Every $1 you spend eliminating "Time Creep" caused by paper timesheets, will save you up to $15!
For employers, especially in small to medium businesses, it’s a constant challenge to manage employee attendance and get the payroll done on time.
Every week, employers and their staff, spend hours completing, chasing and calculating timesheets, then keying this data into payroll in order to get the payroll done and the staff paid.
This is especially true if you’re a small business.
The main problem they face is that this process is manual, error-prone and time-consuming, which leads to incorrect/over payments, wasted time, limited access to information and non-compliance with the record-keeping requirements of New Zealand Employment Law.
What is Time Creep?
It is the effect of the small, incremental and often hidden costs of incorrect recording of time, tardiness, rounding errors, calculation errors, buddy punching etc plus potential keying errors and the time it takes to key data into your payroll or job costing system.
Research has found that Time Creep can impact your payroll costs in the following way:
There was a potential error rate of between 1-8% of the total payroll cost in companies that use traditional timesheets or punch clocks.
The average time lost due to tardiness, early departures, incorrect recording of times etc is 4 hours and 5 minutes per employee per week!
Time spent on calculating, reconciling and keying timesheet data into payroll is approximately 5 minutes per timesheet.
These issues equated to around 2% of annual wages costs. (If an employee is working 40 hrs per week and on an hourly rate of just $20, this would equal around $45 per month)
With the thousands of small to medium businesses using manual systems such as timesheets and punch clocks, we identified that there is a clear opportunity for us to make a positive impact on the lives of a huge number of businesses and employees.
With TimeHub and MyTimesheets, you will have increased accuracy of data, greater compliance, and a better insight into employee productivity, all for an investment of just $2.99 - $4.99 per employee per month.
It’s “time” to move away from outdated recording methods such as time clocks and paper-based timesheets, and allow your employees to clock in using a Tablet or their Smartphone instead.