By automating your leave and accrual system, you can enjoy savings in a number of key areas, including:
- Fewer data entry-calculation errors, which otherwise might result in a higher payout.
- Elimination of time spent managing paper timecards, including re-keying of information into payroll systems.
- Controlling overtime expenses and having tighter control over unauthorized leave time.
- Better regulatory control through automation of retroactive calculations and error correction process.
- Reduce administration costs via self-service functionality.
- Elimination of payroll/time inflation and excess overtime caused by manual timekeeping.
- Elimination of timecard processing and storage costs.
- Elimination of timecard printing costs.
Source: The American Payroll Association (savings based upon a $20 Million gross payroll).
Payroll error reductions
Percentage of gross payroll: 0.5% – 1.5%
Value: $100,000 to $300,000
Total Savings: $100,000 to $300,000
Elimination of re-keying of data and personnel resources
Percentage of gross payroll: 0.25% – 0.5%
Value: $50,000 to $100,000
Total Savings: $150,000 to $400,000
Control of leave time abuse and math errors
Percentage of gross payroll: 0.2%
Total Savings: $190,000 to $440,000
Eliminating inflation of time worked (tardiness, etc.)
Percentage of gross payroll: 1.0%
Total Savings: $390,000 to $660,000
Percentage of gross payroll: 1.0% – 1.5%
Value: $200,000 to $300,000
Total Savings: $590,000 – $960,000
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