherlands and Canada.

The vulnerability also impacts customers who rely on the MOVEit Transfer cloud platform, according to security researcher Kevin Beaumont. At least one exposed instance is connected to the U.S. Department of Homeland Security and several “big banks” are also believed to be MOVEIt customers also be affected, according to Beaumont.

Several security companies say they have already observed evidence of exploitation.

Mandiant said it is investigating “several intrusions” related to the exploitation of the MOVEit vulnerability. Mandiant chief technology officer Charles Carmakal confirmed that Mandiant had “seen evidence of data exfiltration at multiple victims.”

Cybersecurity startup Huntress said in a blog post that one of its customers has seen “a full attack chain and all the matching indicators of compromise.”

Security research firm Rapid7, meanwhile, confirmed it had observed signs of exploitation and data theft from “at least four separate incidents.” Caitlin Condon, senior manager of security research at Rapid7, said that the company has seen evidence that attackers may have begun automating exploitation.

While it’s unclear exactly when exploitation began, threat intelligence startup GreyNoise said it has observed scanning activity as early as March 3 and urges users to review systems for any indicators of unauthorized access that may have occurred within the past 90 days.

It’s not known who is yet responsible for the mass exploitation of MOVEit servers.

Rapid7’s Condon told TechCrunch that the attacker’s behavior appears to be “opportunistic rather than targeted,” adding that this “could be the work of a single threat actor throwing one exploit indiscriminately at exposed targets.”

It’s the latest effort by hackers and extortion groups to target enterprise file transfer systems in recent years.

In January, the Russia-linked Clop ransomware gang claimed responsibility for the mass exploitation of a vulnerability in Fortra’s GoAnywhere managed file transfer software. More than 130 organizations using GoAnywhere were targeted, including Florida-based healthcare company NationBenefits, virtual therapy provider Brightline, and the City of Toronto.

Clop was also behind another widespread attack on another popular file transfer tool in 2021. The gang breached Accellion’s file-sharing tool to launch attacks against a number of organizations, including Morgan Stanley, the University of California, grocery giant Kroger and law firm Jones Day.

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Read Now: Top 6 employee training tracking software apps in 2023 – 101 Latest News

Published

45 mins ago

June 2, 2023

ahmedaljanahy

Top 6 employee training tracking software apps in 2023

#Top #employee #training #tracking #software #apps

In our fast-paced world, making sure your employees are up-to-date with the latest professional skills is key. This is where this employee training software comes in.

Employee training tracking software helps you easily keep an eye on your employees’ training progress. You can assign and track training modules, making sure everyone gets the chances they need to develop professionally.

Benefits of employee training tracking software

Plus, it puts all the training info in one place, so it’s easy to see how everyone’s doing and find areas for improvement.

There are a ton of software options to choose from, so we’ve done the heavy lifting for you. We’ll go over the top training apps, what key features to look for and how they compare to one another.

Key features to look for in software for tracking employee training

When choosing software for training new employees, there are a few key features you should look out for.

Easy-to-use and customizable

It’s important for the software to be user-friendly and customizable to fit your specific needs. This means you won’t waste time struggling to figure out how to use it, and you can personalize it to match your business requirements.

Tracks participants’ compliance, progress, and completion

This feature allows you to keep tabs on who’s completed their training, who’s making progress, and who may be falling behind. It helps make sure that everyone’s meeting the necessary requirements and staying on track with their development.

Having a centralized database

A centralized database means all training data like new hire packets and training materials are stored in one place, making it convenient to access and analyze. It helps you keep track of who’s completed which courses and identify any gaps in training.

Generates reports

Reports are valuable tools that provide insights into the overall training progress. They help you assess the effectiveness of your training programs, identify areas for improvement, and make data-driven decisions.

Reports also help you measure the impact of your new employee training plan.

Integrations with other systems

This can include integrating with your HR or payroll software, or employee scheduling tool making it seamless to manage employee records and track training alongside your other business processes.

Homebase integrates with some of the top payroll providers, including Paychex, Wells Fargo and Rippling.

Push notifications and direct communication

Being able to send push notifications and communicate directly with employees is a handy feature. It allows you to remind them about upcoming training sessions, provide important updates, or answer any questions they may have.

It also promotes effective team communication and keeps everyone on the same page.

Manages training records

Managing training records is essential for maintaining accurate business documentation. It makes sure that you have a clear record of who has gone through training, what courses they’ve completed, and any certifications they’ve earned.

