There are huge savings to be made by using an automated time and attendance system like IQTimecard and the system can quickly pay for itself through the elimination of payroll errors and inaccurate login and logout times.
These savings come from the various areas which are demonstrated below and by completing the online calculator accurately you will be able to calculate how much money you can save per month and per year by using IQTimecard.
Inefficient Time
It is estimated that the amount of time spent on chasing and manually processing time sheets and employees weekly is an average of 8 minutes.
Payroll Department Error
It is estimated that the standard error factor for a payroll department entering details manually is 3%
Overpayment
It is estimated that the daily theft of time (e.g. employee arriving late, leaving early and taking longer lunches) is 6 minutes per employee per day
The possible cost saving that can be made means that your company can run more efficiently and means that you can run reports for each site and employees to analyse how your business is running.
