Date printed: 06-24-2018 Last updated: 04-13-2007
To view our complete support knowledge base and most current version of this article visit support.timeips.com.
TimeIPS is a nework-based time and attendance system that allows a business to efficiently track employee work time for the preparation of payroll. In addition, TimeIPS upgrades are available that provide many enhanced features and expandability.
The TimeIPS system uniquely integrates time and attendance records and detailed employee information allowing for efficient reporting and cost effective management of payroll and employee related issues.
Through the use of an identification device, TimeIPS records your employees' time worked and attendance each day. Each time an employee clocks in or out, the station's LCD screen provides immediate feedback on the hours worked and remaining non-overtime hours for hourly employees. Each day, managers use the system's easy-to-navigate, secure, internal web page to update and edit employee information including schedules (if your system has the enhanced schedule upgrade module), hours worked, overtime alerts, Job Tracking (if your system has the Job Tracking module) and much more.
TimeIPS requires a designated person (usually a senior accounting, HR or payroll manager) to be the “Administrative Employee.” The administrator position is critical as it keeps the master password, controls the designation of access levels, creation of employees, company information and configuration of backup and system upgrade options.
TimeIPS harnesses the power of automation and provides accurate employee time and attendance tracking so you can quickly compute information in preparation for payroll. Additionally, TimeIPS stores the information permanently on its internal storage area (even if the power is turned off).
TimeIPS offers a rapid return on your investment. According to reports from the American Payroll Association, manual time card computation and other issues experienced without a digital time and attendance system can cost a company over $1019 per employee each year. Additionally, TimeIPS can send preemptive overtime email alerts to managers to help reduce or eliminate unauthorized overtime and early clock-ins/clock-outs. Just 15 minutes of overtime by a $15.00/hour (including taxes and benefits) employee each week is over $292 a year for that single employee.
|Manual Time Preparation||Cost Per Employee||5 Employees||10 Employees|
|Labor related to collecting, calculating and entering payroll table:||$65||$325||$650|
|Time calculation inaccuracy:||$280||$1,400||$2,800|
|Theft of time / Time card fraud:||$150||$750||$1,500|
|Unauthorized overtime (15 min. a week):||$292||$1,460||$2,920|
|Sick leave and vacation policy abuse:||$232||$1,160||$2,320|
|Total Expense Per Year:||$1,019||$5,095||$10,190|