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Return on Investment (ROI)
Automated Time & Attendance vs. Manual Calculation

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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!

Enter your own information into the form below to calculate the approximate amount of money your company would save on an annual basis. Note: This form requires JavaScript.

  Input Variables Enter Your Information

A. Pay Period (number per year):

 

 
 

B. Number of Employees:

  employees

 

C. Hourly Wage of Payroll Staff:

 

$ / hour

 

D. Hourly Employees' Average Wage:

 

$ / hour

 

E. Number of Hours in Work Week:

 

  hours

  F. Number of Work Weeks per Year:     work weeks
  G. Minutes Spent Calculating 1 Time Card:     minutes
  H. Time Theft per Employee per Day:     minutes
  I. Margin of Error:     %
 

  Manual Calculations Waste Time
The American Payroll Association (APA) estimates that about 2 minutes is spent manually adding each employee's time card.

J. Time Saved per Year (A x B x G / 60):

 

  hours
  K. Annual Savings (J x C):  

$

  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%.

L. Annual Gross Payroll (B x D x E x F):

$
  M. Annual Savings (L x I):  

$

  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.

N. Time Saved per Year (B x F x 5 x H / 60):

 

  hours
  O. Annual Savings (D x N):  

$

  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.

P. Total Annual Savings (K + M + O):  

$

To be conservative, this study is based upon saving approximately 1.5% of your gross payroll, however the APA estimates that most companies will save closer to 5% of gross payroll costs.

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