Use the Cost Calculator to work out how much your organisation spends each year completing with staff managing their time using time sheets. We've loaded some typical values to get you started. You can also used the graph to approximated how much your business is loosing each year or print off our Cost Recovery Sheet (pdf), to help you pinpoint how much you may be loosing in billable income each year. Typically the rule of thumb is this. 10 minutes a day equests 240 working days X 10 minutes, which is 40 hours, or one working week.
   
 
  Average Staff Charge out Rate ($):
  Number of Staff using timesheets:
  Time to Complete Time sheet (seconds):
  Number of timesheet entries/day:
   
  Lost Income:
 
 
Reading the graph
  
Cost Graph

First, choose the number of staff in your organization. If you have more than shown, use Staff (1) and multiply your final figure by the number of staff you actually employ. Next, find out how long on average it takes your staff to complete their current timesheets. Finally, read off from the graph, just how much income your organization is loosing, through the wasted use of timesheets.

And lets not forget, we haven't even considered the costs incurred by your staff forgetting to complete their timesheets or rounding errors.

 

 Easy Time Tracking, only with MetriQ hands free timesheets!
 

How are the calculations done?
The calculation for estimating the cost of using timesheets is shown in equation below:

(time/3600)*frequency*5*48*staff*charge out      (1)

where time is the amount of time it takes on average your staff to fill in your current timesheet solution, frequency is the number of times in a day timesheets are completed, 5*48 is the number of days in an average working year, charge out is the charge out rate. If you don't have a change out rate, then the rule of thumb is to use double your staff hourly pay rate.
 
All that really belongs to us is time; even he who has nothing else has that.
Baltasar Gracian