True Savings of Fingerprint Attendance Clocks
Biometric time clocks are capable of saving almost any business a great deal of money. On average this savings could be approximately five percent of your total payroll. Now, five percent may not sound like a lot. That is, until you put it into perspective regarding the entire budget of the payroll department. You may find that a fingerprint attendance system may be worth more than its weight in gold.
How Much is Five Percent with a Fingerprint Attendance System?
Let’s say that you have 10 employees all making about $9.00 per hour for an 80-hour work week. This means you’re paying out a total of $7,200 per week. When you calculate five percent of this total for payroll, you could be saving $360 per week in lost time. Your company may wind up only paying $6,840. For many businesses, this would be a great budget increase to something like marketing or product development. Since fingerprint attendance keeps staff honest about the time they spend on-site, it may also play into improved productivity in order to get a full paycheck.
A lot of the time, small businesses may be less likely to suffer the same kinds of payroll loss as larger companies. This is because it’s much easier to keep an eye on staff. However, no organization is completely safe from buddy-punching or time sheet fraud. What would the numbers look like for a small business? If you had three employees working for $8.50 per hour for a 32-hour week, the company pays out $816. If the five-percent average remains true, you’d save $40.80 per week. For a small business, this may pay for local ads and other small office needs.
Larger companies may be easier for employees to defraud. When there are so many people walking into the establishment, it could be quite difficult keeping track of everyone. A fingerprint attendance system can help monitor of all those individuals. What if the company had 150 employees making an average of $13.00 per hour for an 80-hour work week? By saving five percent, the company would keep $7,800 in the bank per week instead of paying out for inaccurate paychecks.
Savings Vs Expense of Fingerprint Attendance Systems
Fingerprint attendance systems are not overly expensive. In fact, they are often a fraction of what you would save by eliminating five percent of payroll losses. Even small businesses have potential to save more than $100 per month after paying for fingerprint attendance services. Five percent may not sound like a lot of money until you put it into calculating total payroll. Keep in mind this is just the average. Your organization could be much higher or lower depending on the integrity of your staff and size of the company. What would five percent do for your business if you implemented a fingerprint attendance system?
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