Introducing Punchtime (and welcome to our blog!)Published January 15, 2015
Punchtime is the new kid on the block in terms of time tracking solutions. No other mechanism, system, device or software offers the sophistication and extreme ease of use that Punchtime offers.
Keeping proper track of employee time can be challenging, time-consuming and costly. Time sheet inaccuracies, administrative inefficiencies and data entry errors can cost an employer a lot of money.
Some experts claim that companies can save 1.5% – 10% of their annual payroll costs when they implement an appropriate system to prevent inadvertent errors, inaccuracies in rounding and false reporting. There’s also some interesting information from the American Payroll Association that can be extrapolated to our Canadian context. Their key findings were that:
- a payroll employee spends about 6 minutes calculating the data on each employee time sheet.
- there is a 1-8% error rate in the total payroll when paper-based time sheets are used.
- every employee wastes about 4 hours of time weekly on lateness, long lunches etc.
- businesses can save $1000 per employee per year by automating time and attendance
The key value proposition of an effective time keeping solution is the savings on labour costs through the use of an automated, accurate and user-friendly system. The bottom line is that time tracking guarantees a positive impact on a company’s bottom line.
Punchtime offers all types of businesses a software solution to help resolve the inefficiencies and inaccuracies related to employee time tracking and payroll. It’s a cloud-based solution that utilizes the latest in web and mobile software technologies.
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