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Annual Cost Savings Calculator

A number of different factors can contribute to cost savings when implementing an automated Time and Attendance solution. These factors include reducing payroll processing errors, eliminating manual data entry, and lost time or “time theft” from long lunches and breaks, tardiness and early departures.

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	To determine how much your company can save with Optimum Solutions’ Time and Attendance application, enter your company information below.

	Company Information

	Number of pay periods
	Number of employees
	Average hours an employee works per week
	Average hourly rate per employee
	Average hourly rate for employee processing payroll

	Cost Saving Factors				Annual Savings

	Data Entry
	It is estimated that it takes from 2 to 10 minutes to enter data into payroll for one employee. Select a value that matches your experience.				$ 0.00

	Human Error
	Studies by the American Payroll Association (APA) indicate that the typical human error factor in manually calculating time can range from 1% to 8%. Select a value that matches your experience.				$ 0.00

	Lost Time
	Lost Time or "Time Theft" can be recaptured by the automated Time and Attendance rounding, restrictions and exception management capabilities. Lost time recaptured is estimated to be between 4 and 12 minutes per day. Select a value that matches your experience.				$ 0.00

			Total		$ 0.00