Posted on 13 Dec 2010
We admit it- over at Chronotek we love to save money. In these tough economic times, who doesn’t? But most importantly, we love to pass our money saving tips on to our customers. Now, this doesn’t mean we go around clipping coupons and sending them to all our customers (besides, coupons have expiration dates and Chronotek savings keep on giving.) What it does mean is that we love telling people about how Chronotek can actually save money for your business, every month! There are many different ways that Chronotek does this, so for part 1 of this series I will focus on just one of them: Paying “Actual Time” worked.
What many business owners who use hand written timecards or other outdated methods don’t realize is that they are paying much more on their payroll than the actual time their employees are working. Imagine if every 2 weeks, you paid each employee to sit on the couch and watch an entire football game? That would be ludicrous (and expensive!) right?
Well that is essentially what happens when employees pad their hand written timecards- just a few minutes tacked onto every shift can add up to big bucks in the long run! Chronotek cures this headache by ensuring that employees can only clock in and out when they are actually on location at the jobsite.
Just how big can the savings be from this simple change? Our studies indicate that companies can save up to 6% of their total payroll expenses just by using Chronotek. How does this look? When you pay an employee just $7.50 an hour it equals 12.5 cents per minute (which is the cost of a clock-in or out using Chronotek). So when an employee actually clocks in at 8:01 (rather than writing 8:00 on a timecard) you have already paid for Chronotek. When the big savings come is when they clock in at 8:02, 8:05, or even 8:20!
Paying “Actual Time” is just one of the ways Chronotek is a great money saver for your business. In that way, I guess we are a little bit like a coupon: A coupon to make your company a lean, mean, payroll saving machine.
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