PayPunch: Return on Investment Analysis
After installing PayPunch
you can expect improvements in following areas:
Eliminate cost of paper time cards
Avoid unauthorized overtime
No more errors when computing time
Less labor time to process payroll
Avoid unwanted "buddy-punching"
Enforce company policies
Apply rounding rules accurately
Reduce overall labor time
Strong management reports
Boost HR Department productivity
"In August of 2001, (we) began using it to automate our payroll processing...
In the 5 months that we have owned the software,
it has saved me thousands of hours in unauthorized overtime,
representing thousands of dollars,
and we have been able to completely automate our payroll process:
from punch-in calculations to vacation time calculations, to payroll processing!
Xpress Software even designed an extra module for us to automatically convert information from our
payroll system to our bank deposits. And it runs all by itself!"
A study published in the January 2002 edition of the American Payroll Association's magazine, PayTech, reports that:
Human error associated with manual calculation of payroll costs employers between 1% and 8% of the gross payroll
Manual time card calculation takes about 7 minutes per card
"Buddy-punching" accounts for up to 5% of the gross payroll
* PayTech magazine - January 2002 edition published by American Payroll Association
According to the results of annual surveys, on average 4 hours and 18 minutes a week is lost per employee by them coming late, buddy-punching, goofing off, long lunches and breaks and leaving few minutes late to get overtime.
Industry experts have determined the cost of manual computation of paper time cards to be a product of mainly four different factors:
the time spent to manually calculate work hours for each employee,
the cost of the paper time card itself,
the errors made in manual calculations,
and the "unnaccounted for" time
(including "buddy-punching", unauthorized overtime, employees punching in earlier than necessary, etc.)
These factors results may surprisingly represent a large portion of the manual timekeeping costs.
"PayPunch eliminated our expenses associated with employee badges and problems caused by buddy punching.
Before the PayPunch, it took us about 6 man-hours a week to calculate payroll manually. Now, the major portion of the work is provided by PayPunch.
We like the system because it is simple, reliable and functions well. Plus, the implementation of the system was quick, professional and user friendly. I would recommend PayPunch to any company that is interested in serious payroll reduction."
Design and Engineering Manager
Prospec Manufacturing Inc.
Let's calculate how much your company spends on payroll processing:
Please begin filling in the fields in the table, starting from the number of employees at the top.
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