>>Staying Competitive

Staying competitive in business today requires companies to find new, controllable ways to drive revenues and profitability. On that note, many companies today do not realize that they can significantly reduce the cost of one of their greatest expenses, employee labor, thus increasing company profitability.

The American Payroll Association (APA) has declared numerous ways in which companies are hurting their profitability by not implementing today's automated timekeeping technology. Take a look, and evaluate where your company could save:

COST 1: Manual Time Card Totaling

The Average error rate in computing time cards is between 1% to 8%, which means:

A conservative 2% error rate on a $12,000 payroll equals $240.00 each pay period

COST 2: Manual Time Card Totaling

The average payroll clerk spends 7 minutes per time card each pay period:

• - Preparing and heandling time cards
• - Computing time card totals
• - Verifying time card totals
• - Computing shift and department totals
• - Reconstructing lost or damaged time cards

The Cost:

• 100 time cards take a calculated 11.67 hours to complete
• An average $15.00/hr clerical wage costs $175.05 per pay period

COST 3: Wasted Labor Minutes

Did you know that 15 employees who "waste" 5 minutes per day through untracked breaks, extended lunches, and approximated punch times will create 28 hours and 45 minutes of additional pay each month?

An $8.00 average hourly wage would total $230.00 in added pay per month