Why Choose MindSalt Time & Expense?
Simple. MindSalt Time & Expense is affordable, easy to use, powerful, and secure. Who wouldn't want an intuitive time and expense system available at their fingertips?
Although the benefits are usually easy to spot, it comes down to the dollar value, ROI, when considering software purchases. According to IRS statistics, approximately 33% of employers make payroll errors costing them billions of dollars annually in penalties. MindSalt Time & Expense can quickly pay for itself through the elimination of payroll errors.
Inefficient Time The American Payroll Association shows that the manual calculation of timesheets takes approximately 5 minutes per timesheet. To be conservative, we'll use 2 minutes per timesheet in our example below.
Human Error The American Payroll Association estimates inaccuracy in the calculation of totals to be between 1-8% for companies that use traditional timesheets. We'll use a 2% error factor to calculate the potential savings in our example below.
Let's take a look at an example ROI breakdown:
Example Company Information:
100 employees
Paid bi-weekly (26 times/year)
Average hours per week per employee: 40 hours
Average hourly rate per payroll employee: $30.00 / hour
Average hourly rate per employee: $20.00 / hour
Potential Costs & Savings While Using MindSalt Time & Expense
Manual Timesheet Calculation Cost: $2,600 / Year
Payroll Errors Cost: $83,200 / Year
Total Potential Savings Each Year: $85,800 / Year
* Potential Savings Each Month AFTER MindSalt Monthly Costs: $6,150 * Based on $10 per user per month MindSalt Time & Expense cost.
Note: The example above is based on studies conducted by the American Payroll Association. It is merely an example of your potential savings while utilizing MindSalt Time & Expense. Your actual savings may be greater or less than the estimated value shown in the example.
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