|
Precise Pay,
Inc.
info@precisepay.com
Toll
Free: 888.303.1500
Fax:
800.228.4051
Northern
California
3333
Bowers Ave.
Suite
130
Santa
Clara, CA 95054
Southern
California
1630
S. Sunkist Street
Suite
O
Anaheim,
CA 92806
Utah
2411
Kiesel Ave.
Suite
500
Ogden,
UT 84401
| |
Time and Attendance Systems
Benefits of a Time & Attendance System
The Cost of Manual
Calculations
The Human Error Factor
Cost of Unrecorded Employee Tardiness
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| The Cost of Manual Calculations |
|
Experts from the American
Payroll Association claim it takes on average 5 minutes to add and audit one
employee’s time card. Given a bi-weekly payroll with 26 pay periods per year, the
following annual figures emerge:
|
Number of Employees: |
Hours to Compute: |
$7 Per Hour |
$9 Per Hour |
$12 Per Hour |
$15 Per Hour |
| 15 |
32.5 |
$227.50 |
$292.50 |
$390.00 |
$487.50 |
| 25 |
54 |
$379.17 |
$378.00 |
$650.00 |
$812.50 |
| 50 |
106 |
$758.33 |
$756.00 |
$1,300.00 |
$1,625.00 |
| 100 |
216.67 |
$1,516.67 |
$1,950.03 |
$2,600.00 |
$3,250.00 |
| 150 |
325 |
$2,275.00 |
$2,925.00 |
$3,900.00 |
$4,875.00 |
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| The
Human Error Factor |
|
Experts from the American
Payroll Association claim the error rate with manual time card computation is between 1
percent and 8 percent of your gross annual payroll. Given the 1 percent error rate
with a forty hour work week, the following annual figures emerge:
|
|
Number of
Employees |
| Average Hourly Rate |
15 |
25 |
50 |
100 |
150 |
| $7 |
$2,184 |
$3,640 |
$7,280 |
$14,560 |
$21,840 |
| $9 |
$2,808 |
$4,680 |
$9,360 |
$18,720 |
$28,080 |
| $12 |
$3,744 |
$6,240 |
$12,480 |
$24,960 |
$37,440 |
| $15 |
$4,680 |
$7,800 |
$15,600 |
$31,200 |
$46,800 |
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|
Cost of Unrecorded Employee Tardiness
|
|
According to studies
conducted by the Robert Half Agency, time lost to employee tardiness, early departures and
long lunch breaks exceeds an average of 20 minutes per day, per employee. Given only
5 minutes per day, 240 working days per year and a cost to companies equal to the
employee's average hourly rate, the following figures emerge:
|
Number of
Employees |
| Average Hourly Rate |
15 |
25 |
50 |
100 |
150 |
| $7 |
$2,100 |
$3,500 |
$7,000 |
$14,000 |
$21,000 |
| $9 |
$2,700 |
$4,500 |
$9,000 |
$18,000 |
$27,000 |
| $12 |
$3,600 |
$6,000 |
$12,000 |
$24,000 |
$36,000 |
| $15 |
$4,500 |
$7,500 |
$15,000 |
$30,000 |
$45,000 |
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