If you are not automating your payroll process, there is a good chance you’re losing a significant amount of money. ExakTime’s Savings Calculator compiled leading stats from the American Payroll Association to determine what aspects of the payroll process have the most detrimental effect on the finances of a business.
You can plug in your own business’s data, such as number of employees, average hourly wage, the wage of your payroll processor, and the average hours in a workweek for your employees. The savings calculator crunches the numbers from the APA data and provides details on how much you are losing annually in three big areas: wasted time, human error, and overpayment.
Every Card Yields Wasted Time
It’s simple math: the more time cards you are manually processing, the longer the task is going to take. The APA estimates that it takes 6 minutes of a payroll employee’s time for every timecard they need to manually process. So you can imagine how quickly that time adds up as your company grows. TimeSummit is our time clock software tool that tracks and stores all jobsite records on your computer, and perhaps most importantly, significantly expedites payroll processing.
Even the Best Employees Make Mistakes
When you are processing payroll manually, you are always at the mercy of human error. Mistakes happen, that’s just a fact. Hour-rounding frequently happens, too. The APA estimates an error rate of up to 8% of payroll for a given pay period. It doesn’t take even dozens of employees for that error rate to quickly add up to a significant financial drain on a business. Even with the best training and due diligence, human error cannot be completely eliminated.
Digital clock-ins that must occur on a job site (or that use a mobile phone’s GPS capabilities) and an automated payroll system that integrates with your accounting program is the easiest way to nearly eliminate the costs associated with human error. Good news: the calculator mentioned in the title and above shows you just how much you can start saving with a 100% accurate digital time tracking system.
Managing Crews Near and Far
The workforce management options offered by ExakTime have systems in place to eliminate overpayment. GPS time tracking lets you see where employees are for every punch, ensuring employees are where they are when they say they are. If your business has a buddy punching problem, ExakTime Mobile’s time clock app utilizes FaceFront Biometrics to make sure employees can’t punch in and out for other workers.