This feature helps with HR and compliance, audits, and tracking individual progress.

Cost-friendly and fits your budget

Affordability is an important consideration, especially for small businesses. It’s crucial to choose software that aligns with your budget while still providing the features you need most.

This allows you to invest in employee training without straining your financial resources.

A breakdown of the top 10 employee training tracking software apps in 2023

1. Best all-in-one solution: Homebase

Homebase is our top all-in-one solution for tracking employee training during hiring and onboarding. It features a user-friendly interface, comprehensive time tracking features, and powerful communication tools.

It generates reports, manages training records, and allows for data export. Though it may have limitations in customization and scalability, its several advantages make it the top choice for small businesses seeking a powerful employee training tracking solution.

Key Features of Homebase:

Intuitive Interface: Homebase offers an easy-to-use interface, making it simple for you to navigate and use the software efficiently.
Comprehensive Tracking: The software allows you to track employee progress, compliance, and completion of training modules. This feature allows you to monitor and manage training effectively.
Communication Tools: Homebase provides direct communication with employees through push notifications, allowing for quick updates, reminders, and addressing any queries. It promotes effective communication and keeps everyone informed.
Report Generation: With Homebase, you can generate reports that provide valuable insights into training progress and effectiveness. These reports help you make data-driven decisions and can improve training programs.
Training Records Management: Homebase offers efficient management of training records, allowing you to keep track of completed training, certifications earned, and other important details. It keeps accurate documentation for HR and compliance purposes.
Export Functionality: Homebase allows you to export training data, which can be useful for deeper analysis, integration with other systems, or sharing with stakeholders.

Pros and Cons of Homebase:

Pros:

User-friendly interface makes it easy to navigate and use the software.
Comprehensive tracking features help monitor employee progress and compliance.
Direct communication tools enable effective communication with employees.
Report generation provides valuable insights for improving training programs.
Efficient management of training records allows for accurate documentation.
Export functionality allows for data analysis and integration with other tools.

Cons:

Homebase can lack some advanced customization options.
It might not offer extensive integration capabilities with certain third-party applications.
Limited scalability for larger organizations with complex training needs.

2. Best solution for tracking time spent on training sessions: Absorb

Absorb is a learning management system (LMS) that aims to inspire learning and elevate training programs.

H4: Key Features of Absorb

Accurate Time Tracking: Absorb excels in tracking the time spent on training sessions with precision. It allows employees to log their training hours, ensuring accurate recording of time dedicated to learning.
Session Management: Absorb offers robust session management capabilities, allowing administrators to create, schedule, and manage training sessions effortlessly. This feature allows for organized and efficient training delivery.
Reporting and Analytics: Absorb provides detailed reports and analytics on training session time. This allows administrators to analyze training time data, identify trends, and make informed decisions to optimize training programs.
Integration Capabilities: Absorb can integrate with other systems, such as HR or payroll software. This seamless integration streamlines data management, ensuring accurate recording of training time alongside other essential business processes.

Pros and Cons of Absorb:

Pros:

Accurate time tracking feature ensures precise recording of training session hours.
Robust session management capabilities simplify the creation and management of training sessions.
Detailed reporting and analytics enable data-driven decision-making to enhance training programs.
Integration capabilities allow for seamless data integration with other systems.

Cons:

Absorb may have a steeper learning curve for users unfamiliar with similar software.
It may have a higher cost compared to some other training tracking solutions.
Limited customization options might restrict certain specific requirements.

3. Best for running performance assessments: Litmos

SAP Litmos is an online corporate training platform that automates training-related tasks, such as course creation, assignment, tracking, and reporting, and overall aims to make learning management easier.

Performance Assessment Tools: Litmos offers comprehensive performance assessment tools that enable organizations to evaluate employee performance effectively. It provides various assessment methods, such as quizzes, surveys, and evaluations, allowing for a thorough evaluation process.
Customizable Assessments: The software allows organizations to create and customize assessments tailored to their specific needs. This makes sure performance assessments align with the organization’s objectives and requirements.
Performance Tracking and Reporting: Litmos provides performance tracking and reporting capabilities, allowing administrators to monitor and analyze employee performance. It generates detailed reports and analytics, enabling data-driven decision-making to identify strengths, weaknesses, and areas for improvement.
Integration with Learning Management System: Litmos integrates with learning management systems, enabling a cohesive learning and assessment experience. This integration simplifies the assessment process by connecting performance data with training data.

