Texas Time Systems' ROI calculator incorporates several assumptions in its ROI formula. We have come up with a very conservative estimate of the potential savings for your company and the payback from a Texas Time Systems investment.

Sample Auditor Savings for a 50-employee Company
We're assuming that manual timecard totaling takes your department head or payroll clerks approximately seven minutes per card. An automated system should reduce this time to about one minute or less for verification only. That should save at least six minutes per card, per payroll period.

Our Default Example for Auditing Savings:
Number of employees: 50
Minutes saved per card: 6

Miinutes saved per pay period: 300 (5 hours)
(6 minutes per card x 50 cards = 300 minutes per pay period)

Pay periods per year: 52
Annual savings in auditing time: 260 hours
Dollar value of that time, at $8.50 per hour: $2,210

Savings from overpayments in hourly labor
At many companies, the average employee is overpaid for 4 hours and 5 minutes of unauthorized or unearned time each week. Our calculations make the conservative assumption that your company is only paying for 12 minutes per day extra than what it should--one hour per week of lost time per employee, 52 hours of lost time per year.

Total weekly payroll $14,000
Weekly wages overpaid $350
(One hour per employee x 50 employees x $7.00 per hour)

Total annual payroll $728,000
Annual wages overpaid $18,200
($350 per week x 52 weeks)

Savings Summary
Auditing Savings $2,210
Lost Time Savings $18,200
Total Annual Savings $20,410

The Texas Time Systems ROI calculator leans towards the least amount your company might save. Additional savings are likely to come from the human error and fraud that can result in overpayments to hourly workers.

Human Error Savings
The human error rate for manual timecard calculation ranges between 1% and 8%. If the error is in the company's favor, the affected employee is likely to let you know. Human nature makes it less likely that you'll ever hear about mixups leading to employee overpayments.

Let's look at the impact of a 1% human error rate on your company's bottom line, using our default company as an example of the potential savings:

Human error factor (expressed as a decimal percentage) .01
Annual savings $7,280 = ($14,000 x .01 x 52 weeks/yr)

Human Error Savings $7,280

Combined with the savings in auditing time and hourly labor overpayments, the total savings for our default company example is $27,690. And this is a conservative estimate!

Additional Texas Time Systems Savings:

Additional benefits include the ability to eliminate the time spent manually keypunch data to a host computer, the time you spend phoning your payroll service bureau, or the benefits you will get by basing your management decisions on up-to-the-minute data.

Time is a precious resource. Don't waste another minute. CONTACT US today!