Return on Investment
Automated Time & Attendance vs. Manual Calculation
Many companies only consider the potential cost savings from the elimination of manual calculations, when their total return on investment is generated from three different areas: reducing processing time, eliminating human errors in calculation, and preventing time theft.
Your largest savings may come from hidden costs that may not have been considered. By targeting only the savings possible by eliminating manual calculations, a small company of only 10 employees would most likely elect not to purchase. This decision would cost the company thousands of dollars annually!
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Manual Calculations Waste Time
The American Payroll Association (APA) estimates that about 2½ minutes is spent manually adding each employee’s time card.
Errors in Manual Calculations
When totaling employee hours manually with a calculator, human errors are bound to occur and go unnoticed. The APA estimates that manual payroll has an error rate of at least 1%.
Reduction of Time Theft
Tardy arrivals, early departures, long breaks and lunches are all examples of employee time theft that can be eliminated by an automated Time & Attendance system. The APA estimates as much as 5 minutes per day are lost due to these factors.
Total Return on Investment
Add up the savings from manual calculations that are no longer necessary, reduction of errors and the elimination of time theft, and you’ll see that a Jantek Time & Attendance system will pay for itself in less than a year.