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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 these costs (and therefore potential 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 Time Creep (they called it time theft), buddy punching, calculation errors and time spent keying data.

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! ie 10 minutes per week. 

  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. If you are using a Punch Clock you could add a conservative 1% to your annual cost. 

  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 timesheet/punch card.

    We have used a saving of 1 hour per pay period in our worksheet.

 

There is a better way! Book your No Obligation 15 min Review below..

Timehubmytimesheets Paper Timesheets3

 

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Is you current method of recording the hours your employees work fit for purpose?
We help employers improve the way they manage employee attendance and payroll by eliminating the need for manual systems like paper timesheets and punch clocks

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