Many companies have a traditional wall mounted time clock to track their employee time and hours. These devices are cheap, reliable, and easy to set up. Before you decide to buy one, let's talk about the real cost. We will run some numbers based on a company with 10 employees and annual payroll of $500,000.
Wasted time can add up to $1,500 per year.
You have someone manually entering these time cards?
Time card errors can add up to $5,000 per year
There is a 1-2% error when people enter data manually. If overpaid, you lose money, bad enough. However if your employees are underpaid you could face a lawsuit.
Time theft can add up to $30,000 per year.
Buddy punching is when one employee asks another to clock them in on their behalf. In most cases this is done when the employee is running late but in extreme cases employees have used buddy punching to take entire days off work.
Why not have your desk phone be a time clock?
The VoIPLy time clock app is simple to use, integrated with your phones, and best of all FREE.
These numbers come from the APA(American Payroll Association), the nation's leading authority in payroll education, publications and training.