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Calculate Your Savings

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:

Download an Excel Spreadsheet to Calculate Your Savings

Cost 1: Human Error

The APA estimates that the rate of human error in time card preparation and totaling is between 1% and 8%. Therefore, a conservative 2% error rate on a $12,000 payroll would equal $240 in erroneous wages.

Cost 2: Wasted Labor Minutes

Did you know that just 15 employees receiving pay for merely 4 minutes of “wasted” time per day [untracked breaks, extended lunches, over-approximated punch times, etc.] will total 1380 minutes [23 hours] of additional pay per month?

Cost 3: Manual Time Card Totaling

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

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

The Cost: Preparing 100 time cards will take an estimated 11.67 hours to complete. Therefore, at an average clerical wage of $15.00 per hour, time card preparation would cost $175.05 per pay period.

Today’s automated timekeeping technology is a valuable resource as it is able to eliminate these costs, and save you significant amounts of time.

The New Jersey, Pennsylvania Reciprocal Personal Income Tax Agreement to Continue in 2017

For residents living in New Jersey and Pennsylvania who work across the state border, personal income taxes will no longer be impacted in January 2017 by New Jersey’s proposed withdrawal from the Reciprocal Personal Income Tax Agreement. On Tuesday, November 22nd, Governor Chris Christie reinstated the tax reciprocity agreement, reversing his initial decision to withdraw, […]

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Newly Proposed Salary Overtime Rules Put on Hold

In May of this year the US Department of Labor proposed a final ruling to increase the minimum salary threshold for exempt employees from $23,600 to $47,476 annually or from $455 to $913 per week. As a result of the ruling, starting December 1st, exempt employees earning less than $47,476 were to become eligible for […]

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