Calculate (Y)our Savings with ITR

The following assumptions and calculations are based upon a study of Time and Attendance statistics published by the American Payroll Association in its PayTech magazine in May, 2003 and at its Annual Congress in 2004.

To conduct your analysis, please adjust the highlighted numbers to accurately reflect your organization's profile:

Enter number of employees:
Enter average number of work hours (per week):
Enter pay frequency (per year):
Enter average wage of employees (per hour):	$
Enter average wage of payroll practitioner (per hour):	$

	Employee Overpayment    On average, an organization can overpay an employee as much as 30 minutes per day, attributable to several factors including tardiness, early exits, extended breaks, unauthorized absences, etc. We assumed a conservative estimate of 1% lost time, which is equivalent to about 5 minutes per day; adjust for your experience.
	Enter estimated time lost (percentage):	%
	Total annual savings of non-recoverable employee time:	$24,960

	Human Error Factor    Studies show at best, there is a minimum 1% error rate per pay period due to inaccuracy, bias or miscalculation by payroll staff and that the average error factor is 3% of total payroll. Adjust for your experience.
	Enter estimated error rate (percentage):	%
	Total annual savings by eliminating errors:	$24,960

	Administrative/Processing Time    Handling, manually correcting or calculating employee timecards, and keying the data into the system by supervisors/payroll staff takes an estimated 7 minutes or more per timecard, per pay period. Automating the process reduces that time to just one minute - a savings of 6 minutes per employee, per pay period. We assumed an average processing time of just 5 minutes per employee per pay period; adjust for your experience.
	Enter average time to manually process each timecard (minutes):
	Total annual savings on administrative/processing time:	$3,467

	Optional Biometrics    Studies show integrating biometrics into your automated system can increase annual savings by 10%, due to a reduction in costs associated with badge management, the elimination of buddy punching, improved accuracy, etc.
	Enter 10% if you plan to use biometrics; 0% if not:	%
	Total additional annual savings with biometrics:	$5,339

Total annual savings by automating:	$58,726