Identify Your Potential Savings with ExecuTime™ Time & Attendance
A typical 200-employee company has a four-million dollar payroll. The potential savings generated by automating time & attendance operations adds as much as $¼ million to your bottom line! This 6.875% labor savings is based on a study performed by the American Payroll Association and Robert Half in calculation, lost time and error factors alone. The additional benefit of better management decisions based on accurate labor information, and automatic exports to payroll are more difficult to place a value on
It is estimated it takes a bookkeeper approximately 7 minutes to manually add up time sheets, calculate overtime and enter data. Add to this the time spent correcting time and leave errors, and transferring data to your payroll program or telephoning your payroll service bureau. ExecuTime could save you at least six hours of time per employee each year, which calculates to over $15,000 per year for a 200-employee company.
Studies have shown the average employee is overpaid for 4 hours and 5 minutes of unauthorized or unearned time each week (late breaks, tardiness, early departure). Assuming automation reduces "lost time" by 24 minutes per day - that's two hours each week, ExecuTime could save your 200-employee company over $200,000 per year.
Studies have shown payroll error factors to be between 1% and 8% of total payroll and include accuracy in reading time sheets, transposing numbers, rounding and calculation errors. Assume your error factor is minimal, approximately 1% of payroll, you lose $62,400 each year in a 200-employee company.
The above factors show a $286,000 per year savings for a 200-employee company.
*The above numbers are based on a company with employees earning an average of $10.00 per hour, with department heads earning $15.00 per hour.
Savings Factor | 50 Employees | 100 Employees | 250 Employees | 500 Employees | 1000 Employees
Calculation $3,900 $7,800 $19,500 $39,000 $78,000
Lost Time $52,000 $104,000 $260,000 $520,000 $1,040,000
Human Error $15,600 $31,200 $78,000 $156,000 $312,000
TOTAL $71,500 $143,000 $357,500 $715,000 $1,430,000
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