| A typical 200-employee company has a | | | | 2. Lost Time Factor Studies have shown the |
| four-million dollar payroll. The potential savings | | | | average employee is overpaid for 4 hours and 5 |
| generated by automating time and attendance | | | | minutes of unauthorized or unearned time each |
| operations adds as much as a quarter of a million | | | | week (late breaks, tardiness, early departure). |
| dollars to your bottom line! This 6.875 percent | | | | Assuming automation reduces "lost time" by 24 |
| labor savings is based on a study performed by | | | | minutes per day - that's two hours each week, |
| the American Payroll Association and Robert Half | | | | ExecuTime could save your 200-employee |
| in calculation, lost time and error factors alone. | | | | company over $200,000 per year. |
| The additional benefit of better management | | | | 3. Human Error Factor Studies have shown payroll |
| decisions based on accurate labor information and | | | | error factors to be between 1% and 8% of total |
| automatic exports to payroll are more difficult to | | | | payroll and include accuracy in reading time |
| place a value on. | | | | sheets, transposing numbers, rounding and |
| Several factors go into the loss of money from | | | | calculation errors. Assume your error factor is |
| loss of time. | | | | minimal, approximately 1 percent of payroll, you |
| 1. Manual Calculation Factor It is estimated it takes | | | | lose $62,400 each year in a 200-employee |
| a bookkeeper approximately 7 minutes to | | | | company. |
| manually add up time sheets, calculate overtime | | | | Total Savings The above factors show a |
| and enter data. Add to this the time spent | | | | $286,000 per year savings for a 200-employee |
| correcting time and leave errors, and transferring | | | | company. |
| data to your payroll program or telephoning your | | | | *The above numbers are based on a company |
| payroll service bureau. ExecuTime could save you | | | | with employees earning an average of $10.00 per |
| at least six hours of time per employee each | | | | hour, with department heads earning $15.00 per |
| year, which calculates to over $15,000 per year | | | | hour. |
| for a 200-employee company. | | | | |