Annual Savings Calculator
In today’s economic climate, it’s more critical than ever to do more with less.
Tell us a little about your payroll parameters below and we’ll tell you how much you could be saving with us.
How much could you be saving?
If you’re not using TimeMD, you could be throwing a lot of money down the drain!
Factors to Consider
Human Error Savings
The American Payroll Administration (APA) has shown that companies who use traditional time tracking systems (punch cards, spread sheets, hand tracked systems, etc) are overpaying their employees up to 8% due to errors. That means if your total payroll for the year was $500,000 you could be over-paying as much as $20,000 due to easily avoided mistakes! Imagine what you could do with an extra $20k in your pocket.
These errors are generally due to calculating time sheets incorrectly and incorrect time entries being missed. For our calculator, we take the middle of the road and use 4%. However, by using TimeMD we can reduce errors to less than 1%!
Lost Time Savings
In today’s workforce, employees are taking longer breaks, having “buddies” punch them in and are generally more distracted than ever before. Traditional time systems just can’t provide the tools today’s business owners need for oversight and accuracy.
The APA has found that due to all this lost time, your employees could be overpaid by 25 mins each and every week! With TimeMD, we can cut that time to under 3 mins.
At the end of each pay period, managers spend on average 15 minutes per employee reminding them to turn in, gather, read, approve and finally calculating what was put on those time sheets.
With TimeMD, we can cut that time to under 2 minutes! Basically, all that’s left to do is quickly review what’s been entered, approve the time and pay your employees. It’s as easy as that.