Quite a bit, and it starts the very first day you begin using a TimePilot system. Most employers will save at least the cost of the system in the first year, and will continue to save every year afterward.
Here's an example: Let's say you have 20 employees, and each is paid $12 an hour. If TimePilot stops just 1 minute in "time theft" per employee per day, it will save you $1,040 a year*—more than the cost of any of our systems! (How did we calculate that? See below to find out.)
Now, those savings assume that you're perfect—that you never make a math error when you're counting up those hours on timecards or time sheets.
But that's just not realistic—and TimePilot's elimination of calculation errors leads to even more savings! A study published in the American Payroll Association's magazine, PayTech, reported that:
- Reading a timecard and calculating an employee's work hours isn't a simple process. The human-error rate from manual calculation ranges between 1% and 8% of your gross payroll. For most companies, that's a minimum of thousands of dollars a year. A computer doesn't make math mistakes.
- Manual timecard calculation takes about 6 minutes per card. TimePilot does it in milliseconds. Remember: You're paying an employee to do the math. Isn't this a perfect job for a computer?
- An electronic system is less likely to be abused. No "buddy-punching," no altering of timecards, and because it's password-protected, employees can't fudge their hours as they can with a pen or pencil on their timecards.
Those errors and inaccuracies add up fast! TimePilot earns its keep—and then some!—by stopping time theft as well as eliminating a timecard or timesheet system's hidden costs: errors, employee time and supplies.
Your company can be up and running on a TimePilot system for as little as $149.
If time is money in your business, can you afford not to have one?
See our line of full-featured timeclocks
*How did we calculate the $1,040 in savings? Here’s how:
- $12 hourly rate divided by 60 minutes = $.20 (one minute’s pay) saved per employee per day.
- $.20 x 5 days = $1.00 saved per employee per week.
- $1.00 x 52 weeks = $52 saved per employee per year.
- And finally, $52 per employee x 20 employees = $1,040.