What is Time and Expense Management Software?
Software of this type allows businesses to track various data points, such as the hours worked by their employees and the expenses incurred during their work. This software can be used to track employee working hours as a whole, and even track the hours worked on a specific project or rendering a specific service. In addition, all of this information is then used to generate reports that help businesses to monitor (and improve) their profitability and efficiency.
How Does Time and Expense Management Software Work?
From a more practical standpoint, software of this type works by allowing employees to input their hours and expenses into your time and expense management system. This represents your ‘data capture’ stage, and can be done manually, through a web-based interface, or automatically through the use of mobile apps or other similar devices. Once this information is input, it is automatically synced with the software, which can then use the real-world data provided by your members of staff to generate reports based upon that data. In turn, these reports can be used to more easily monitor key performance indicators such as employee productivity and profitability, and inform decision-making in these areas.
Benefits of Time and Expense Management Software
The proper implementation and use of a time and expense management solution solves a number of issues, and offers a variety of benefits to businesses, including the following:
Increased Efficiency & Automation
By automating the process of tracking employee hours and expenses, businesses can save time and increase their efficiency. This also eliminates the need for manual data entry at the capture stage, which can be time-consuming and prone to errors.
Improved Accuracy
The use of time and expense management software ensures that employee hours and expenses are accurately tracked, reducing the risk of errors and discrepancies. This can help businesses to avoid overpaying or underpaying their employees, as well as identify areas where expenses can be reduced.
Enhanced Reporting
Time and expense management software generates reports that provide businesses with valuable insights into their operations. These reports can be used to monitor profitability, and identify areas for improvement.
Improved Decision Making Processes
By arming business’ leaders and decision makers with real-world data in easily understood formats through the reports it produces, time and expense management software also promotes the visibility of key informational takeaways, and empowers decision-makers to make better, more well-informed decisions.
FAQs
What is the cost of time and expense management software?
The cost of implementing a time and expense management platform can vary depending on a number of factors including your requirements in terms of functionality, the software provider and the features included. However, most providers offer some form of itemised or tailored pricing allowing you to ‘build’ the support package that best meets your needs.
Is time and expense management software easy to use?
Most time and expense management software options are designed to be user-friendly and easy to use. They typically offer intuitive interfaces and provide comprehensive training and support to ensure that users are able to use the software effectively.
What areas of my business can time and expense management software be used in?
Hopefully it is obvious that the accounting, financial and human resources departments of your business will be able to benefit from a well implemented time and expense management system. This is because it represents a valuable resource for those dealing directly with your staff, or invoices and any form of payment transaction – such as Accounts payable and/or receivable, or those managing the payroll. However, these aren’t the only areas in which it can help.
In addition, time and expense management software can also help members of staff and departments with a more strategic remit. Knowing how long projects take and how much they typically cost enables those charged with managing spending and budgetary control to better do their jobs. Likewise, project managers will be able to more accurately carry out workflow planning, and management will be able to make better decisions.
How Can TouchstoneFMS Support Me In This Area?
As a TouchstoneFMS client you will have access to a wide range of support, from consulting and advice on time and expense management software from providers like Infor and Proactis, as well as practical help with implementing these platforms successfully, either locally or in the cloud via TouchstoneCloud. In addition we offer a number of support services, including online training and on-demand webinars to help you get the most from your software solution.
Conclusion
Time and expense management software is an essential tool for companies looking to streamline their operations and improve their profitability, and the reports it can produce a valuable resource for doing the same. By automating the process of tracking employee hours and expenses, businesses can save time, increase efficiency, and make informed decisions based on accurate data. With that being the case, if you’re ready to harness the power of a time and expense management system then why not reach out to the TouchstoneFMS team today to discuss your business specific needs in this area?
