We say it all the time, “TSheets saves you time and money!” But exactly how much?
To get to the bottom of things, we surveyed 924 businesses that use TSheets for time tracking, payroll, and/or invoicing. Here’s what we found.
TSheets saves, on average, 6 percent on payroll costs*
Tracking employee hours with TSheets means you only pay for time actually worked, which can cut your payroll costs by an average of 6 percent.
TSheets not only makes it extremely easy for employees to track accurate-to-the-second time, on the spot (eliminating costly “guesstimation”), but it also discourages employee time theft and buddy punching — two common occurrences that cost US business owners billions each year.
In fact, an independent survey of 1,000 employees found 1 in 2 employees has added between 15 and 60 minutes to their timesheets. (This type of employee time theft is the reason TSheets was created!) A few minutes here and there might seem harmless enough, but that time adds up.
If half of employees added just 15 minutes to their timesheets each week, it would cost business owners more than $11 billion each year.
On top of that, 16 percent of hourly employees admit to “buddy punching,” or clocking in for a coworker. In most cases, buddy punching adds just a few minutes to an employee’s time card. But, in extreme cases, buddy punching allows employees to skip work for an entire day or accrue unearned overtime.
If just 16 percent of hourly employees added 15 minutes to a coworker’s timesheet each week, it would cost business owners more than $373 million in payroll costs each year.
Fortunately, thanks to GPS location tracking, facial recognition, overtime notifications, and more, TSheets nips these problems in the bud and puts, on average, 6 percent of your payroll costs back in your bottom line.
Psst! TSheets also helps offset the $22 billion cost of employee wage theft.
TSheets shaves over 3 hours off payroll processes**
TSheets integrates seamlessly with your favorite payroll or accounting software, which makes the previously arduous task of running payroll as easy as just one click. And when you track time for payroll with TSheets, you can shave an average of 3.2 hours off your payroll process, every time you run payroll. Here’s how it works:
1. Streamline the way you collect and enter employee time
Paper time cards aren’t just inaccurate, they’re super easy to lose. We’ve heard horror stories of time cards being turned in on the backs of napkins, sticky notes, and even paper cups. Collecting employee time cards can be a full-time job in and of itself. From there, you’ve got to manually enter time data one employee at a time. Oof.
With TSheets, this entire process can be completed in just a few seconds. Employees can submit accurate and up-to-date time cards from anywhere that can be approved with just one click.
2. No more double- and triple-checking
When you manually enter employee time data, you sometimes have to double- and triple-check that you’ve entered it accurately. Factor in messy employee handwriting and you’ve got a big job on your hands.
Because TSheets imports employee time to your favorite payroll software for you, there’s no double-checking (or deciphering) necessary. Approving, editing, and submitting employee time for payroll can be done in minutes. TSheets even tracks and calculates things like PTO and overtime for you!
3. Seamless integrations for fast payroll
Because TSheets works with your favorite payroll or accounting software — running payroll is as easy as just one click. Suddenly, a task that once took hours to complete now takes minutes, and you’ve got an average of three hours back in your day.
TSheets increases billable time by an average of 11 percent***
According to the planning fallacy (a phenomenon proposed by two psychologists in 1979), people will almost always underestimate the amount of time needed for or spent on a personal task. If this is true (and we think it is), you’re probably cutting yourself short when it comes to billing and invoicing for your hard work.
TSheets allows you to bill, on average, 11 percent more, just by charging for every second actually worked.
All you have to do is track time in TSheets against different projects or customers throughout the day. At the end of the project or billing cycle, use that time data to create professional and accurate invoices in TSheets or QuickBooks and get paid more!
If you are interested in a free trial or quote for TSheets, email us here.
*Based on a survey of 924 businesses that use TSheets for payroll and report savings. On average, they report reducing gross payroll costs by 6%. Internal survey conducted by TSheets in January 2018.
**Based on a survey of 924 businesses that use TSheets for payroll and report savings. On average, they report reducing the time it takes to run payroll by 3 hours. Internal survey conducted by TSheets in January 2018.
***Based on a survey of 924 businesses that use TSheets for invoicing and report billing more. On average, they report adding 11% more billable time to their invoices. Internal survey conducted by TSheets in January 2018.
Article by Myranda Mondry for TSheets.com