How much is it costing you to calculate your time cards manually? This poses an interesting question for most companies. While many companies may not track the amount of hours spent each week counting employee hours, let me tell you, it adds up to a lot of money every year. For a process that doesn’t generate extra revenue, it sure can consume a lot of time and money.
Time and attendance, timekeeping, labor management, whatever you chose to call it – there are many names for this similar process. To help you analyze your business practices and potentially become more efficient we have created a Labor Management Calculator. Our Labor Management Calculator will help you estimate how much you could save a year by automating your processes. Eliminating manual processes is vital in many industries, especially those that are fast paced and may not have the resources to designate a person to counting time cards.
Our Labor Management Calculator will help you understand:
- Wasted Labor Minutes – Estimated annual cost of wasted labor minutes
- Cost of Human Error – Estimated annual cost of human error while calculating time cards
- Yearly Cost – Estimated cost per year calculating time cards
As an example consider the following company:
- 25 Employees
- 40 Hours of work a week
- Making an average of $12
Using our Labor Management Calculator and estimating only an average of 10 minutes wasted per day by each employee due to extended lunches, unapproved breaks, and buddy punching, this company can save over $1500 a month. Over the period of a year, that can equal out to be more than $20,000.
As a business owner, payroll manager, controller, etc. it is very important to know the impact that your processes can have on the business. Our calculator can give you a good idea of how to become more efficient by reducing manual labor while increasing your bottom line.