TimeIPS Return on Investment Calculator

Follow the instructions below to view and receive your custom TimeIPS ROI.
  1. Enter your company's values in the section labeled "Assumptions".
  2. Scroll down to preview your results.
  3. When finished, click the "Generate PDF" button.

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Assumptions

Number of Employees:
Average employee hourly wage (be sure to include all costs of benefits and taxes in wage):
Number of payroll periods each year:
Number of minutes needed to collect, calculate and enter payroll data for each time card:
Hourly rate of person collecting, calculating and entering data (be sure to include all costs of benefits and taxes in wage):
Minutes for unauthorized over time each week per employee:
Number of days not reported for sick / vacation per employee per year:
Your budgeted cost for a new TimeIPS System:

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Manual Time Keeping Cost Calculation Estimate: Per Pay Period Per Year
Each Employee All Employees Each Employee All Employees
Time calculation inaccuracy:
$10.00
$1,000.00
$260.00
$26,000.00
Theft of time / Time card fraud:
$6.00
$600.00
$156.00
$15,600.00
Unauthorized overtime
$9.38
$937.50
$243.75
$24,375.00
Sick leave and vacation policy abuse:
$1.92
$192.31
$50.00
$5,000.00
Labor related to collecting, calculating and entering payroll data:
$2.00
$200.00
$52.00
$5,200.00
Total Hidden Costs of Manual Time Accounting:
$29.30
$2,929.81
$761.75
$76,175.00

TimeIPS Time Keeping Cost Calculation Estimate: Per Pay Period Per Year
Each Employee All Employees Each Employee All Employees
Time calculation inaccuracy: (TimeIPS automates calculation)
$0.00
$0.00
$0.00
$0.00
Theft of time / Time card fraud: (Depends on system used - Eliminates theft of time through buddy punching)
$0.60
$60.00
$15.60
$1,560.00
Unauthorized overtime (TimeIPS sends a proactive email alert prior to overtime to eliminate all unauthorized overtime)
$0.00
$0.00
$0.00
$0.00
Sick leave and vacation policy abuse: (TimeIPS has a easy to run report that shows each day an employee has that doesn't have Sick, Vacation or another benefit type recorded for the day. This virtually eliminates the ability for the employee to be out for a day, but forget to turn in their leave.)
$0.00
$0.00
$0.00
$0.00
Labor related to collecting, calculating and entering payroll data (less than 1 minute per employee):
$0.29
$28.58
$7.43
$743.00
Total hidden costs using TimeIPS
$0.89
$88.58
$23.03
$2,303.00

Total Possible Amount Saved Using TimeIPS
Time Inaccuracies
$26,000.00
Time Theft
$14,040.00
Overtime
$24,375.00
Benefit Abuse
$5,000.00
Payroll Labor
$4,457.00
Annual Savings Possible
$73,872.00
3 Year Savings
$221,616.00
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Return on TimeIPS Investment:
TimeIPS System Price
$11,000.00
Years for ROI
0.1
Months for ROI
1.8
Weeks for ROI
7.7