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Savings Calculator

In today's economic climate, it's more critical then ever to do more with less.

By not using TimeMD, you could be throwing money down the drain! Use the form below in order to learn how much you could be saving

Annual Savings Calculator Calculate how much TimeMD could be saving your company annually!
# of Hourly Employees
# of Payrolls Per Year
Avg. Hours Worked Per Week
Avg. Employee Hourly Rate $
Avg. Manager Hourly Rate $

Factors to Consider When Calculating Savings

Human Error Savings

The American Payroll Administration (A.P.A.) has shown that companies who use traditional time tracking systems have a human error factor rate between 1-8%. That means if your total payroll cost for the year was $500,000 you should expect to pay about $20,000 due to easily avoided human error!

This error factor is usually due to miscalculations and missed time entries. For our calculator, we give the benefit of the doubt and only use 4%. However, through TimeMD we can reduce that error rate to only 0.5%!

Lost Time Savings

Studies have shown that employees are taking longer breaks, showing up late, having friends punch them in and leaving early more often than ever before. Traditional time systems just can't give that oversight today's managers need.

As a result, the APA has found that each employee could be overpaid by 25 mins each and every week! With TimeMD, we can cut that time by 90%.

Auditing Savings

At the end of the pay period, managers spend on average 15 minutes per employee reminding, gathering time sheets, approving as well as calculating time spent on the job.

With TimeMD, we can cut that time to under 2 minutes! Basically all that's left is to approve the time your employees have already entered.

Through paper reduction, increased payroll efficiency and fewer pay check corrections, you'll be amazed at how much TimeMD can save you!

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