Pros and Cons of Litmos:

Pros:

Comprehensive performance assessment tools enable thorough evaluation of employee performance.
Customizable assessments allow organizations to create assessments tailored to their specific needs.
Performance tracking and reporting capabilities provide valuable insights for data-driven decision-making.
Integration with learning management systems ensures a seamless learning and assessment experience.

Cons:

Litmos may have a higher cost compared to some other performance assessment solutions.
The extensive customization options may require some technical expertise or training.
Limited scalability for larger organizations with complex assessment needs.

4. Best for tracking course completion: Tovuti

Tovuti is an all-in-one Learning Management System (LMS) that enables you to create, deliver, and track the effectiveness of your digital training programs. It allows you to monitor trainee progress, activity, and course completion rates, while offering customizable certifications.

Tovuti also provides KPI dashboards, custom reports, and the ability to export data to Excel. With automated email reminders for certification renewals, Tovuti streamlines training management effortlessly.

Key features of Tovuti

Create and deliver engaging digital training programs easily.
Track trainee progress, activity, and course completion rates effortlessly.
Utilize KPI dashboards and generate custom reports for insights.
Sort, filter, group, and auto-calculate data for analysis.
Export data to Excel for further manipulation.
Customize certifications to motivate and recognize trainees.
Manage certification issuance and expiration dates efficiently.
Automate email reminders for certification renewal.

Pros and Cons of Tovuti

Tovuti Pros:

Comprehensive all-in-one LMS solution.
User-friendly interface for easy program creation and delivery.
Robust tracking and reporting capabilities for program assessment.
Customizable certifications enhance trainee engagement and recognition.
Flexible data management and export options.
Streamlined certification renewal process with automated email reminders.

Tovuti Cons:

Advanced customization may require technical expertise.
Steep learning curve for new users.
Interface could be more intuitive and user-friendly.
Varying pricing plans, higher-tier plans may be costly for small organizations.

4. Best for personalizing training completion certificates: LearnUpon

LearnUpon is a Learning Management System (LMS) designed to simplify and centralize training management. It offers features for tracking, delivering, and measuring training.

With LearnUpon, you can easily keep track of important training data, including user progress, exam results, employee survey responses, and training histories. This data can be converted into reports that are ready for export.

Additionally, LearnUpon allows you to provide personalized training completion certificates to learners. You can also schedule automated alerts to remind them when it’s time to re-certify.

Key Features of LearnUpon:

Centralized training management system
Tracking and measurement of training data
User progress tracking
Exam result tracking
Employee survey response tracking
Training history tracking
Export-ready report generation
Personalized training completion certificates
Automated re-certification reminders

Pros of LearnUpon:

Simplifies and centralizes training management
Comprehensive tracking and measurement of training data
Customizable training completion certificates
Automated reminders for re-certification
User-friendly interface
Offers a variety of training management features

Cons of LearnUpon:

Learning curve for first-time users
Customization options may require technical expertise
Pricing plans may vary, higher-tier plans could be costly for smaller organizations
Interface design could be improved for enhanced user experience

5. Best for tracking progress and performance: Trainual

Trainual is a tool designed to simplify and expedite the process of aligning and onboarding growing teams by creating business playbooks.

Trainual enables you to monitor the progress of your learners on a subject level, as well as individually, and keep track of their latest activity. It provides valuable insights such as completion rates, test scores, number of attempts, and start and completion dates. These reports can be easily downloaded as spreadsheets and exported for further analysis.

Key Features of Trainual:

Business playbook builder for team alignment and onboarding
Progress tracking for subjects, individuals, and latest activity
Insightful data reports on completion rates, test scores, attempts, and dates
Downloadable and exportable reports in spreadsheet format

Pros of Trainual:

Simplifies aligning and onboarding teams
Effective tracking of learner progress and activity
Valuable insights for assessing completion rates and test scores
Easy downloading and exporting of data reports

Cons of Trainual:

Learning curve for new users
Customization options may require technical expertise
Varying pricing plans, higher-tier plans could be costly for smaller businesses
Interface design could be improved for enhanced user experience

6. Best for custom training reports: TalentLMS

TalentLMS is a user-friendly LMS platform designed to simplify training delivery with expert guidance and support.

With TalentLMS, you can create a customized portal to track the progress, completion, and time spent on training for individuals or groups. It provides the flexibility to filter data and generate diverse custom reports, including infographic summaries and individual learner levels.

