Qualifiable Benefits
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Benefits of Biometric Time & Attendance Software Compared to Alternative Methods
When compared to traditional methods, such as electronic or mechanical timeclocks and manually compiled timesheet forms, biometric time-tracking applications stand out for their affordability, simplicity and the many ways in which they save businesses money, such as:
Reducing Demands on Time
Traditional methods of time keeping require that hours be totaled for daily entries and for each pay period, which then are reviewed and audited by management before being entered into payroll software. Based on studies conducted by the American Payroll Association, manual calculation (adding and auditing) requires five minutes of administrative time per timecard. For a company with 100 employees, a company can devote eight hours of an administrator/supervisor's time to the task of processing timecards in preparation for payroll.
Preventing Incidents of Employee Time Theft
Biometric time–tracking applications prevent buddy-punching, a common form of time theft whereby employees “punch-in” for tardy or absent co-workers. Studies conducted on behalf of the American Payroll Association (APA) report that the average employee steals 4.5 hours each week through tardy arrivals, early departures, extended lunches and breaks. On an annual basis, this is equivalent to a six-week paid vacation for each employee.
Calculating the impact of time-theft on business |
Hourly
Rate |
Cost Per
Minute |
Number of Employees |
2 |
5 |
10 |
25 |
50 |
100 |
Profit Loss |
$ 5.15 |
$0.0858 |
$ 858 |
$2,146 |
$4,292 |
$10,729 |
$21,458 |
$42,917 |
$ 6.00 |
$0.1000 |
$1,000 |
$2,500 |
$5,000 |
$12,500 |
$25,000 |
$50,000 |
$ 8.00 |
$0.1333 |
$1,333 |
$3,333 |
$6,667 |
$16,667 |
$33,333 |
$66,667 |
$12.00 |
$0.2000 |
$2,000 |
$5,000 |
$10,000 |
$25,000 |
$50,000 |
$100,000 |
$15.00 |
$0.2500 |
$2,500 |
$6,250 |
$12,500 |
$31,250 |
$62,500 |
$125,000 |
*Based on a total loss of 20 minutes per day over a period of 250 days. |
Preventing Unauthorized Overtime
Biometric time-tracking applications prevent employees from accumulating overtime hours by rejecting “clock-ins” of pre-shift early arrivals and by red-flagging post-shift hours that do not comply with the pre-authorized work schedule.
| This bar chart illustrates the savings a company with 20 employees, compensated at an average rate of $17 per hour can realize by eliminating unauthorized overtime. |
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Reducing Payroll Errors Resulting in IRS Penalties
According to IRS statistics, approximately 33% of employers make payroll errors costing them billions of dollars annually in penalties.
Eliminating Human Error from the Equation
Calculation errors occur at multiple levels. They may be the result of misreading records, misinterpreting or transposing numbers or incorrectly entering digits. Based on studies by the American Payroll Association, eliminating human errors from timecard processing tasks can save an organization up to eight percent of its annual gross payroll.
Product Cost Comparison
Biometric time-tracking applications are not only more effective than conventional timeclocks, but far more economical to own and operate.
Biometric Time & Attendance Software Application
Among single-site, medical industry users with 50 or less employees, Timecard Monitor's Lite+Scheduling Edition is the most popular of Count Me In's time and attendance applications. Retail prices for this edition start at $349.99, which includes:
- One fingerprint sensor;
- 90-day software support subscription;
- Seamless integration with leading small business payroll and accounting packages (QuickBooks, PeachTree, ACCPAC , etc.); and,
- Software for up to 50 employees that provides scheduling feature capabilities (such as highlighting timecards that break schedule, unlimited pay codes, definable pay frequencies, “punch rejections” for unscheduled or early shift arrivals, etc.)
Traditional Timeclocks
- Timeclock – Average price for a new electronic timeclock is $500. (Prices range between $300 and $700, contingent on type (mechanical or electronic), manufacturer, durability, & print mechanism. For practices with multiple locations the cost must be multiplied by the number of offices as each requires installation of its own unit. Add to the cost of the unit itself:
- Timecards – Average cost - $40 per 1,000
- Timeclock Ribbons – From $12 to $25 (standard vs. cartridge)
- Timecard Racks – Costs range between $20 and $60
- Maintenance Costs – Equipment breakdown and malfunction costs can significantly vary. Factors that influence cost include: repair service charges, parts replacement costs, and when applicable, shipping & handling charges.
*There are six other Timecard Monitor Editions: Lite – Count Me In's most basic edition and the progressively more advanced editions of Standard, Pro, Premier, Client Server and Remote Management Connection. These offer increasingly expansive capabilities that accommodate companies with 100 employees or more; or that have multiple departments and/or locations requiring additional punch-stations, or increased administrator access; remote system access; or the ability to capture employee project and job-function data.
The range of prices for Timecard Monitor varies. Starting as low as $299.99 for the Lite Edition with price increases for more advanced editions (additional hardware add-ons and/or advanced software tracking, auditing, reporting, and networking functionality) retailing at around $700 or more, contingent on number of employees, locations and data capture capabilities. Software upgrades and maintenance subscriptions are included for the first three months.
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