Return on Investment for Automated Employee Time & Attendance Systems

Automating the time and attendance process for your employees with integrated time clocks can save your organization hundreds of thousands of dollars each year.

We've outlined several different sources for savings. First, automated systems reduce time card audit time and the system saves employee labor time. Next, they eliminate the wages paid to employees taking long breaks or lunches or showing up late. Lastly, an automated time and attendance system eliminates human error - adding to the savings.

How Much Can Your Company Save?

• 10 Employees: About $4,000 / Year
• 25 Employees: About $10,000 / Year
• 50 Employees: About $20,000 / Year
• 100 Employees: About $40,000 / Year
• 500 Employees: About $200,000 / Year
• 1000 Employees: About $400,000 / Year

And that's based on conservative estimates!

As proof, we encourage you to calculate your own return on investment and note how the much money the average company loses in profits through inefficiency without the automated process.

Get a Free Time & Attendance ROI Calculator

How Time & Attendance Creates Savings

1) Reducing Time Card Audits

An automated time-tracking payroll process reduces the amount of time an auditor spends calculating time card data, thereby enabling him or her to focus on other areas of the job. The American Payroll Association (APA) estimates that a payroll employee spends about 6 minutes calculating the data on a time card - time that really adds up.

2) Recapturing Wages

When calculating the return on investment for an automated employee time and attendance system, we must also consider the amount of wages that are "recaptured" from employees who used to take long breaks or come in late. An automated employee time tracking system has the capability of monitoring breaks and ensures the correct time is calculated. An APA article showed that the average employee "theft" is about 49 minutes a week, which translates to about 9.8 minutes per work day. To calculate your savings above, we used a conservative 6 minutes.

3) Reducing Human Error

Eliminating the human error element that is present in the manual system also contributes to the ROI. Everybody makes mistakes. That's why automating the system helps save money from day one.

Simple mistakes like mental math slips or data entry errors can end up costing a company thousands by the end of the year. The APA has cited a human error rate of between 1 and 8%. We calculated your savings above on a much more conservative 0.25%.

Therefore, as you can see, small numbers add-up very quickly to create big headaches if a company isn't utilizing automated time and attendance systems. Again, if you add these savings up, even a small company will see the ROI within a few short months.

Call us at 888-861-0933 or contact us to see how we can tailor an automatic employee time and attendance system to fit your company's requirements in order to prevent you from losing money due to inefficiencies.

Get a Free Time & Attendance ROI Calculator

To get a more in-depth analysis of ROI for time and attendance and employee time tracking software and systems, check out the full whitepaper with its embedded ROI calculator.