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Time Clock Software - ROI

A return on investment (ROI) can oftentimes be realized fairly quickly when the investment is in time clock software - primarily in the form of saved ancillary costs. A number of different studies and reports have summarized the costs associated with payroll miscalculations and fraud that occur in any system on a yearly basis. These are the types of costs that can be essentially eliminated with an effective time and attendance system, coupled with appropriate time clock software.

It has been reported that simple human error in manual timekeeping and payroll systems can cost a company somewhere between 1 and 8 percent of its annual gross payroll. That figure does not include the estimated seven minutes per time card that it takes for someone to process time cards in a manual system or the actual costs of the paper time cards themselves.

The cost of buddy punching, a practice whereby one employee punches in for another who is not present on the premises, has been estimated at up to 5 percent of gross payroll per year. In addition, the costs that result from employees arriving a few minutes late and leaving a few minutes early can be staggering.

Those error and fraud costs, however, can be virtually eliminated from a companys payroll system when an electronic system is substituted for a manual one. Manufacturers of time clock systems assert that substantial improvements can be made in many cost areas when such systems are installed, and their claims are substantiated by companies that use their products.

For example, when an electronic system is used, paper time cards become a tool of the past, as do errors in computing time worked. Overtime can be more closely controlled and unauthorized overtime can be virtually eliminated. Buddy punching becomes impossible, particularly with a biometric system in which the employees hand must be presented to clock in and out of work. In addition, it doesnt take as much labor to process payroll when an electronic system has already compiled variables like hours worked and benefits accumulated.

The return on investment is accrued not through money that a time clock system produces, but through excess costs that are eliminated. There are substantial savings to be realized, within most companies, when both error and fraud are eliminated from the companys timekeeping and payroll system.

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