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TimeVantage Facts for CFOs

Full scale Time and Attendance Tracking Solutions


The work force portal increases your organizational profitability by successfully managing the most important asset of your organization - your labor force.


Stop paying for nonproductive time

During your average workweek, about 4% of all full-time workers are absent from their job because of injury, illness, or a variety of other reasons. Aside from scheduling challenges this poses, the abscenses often go unrecorded and are time consuming for supervisors and managers to deal with. By properly accounting for productive time, TimeVantage saves money while encouraging approved attendance.


Get Overtime Cost under control

TimeVantage assures that your company's normal working hours are fully utilized, reducing the need for expensive overtime. TimeVantage eliminates payment of unapproved or fraudulent overtime and reduces employee payroll grievances through consistent application of company, union, and government overtime rules.


Reduce expensive payroll errors

Most time recording processes are paper based or built around obsolete technology that do not consider the complex business rules that drive employee scheduling and payroll. The resulting hidden costs of payroll calculation errors, unauthorized overtime and employee payroll grievances can quickly add up to 15% of company's annual payroll.


Reduce Capital IT Expenditures

No need to build and support an extensive infrastructure with dedicated servers, remote dial-in capability and hard-to-find, expensive IT staff to support it. Corporations can rapidly set up their entire workforce with TimeVantage, whether they are business unit oriented, geographically dispersed, or centralized. TimeVantage has unlimited scalability to support your company's growth requirements.


The Outsource Option

Outsourcing with TimeVantage is far less costly than purchasing and implementing traditional in-house client-server solutions. Using Time Vantage's new Application Service Provider (ASP) model you get the same functionality and more, accessible over the Internet. You save in many ways beyond the expense of licensing the software: salaries for support staff, cost of building and maintaining an infrastructure, and the inevitable future investments in new technology. With TimeVantage you get it all for an affordable, predictable monthly fee.


Benefits

  • Low fixed monthly fee
  • Highly secure environment
  • Routine archive and backup
  • Complete scalability
  • Automatic release management
  • Shortened implementation process



Why not automate the proces? You will:

1. Save your company real dollars
2. Save 70-80% of your supervisor’s and payroll personnel’s time
3. Be able to generate reports to help manage your company efficiently

Below are just a couple of areas of savings from an automated system. Calculate your savings.


Lost Time Savings

National surveys have shown on average 6 minutes per employee is lost each day. Lost time primarily consists of wages recaptured by our rounding and restriction capabilities.


Calculate your Lost Time Savings


Number of Employees  
Minutes per Employee Lost x
Minutes lost per day =
Convert to hours lost /
Total Daily Lost Time  
Avg Hourly Rate x
Daily Lost Wages (DLW) =
Weekly (DLW x 5)  
Annual (Weekly x 52)  



Human Error Factor

Remember, it is impossible to ever have a 100% accurate payroll if you are still manually adding up time cards or handwritten sheets filled out by your employees. Even if you are inaccurate by only 1% each pay period, that is costing your company hundreds or thousands of dollars annually.


Number of Employees  
Avg Hourly Rate x
Full Time Hour Equiv x
Annual Payroll =
Error Factor Min. x
Human Error Cost Savings =


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