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Potential Savings

Number of Employees

    Based on  
       

Average Hourly Rate ($)

Accuracy based Losses: Recording, Calculating and Keying. *1
         

Average Hours Per Week

Time Theft based on X minutes lost per day *2
         

Number of Pay Periods Per Year

Buddy Punching *3
         

Total Wage Bill

Hours per week saved Processing Timesheets and keying payroll. *4
         
Hourly Rate of Person Responsible for Processing Payroll (estimated)      
 
Potential Cost of using current method

* How did we calculate the savings?

This calculator is based on research carried out by the Robert Half Group and also the American Payroll Association’s study estimating lost time due to buddy clock-punching. It is intended for estimation purposes only and it provides an analysis of what using a manual time and attendance system such as Time Sheets or Punch Clock could be costing your business. We have taken a conservative approach in the factors we have applied. The results for any given business could be lower, but could equally be much higher.
  1. Research shows a potential error rate of between 1-8% of the total payroll in companies that use traditional time sheets or punch clocks.
    We have used an error factor of just 1% in our worksheet.

  2. Research shows, the average weekly "theft" (their term not ours) of time (long lunches and breaks, tardiness, early departures, etc.) is 4 hours and 5 minutes per employee!
    We have based our calculation on recovering just 2 minutes per day of that loss!

  3. Research shows, the average loss as a result of "Buddy Punching" is between 2-5% of total payroll in companies that use traditional timecards.
    We don't believe this is as big an issue in NZ so we have not included a loss factor in our calculation.

  4. Savings per year on time card calculating, reconciling and keying into payroll. Research shows that manual calculation and keying of time cards/sheets takes approximately 5 minutes per card.
    We have used a saving of 1 hour per pay period in our worksheet.

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