The platform also offers the convenience of sending automatic notifications when a course is completed or a certificate has expired, ensuring timely communication.

Key Features of Talent LMS:

Customizable training portal for tracking progress, completion, and time spent
Filterable data for generating diverse custom reports
Automated notifications for course completion and certificate expiration

Pros of TalentLMS:

User-friendly platform for easy training delivery
Customizable portal for personalized training tracking
Diverse reporting options for gaining valuable insights
Automated notifications for timely communication

Cons of TalentLMS:

Some advanced customization options may require technical expertise
Varying pricing plans, higher-tier plans could be costly for smaller organizations
Interface design could be improved for enhanced user experience

In today’s fast-paced world, it’s crucial to make sure your employees have the latest professional skills. Among the top employee training tracking software apps in 2023, Homebase stands out as an all-in-one solution for small businesses, offering a user-friendly interface, comprehensive tracking features, communication tools, report generation, and training record management.

Business

Read Now: What Is an LLC? Here's How It Works. – 101 Latest News

Published

9 hours ago

June 2, 2023

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#LLC #Here039s #Works

Are you a small business owner that has been asked if their company is an LLC, and you don’t know what that means? Or maybe you are an entrepreneur in the initial phases of opening a new business, and your head is swimming with all the options ranging from a sole proprietorship to an LLC to a corporation.

Keep reading for everything you need to know about an LLC and whether it is the right option.

What is an LLC?

A Limited Liability Company (LLC) is a business structure that provides the owners with protections that are usually only available to corporations but keeps the simplicity of a sole proprietorship.

This entity also provides pass-through taxation as it is run through a separate entity that isn’t restricted to a specific number of shareholders and isn’t heavily regulated.

Related: How to Start a Limited Liability Company (LLC) | Entrepreneur

What are the benefits of an LLC?

There are benefits to every business structure. From a corporation, general partnerships and sole proprietorships each offer unique advantages.

The benefit of forming an LLC is that it takes the pros of each business structure and combines them into one.

How can an LLC provide asset protection?

One of the main advantages of an LLC is that it protects your personal assets.

For any business debt or lawsuits that your business may run into, the owner has no personal liability. This ensures that their personal assets cannot be taken as payment as they are completely separate from the company.

Related: LLC Basics – Entrepreneur.com

What tax options does an LLC have?

An LLC provides more tax options than other business models.

For tax purposes, they are either taxed as a sole proprietorship or a partnership, depending on the management structure and how many members are involved in the company.

Members report their share of the business income and expenses on their personal tax return and then pay personal income tax on the profit.

Members who also work in the business are then considered self-employed and must state this on their federal income tax return and then pay self-employment taxes on their share of the profits.

If the company doesn’t want to be taxed as a sole proprietorship or partnership, it can also choose to be taxed as an S-corporation (S-corp) or a C-corporation (C-corp).

A C-corp pays corporate tax, and the owners pay tax on their distributions. An S-corp is what is known as a pass-through entity which means it doesn’t pay corporate tax, but each owner does pay personal income tax on their share of the profits.

It is important to note that not all LLCs qualify for S-corp taxation as they must meet certain IRS (Internal Revenue Service) requirements.

A single-member LLC can also be designated as a disregarded entity. What this means is that it will be disregarded or ignored concerning federal income tax.

Related: The 5 Biggest Tax Differences Between an LLC and Corporation | Entrepreneur

Does an LLC provide flexibility?

As LLCs are not required by law to have annual shareholder meetings or even require a board of directors, they provide greater flexibility than other business models.

Rather, members of an LLC are free to organize the company as they see fit and be member-managed, as administrative requirements like most corporations don’t bind them.

Related: Choose Your Business Structure | Entrepreneur

Does an LLC designation make your business more credible?

When you structure your business as an LLC, you receive exclusive rights to use your business name as a business entity.

As most states don’t allow a business to use an existing business name, you can create a public record of your name, making it unavailable.

The LLC designation at the end of the company name can also lend credibility to a business.

Related: How to Structure a Single Member LLC | Entrepreneur

How are profits distributed in an LLC?

One main advantage of an LLC is that members can decide how the profits are divided.

Typically, corporations issue dividends, and partnerships usually split the profits among the partners, but owners of an LLC can choose how the profits are divided up.

