Human Calculation Errors: Erroneous Wages Paid
The American Payroll Association estimates that the rate of human error in time card preparation is between 1% and 8%. The Cost: Therefore, a conservative 2% human error rate on a $12,000.00 payroll would equal $240.00 in erroneous wages paid per pay period. Moreover, the cost to re-issue correct payroll amounts (if the error is detected and reported) further increases your cost of human error.
Manual Time Card Preparation: Employee Punch Cards
The average payroll clerk spends 7 minutes per time card each pay period: The COST - Preparing 100 timecards will take an estimated 11.67 hours to complete. At an average clerical wage of $15.00 per hour, time card preparation would cost $175.05 per pay period.
Wasted Labor Minutes: Employee Time Theft
Did you know that just 15 employees receiving pay for merely 4 minutes of "wasted" time per day [untracked breaks, extended lunches, over-approximated punches times, etx.] will total 1380 minutes [23 hours] of additional pay per month? THE COST: if you average pay rate is $10.00 per hour, then you pay an extra $230.00 each month for labor worked.
Call Quantum Payroll Systems today to get started on our Swipeclock Biometric, Webentry, Mobile Time Clock or Swipeclock Time & Attendance Systems and start saving money today!
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