SAVINGS CALCULATOR

Human error, overpayments and administration costs occur frequently. Streamlining & automating the entire process is crucial. See how much your organisation can save every week with a Time and Attendance System. Simply input your company details below:

Number of Employees?

1

50

Employees

Working Hours Per Week?

5 Hours

48 Hours

Hours

Pay Rate Per Hour?

€ 5 Per Hours

€ 120 Per Hours

Per Hours

Here’s what you could save!

Installing Mitrefinch TMS could save you:

Per week:

Per year:

Mitrefinch TMS will reduce overpayment

If employees know their attendance is being monitored, overall attendance will generally improve. Employees may be overpaid by up to 30 minutes per day due to lateness, early leaving, long lunch breaks etc. For salaried employees, a saving will still be seen because they will be working longer for the same overhead. If we assume a conservative 1% increase in attendance, then the following savings could be made:

Hours Gained Weekly:

Savings Per Week:

Human Error

With a non-computerised system, there is a potential for human error at each stage of the payroll process. Companies using a manual system are likely to be experiencing an error rate between 1 and 5%. If we assume that we can reduce this by a conservative 0.5%, then the following savings could be made:

Rate of Human Error Per Week:

0.5%

Savings Per Week:

Administration Costs

On average it is estimated to take 7 minutes for managers to manually calculate and edit each timesheet, and a further 2 minutes to manually enter data from each time sheet into a payroll application. Mitrefinch TMS removes the need for this to be performed. If it takes 5 minutes per timesheet for calculation and data entry, then the following savings could be made:

Calculation and Entry (hours):

Savings Per Week: