American Payroll Association Estimates
The American Payroll Association writes that payroll hour calculation totals are typically off by 1% to 8% of actual time worked. They also write that it generally takes up to 7 minutes to a weekly time card. When using no time clock system at all, the American Payroll Association estimates that up to 49 minutes per day are lost due to employees taking long lunches, breaks, early departures, etc.
Using conservative figures, Spectrum TimeClock can pay for itself within the first month of use by eliminating rounding errors, and reducing the time needed to calculate employee time clock hours - compared to using a mechanical time clock system.
Additional benefits come from the reduction of disputes over time clock punches, since punches won't ever be unreadable using a computer based system.
Try out our ROI calculator to see how much you could save from using Spectrum TimeClock. We've filled in the calculator with some conservative figures for a company with 50 hourly employees.Run our Return on Investment Calculator.