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Computerized time recorders slash payroll preparation time
| No. of |
Hours to |
Annual Cost |
| Employees |
Compute: |
@ 10.00 per hour |
| 50 |
108 |
$1,080.00 |
| 100 |
216 |
$2,160.00 |
| 200 |
433 |
$4,330.00 |
| 400 |
866 |
$8,660.00 |
|
@ 5 minutes per employee
x 26 pay periods (biweekly)
x employees / 60 minutes |
American Payroll Association (APA) claims it takes an average of
five minutes to manually add and audit one employee's time card.
Time card calculation errors cost you money
| Average |
No. of Employees |
| Hourly Rate |
50 |
100 |
200 |
400 |
| $6.00 |
$6,240.00 |
$12,480.00 |
$24,960.00 |
$49,920.00 |
| $8.00 |
$8,320.00 |
$16,640.00 |
$33,280.00 |
$66,560.00 |
| $10.00 |
$10,400.00 |
$20,800.00 |
$41,600.00 |
$83,200.00 |
|
Formula: |
No. of Employees
x Hours/wk. (40)
x Weeks/yr. (52)
x Error Factor (.01)
x Average Hourly Rate |
APA experts claim that the rate is at least 1%.
Rounding to Schedule
| Average |
No. of Employees |
| Hourly Rate |
50 |
100 |
200 |
400 |
| $6.00 |
$1,300.00 |
$2,600.00 |
$5,200.00 |
$10,400.00 |
| $8.00 |
$1,733.33 |
$3,466.67 |
$6,933.33 |
$13,866.67 |
| $10.00 |
$2,166.67 |
$4,333.33 |
$8,666.67 |
$17,333.33 |
|
Formula: |
No. of employees
x 5 minutes per week
x average hourly rate/60
x no. of weeks in a year (52) |
Assumption: Employee clocks in 5 minutes early at least one time a week. By rounding
to the beginning of his/her schedule we eliminate 5 minutes of your companies payroll per
employee per week.
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