Time and Attendance Software Cost Savings Analysis

An automated Time and Attendance system from Advanced Time Concepts will increase your profits by ensuring that you are only paying your employees for the time that you have scheduled them to work. Naturally, the ability to track job costing, print attendance reports and many of the other features of our systems will also bring your business additional benefits. The bottom line, however, is that an automated system simply does not make the mistakes that are unavoidable when using manual payroll calculation. As with any computerized system, ours can do the work of several people with speed and accuracy that no person could hope to match. An automated Time and Attendance system will apply your payroll policies without prejudice or preference. This means that you and your employees can rest assured that policies are being handled fairly in every instance... a computer doesn't play favorites, and it doesn't hold grudges.

Savings in the amount of time spent preparing payroll mean that your personnel are free to increase your company's productivity. In many cases, a three-day nightmare is reduced to five minutes of quick and easy computer work. Advanced Time Concepts systems are fast and friendly. Anyone with basic computer skills can learn to operate them with little or no training.

Ultimately, as the following charts show, all of this adds up to savings in both time and money.

Number of Employees	100	500	1000	5000
Minutes Saved Per Card	5	5	5	5
Minutes Saved Per Week	500	2500	5000	25000
Hours Saved Per Week	8.33	41.67	83.33	416.67
Department Head Pay Rate	$7.00	$7.00	$7.00	$7.00
Weekly Labor Savings	$58.31	$291.69	$583.31	$2,916.69
Annual Savings	$3,032.12	$15,167.88	$30,332.12	$151,667.88

One of the key benefits of automated time and attendance is a reduction in the number of man hours required to process payroll data.

A drastic reduction in the amount of time spent calculating time cards results in significant savings for your business. This chart shows just how those savings can add up for even a small business. As you can see, if our software systems only saved you time, they would still pay for themselves in less than a year, but there's more...

Number of Employees	100	500	1000	5000
Average Wage	$6.00	$6.00	$6.00	$6.00
Average Hours Per Week	40	40	40	40
Total Weekly Payroll	$2,400	$120,000	$240,000	$1,200,000
Human Error Factor	.25%	.25%	.25%	.25%
Weekly Savings	$60	$300	$600	$3,000
Annual Savings	$3,120	$15,600	$31,200	$156,000

Everyone makes mistakes. With one of our Time and Attendance systems, those mistakes won't eat into your profits.

One of the most obvious disadvantages to using manual timecard calculation and data collection is that no one is perfect. By using computers to perform these tasks, you virtually eliminate the possibility of errors in your payroll. This results in savings for you because it reduces accidental overpayment. This chart shows how our systems can boost your profits by simply reducing errors in your payroll.

Lost Productivity Per Day (minutes)	6	6	6	6
Average Wage	$6.00	$6.00	$6.00	$6.00
Average Overpay Daily	$.06	$.06	$.06	$.06
Average Overpay Weekly	$3.00	$3.00	$3.00	$3.00
Multiply by Total Employees	100	500	1000	5000
Total Wages Recaptured Weekly	$300	$1,500	$3,000	$15,000
Total Wages Recaptured Annually	$15,600	$78,000	$156,000	$780,000

Our Time and Attendance systems will reduce the amount of money that you are losing to employees who leave early and arrive late.

An automated time and attendance system from Advanced Time Concepts will allow you to implement and enforce fair and consistent pay policies and punch rounding. That means you won't be overpaying employees who try to punch in and out outside their assigned shift times. The ability to print a variety of attendance reports will help you to spot employees who consistently punch in late or punch out early or take extended lunches and breaks. Those employees won't be overpaid because you can round their punches back to the assigned time or dock their time to discourage violations of your policies. All of this occurs automatically, you only have to set up these policies once and our systems will implement them without preference or prejudice. This chart shows just how much you can save in recovered wages by not overpaying employees who would otherwise have falsified their handwritten timecards, or mispunched on an older, mechanical timeclock.

Number of Employees	100	500	1000	5000
Audit Savings	$58.30	$219.69	$583.31	$2,169.69
Human Error Factor	$60.00	$300.00	$600.00	$3,000.00
Lost Time Savings	$300.00	$1,500.00	$3,000.00	$15,000.00
Total Weekly Savings	$418.30	$2,091.50	$4,183.00	$5,000.00
Total Annual Savings	$21,751.60	$108,758.00	$217,516.00	$1,087,580.00

Saving you time and money is what we're all about. This chart shows that anyone will realize large savings in a short period of time...

As this chart clearly shows, even a modest sized company will reap large benefits from using one of our Time and Attendance systems. With the ability to reduce man hours and errors associated with manual timecard calculation and data collection, maintain accurate records, and to implement and enforce fair and consistent pay policies, your business will realize savings almost immediately.

Time and Attendance Software - Cost Savings Analysis PROCESS YOUR OWN SAVINGS ANALYSIS | PRINTABLE VERSION | REQUEST INFO

Time and Attendance Software - Cost Savings Analysis
PROCESS YOUR OWN SAVINGS ANALYSIS | PRINTABLE VERSION | REQUEST INFO