Automated Time Keeping System ROI Calculator

Enter the information below to determine how much your company can save by using an automated time keeping system.
Number of hourly employees

Audit Savings:

According to the American Payroll Association it takes approximately seven minutes per timesheet to calculate payroll each week. An automated Timekeeping System will reduce that to approximately one minute.  
Minutes taken to audit each time sheet
Payrate of person auditing the time sheets

Human Error Factor

The American Payroll Association indicates that inaccuracies in calculation of time typically range from between 1% and 8%. We conservatively use a 1% human error factor  
Average labor rate
Average hours worked per week
Human Error Factor%:

Lost Time Savings:

On average it takes three minutes to enter data from a single timesheet into payroll. An automated system eliminates data entry.  
Minutes taken to enter timesheet:

Corrected Time Leave:

For a variety of reasons, correcting time and leave errors is necessary every week. An automated system greatly reduces the time spent researching and resolving errors.  
Number of corrections (2% of employees): 1.1
Minutes to correct one timesheet:

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