Can time and attendance software pay for itself?
Inefficient time and attendance processes may be costing you more than you think
Your managers are spending valuable time using manual or inefficient processes, time that would be better spent ensuring your operations run smoothly so your organization thrives. Our ROI calculator helps you see how much your organization can save each year using TimeClock Plus software.
What are the costs of “free” time and attendance processes?
Manual processes may not come with a monthly fee, but they are definitely costing you.
Manual computation of hours
Are you still crunching numbers on a calculator or in a spreadsheet? Experts estimate it takes 2.5 minutes per employee, per pay period, but time and attendance software calculates it all in mere seconds.
Calculation Errors
Calculating regular hours, overtime hours, weighted and blended overtime hours is complicated. The American Payroll Association estimates payroll error rates at 1% of your total payroll, but other experts say it’s as high as 5%.
Time theft or inaccuracies
What’s the harm in an employee writing down that they came in at 8 am (their scheduled start time) versus 8:14 am (their actual start time)? A recent survey shows employees lose up to 4 hours a week due to late arrivals, etc.
How much can using our time and attendance software save you?
The idea of return on investment is pretty simple: it’s the point where you have gained more savings than the cost of the initial expenditure. However, when it comes to time and attendance software, people often don’t understand the actual cost of their manual processes.
One TCP customer saw the following savings:
85%+
Faster payroll processing
99%+
Improvement in payroll accuracy
Ready to find out how much you'll save using TimeClock Plus?
People often get hung up on the cost of new technology without considering what it can save them. Like Texas Tech University discovered, it’s possible to achieve immediate return on investment (ROI) in time savings alone.
How much could you save? This is the fun part. Simply complete the fields in the form with basic payroll data from your organization and a TimeClock Plus software expert will get back to you with the results.
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