Remember that the IRS has rules about the special allocation of profits, and you might have to show proof of profit sharing or legitimate economic need to prove it is not simply an attempt to avoid paying taxes.

Are there disadvantages of an LLC?

While an LLC has specific benefits, it also has some notable disadvantages.

The profits are subject to high LLC tax

The profits of an LLC are subject to social security and Medicare taxes. In some cases, owners of an LLC can even end up paying more taxes than a corporation does.

Also, both salaries and profits of an LLC are subject to self-employment taxes which currently equal approximately 15.3%. Whereas with a corporation, only the salaries are subject to taxation, not profits.

This disadvantage hits owners who take a salary of less than $97,500 the hardest.

Related: Pros and Cons of the LLC Model | Entrepreneur

An LLC has to immediately recognize its profits

Unlike a corporation, owners of an LLC have to immediately acknowledge their profits.

A C-corp doesn’t have to distribute its profits immediately to the shareholders. This means a C-corp isn’t always taxed on the company’s profits.

Since an LLC is not subject to double taxation, the company’s profits are then automatically included in the member’s actual income.

Related: Business Structure Basics | Setting Up | Entrepreneur

There are fewer fringe benefits available

Employees who receive fringe benefits such as group insurance, medical reimbursement, medical insurance and parking must treat these benefits as taxable income with an LLC. This is also true for employees who own over 2% of an S-corp.

On the other hand, employees of a C-corp who receive fringe benefits do not have to report these as taxable income on their income tax return.

How to set up an LLC

There are seven steps you need to take to start an LLC.

There are different state law requirements from state to state, so it is recommended to talk to a legal professional about the specific requirements where you live.

Choose a business name

The first step to starting an LLC is choosing your business name.

Not only do you need to choose a name that doesn’t already exist, but your state may also have certain requirements it needs to meet.

Related: How to Name a Business: 7 Helpful Tips | Entrepreneur

Choose a registered agent

The next step is to choose a registered agent. A registered agent receives official and legal documentation on behalf of the company. Once the registered agent receives these documents, they pass them on to the company.

The registered agent has to be at least 18 years old. You are allowed to choose yourself or an employee. The main requirement is the agent must have an address within the state during typical business hours.

Related: 4 Best LLC Services of 2023 | Entrepreneur Guide

Obtain a copy of your state’s LLC Articles of Organization Form

In most states, you will have to file a document called the Articles of Organization with the state agency that handles business filings to establish your LLC.

Each state has a specific form you will use; some also call it a Certificate of Formation.

Complete the LLC Articles of Organization Form

Every state has specific requirements for individuals trying to create an LLC. Some of the typical information you may need to provide includes:

The business name.
The principal address of the business.
The business’s purpose.
How the LLC will be managed.
The registered agent’s contact information.
The duration of the LLC.

Once you have this form filled out, at least one of the business owners will then need to sign it.

Related: Ten Steps to Organizing an LLC | Entrepreneur

File the Articles of Organization

Make sure to thoroughly check the Articles of Organization Form before you submit it.

You may also be required to pay a filing fee, which differs from state to state.

Once your form has been approved, the Secretary of State’s office will issue you a certificate to prove that your LLC is formally registered.

You can use this certificate to complete tasks such as setting up a business bank account and registering for a tax ID number.

Related: Choose Your Business Structure | Entrepreneur

Create an LLC Operating Agreement

Now that the state has approved you, it is time to create an Operating Agreement.

An Operating Agreement outlines all the details of the financial, legal and management rights that all members of the LLC are entitled to.

In particular, it includes how the profits will be distributed, how members can leave the LLC and who is required to contribute capital.

You can create your Operating Agreement, especially if you are a single-member LLC. Hiring an attorney may be a good option for more complicated situations, such as with multi-member LLCs.

Related: Why So Many LLC Operating Agreements Fail | Entrepreneur

Keep your LLC active

Now that your LLC has been created, you need to keep it active.

This means you must ensure you are keeping your business in good standing with your state. This can include the LLC filing an annual report that keeps your company’s info up-to-date and paying an annual fee for filing.

Related: business – The Many Benefits of Forming an LLC | Entrepreneur

Start an LLC today

With benefits ranging from business flexibility, different taxation options and personal asset protection, creating an LLC might be the next step your business needs to take.

By following the steps above and consulting an attorney in your area, you could soon run your own LLC and reap all its benefits.

Check out Entrepreneur’s other articles for more information about LLCs and other financial topics.