Timing software: Statistics from the American Payroll Association

• The American Payroll Association estimates that companies can save up to 4% on annual payroll expenses by implementing a clock in system.

• Clerical errors can result in a swing of anywhere from 1-8% of total payroll. Given that payroll is often 50% of a company’s budget, this figure is highly significant. If this is a shortfall in an employee’s pay, they will almost always notice, and this leads to strained relationships with management. If this error is in favour of the employee, and the employer notices, it will generally be taken out of the employee’s next pay cheque, and that is often just as damaging. These errors are costly, even if they are caught after the fact.
• The cost of processing payroll can be reduced by up to 80 percent with an automated payroll system. A large section of this is the elimination of human error on the part of the employee and/or the processing side.
• The APA estimates that each employee’s time sheet can take up to 7 minutes to process, even if there are no problems. How many employees do you need to have before a timing software is far less expensive?
• Chronic lateness can be reduced by 11%, without conflict, simply by the employee becoming aware of their actions. Most employees know when they are late, but often have no idea by how much. Others are routinely 10 minutes late, and don’t consider this to be a problem. Simply by having them record their own hours, they will realise how often, or by how much, this has become a problem.

Source: http://www.americanpayroll.org/home/

Other Timer Software links: http://www.citsoftware.ie/uncategorized/manage-time-manage-profits/