Problem: How do I calculate the Payback Period?
Auditing software-New software and training costs $775,000. The software will reduce travel, manual document control and auditor efficiency. Currently the organization completes 120 audits annually with each averaging 80 hours of total auditor time including travel, documentation and filing. The new software will reduce auditor hours by 10% on average per audit. The cost by hour of each auditor with burden is $150.