Payroll preparation is not an easy task and mistakes can be costly. According to IRS statistics, approximately 33% of employers make payroll errors costing them billions of dollars annually in penalties. But that's just the beginning, other problems include:
The American Payroll Association shows that the manual calculation of timecards takes approximately 5 minutes per card.
The American Payroll Association shows an error rate of between 1-8% of total payroll in companies that use traditional timecards. We will use a 2% error factor to calculatee the potential savings.
According to the American Payroll Association, the average weekly "theft" of time (long lunches and breaks, tardiness, early departures, etc.) is 4 hours and 5 minutes per employee per pay period.