Saving you money
28 February 2022
Do your employees complete paper forms daily? Do these forms end up in in-trays or boxes waiting to be actioned or transcribed?
We recently did some research with a construction company who complete about 100 forms a day across all their employees across all of their sites. These forms include site diaries, incident forms, inspections, audits, vehicle pre-start, material requests and individual timesheets. As you know, the number and type of forms commonly used on a daily basis goes on and on.
We worked out that a form could take on average 45 minutes to complete. The 45 minutes would include generating, supplying, completing, collecting, managing and administering the forms.
- 100 forms at 45 minutes per form across 5 days per week = 22,500 minutes (which is 375 hours)
- Multiple 375 hours by 50 working weeks and you the total is 18,750 hours per year which could be better used by your employees doing the work you employed them to do
When you consider the average cost of an employee could be $75ph this equates to over $1.4 million per year spent on forms. Add the cost of stationery and physical storage and this number would increase by another 10%.
Compare this to using a finao online, automated system. The same forms would take on average 10 minutes to complete. There are both tangible and non-tangible benefits to implementing a finao system in your business.
- Save money and increase profitability.
- The same 100 forms @ 10 minutes per form (across 50 weeks) = $312,500 per year a saving of over $1.1 million per year
- Considering the cost of a typical finao system is around $95k per year the annual cost saving would be over $1.1 million per year
- No need to manually print, supply, collect and transcribe forms
- Simple to use and simple to manage
- Real-time reports and notifications
- Generating automated workflow
- Provides a layer of compliance (including managing competencies and inductions)
- Secure data storage in the cloud
finao systems have a range of ‘off-the-shelf’ forms and modules ready to go. We also specialises in providing bespoke forms and modules designed to meet your specific business or industry requirements.
finao systems can also integrate with existing systems such as Azure AD, MYOB, Xero, SAP, Oracle, Maximo, InEight and many more.
Contact us today for a discussion and a demo. You could be up and running in your own system in days (bespoke forms and modules would take a bit longer!).