ROI Calculator
Calculate your potential savings by automating your time and labor data collection with mJobTime.
| Process / Cost Area | Current Cost | Savings |
|---|---|---|
| GRAND TOTAL SAVINGS | - | - |
* Note: Projected increases in savings or productivity are based on information gathered regarding current processes/costs and estimated percent displaceable by implementing mJobTime. Actual savings results may vary depending on specific solution and process changes implemented.
Why Use a Construction Time Tracking ROI Calculator?
In the construction industry, profit margins are tight. Using a Construction Time Tracking ROI Calculator helps you identify the hidden leaks in your payroll process. Manual time sheets aren't just a hassle; they are a significant financial drain caused by illegible handwriting, data entry errors, and time theft.
Breakdown of Your Labor Cost Savings
Our calculator uses industry benchmarks to estimate your savings. Here is where the money comes from:
- Eliminate Manual Errors: The American Payroll Association estimates that manual calculation errors can cost between 1% and 8% of gross payroll. Our tool conservatively estimates this savings opportunity.
- Reduce "Time Theft": Whether it's buddy punching or generous rounding, losing just 1.5 minutes per employee per day adds up to thousands of dollars annually. Biometric verification eliminates this entirely.
- Streamline Office Work: Your supervisors and payroll clerks spend hours every week reviewing and re-typing time cards. Automating this process frees them up for high-value tasks.
The True Cost to Your Bottom Line
The savings calculated above represent pure profit. In the construction industry, where net margins often hover between 3% and 6%, wasting money on manual payroll inefficiencies is devastating to your bottom line. Sticking with manual processes creates a ripple effect that damages the long-term health of your company:
- The Revenue Trap: Lost money is harder to replace than you think. If your company operates at a 5% net margin, losing $10,000 annually to time theft or errors isn't just a $10,000 loss. You would need to win and perform $200,000 in NEW revenue just to make up for that lost profit.
- Inaccurate Bidding: Future projects are bid based on historical labor data. If your past data is inflated by errors, rounding, or time theft, your future bids will be uncompetitive or unprofitable.
- Cash Flow Delays: Manual payroll processing takes days. Automating it reduces the cycle to hours, allowing you to close out months faster and get invoices to clients sooner.
By switching to mJobTime, you ensure that your field data flows directly into your accounting system, giving you real-time visibility into your labor costs. This calculator provides a baseline for understanding how automation protects your hard-earned margins.
Request a Savings Analysis
See exactly how mJobTime can save you time and money.