Tracking labor and the cost of expenses related to internal and external projects is a critical function for many organizations. The challenges related to these two tasks have been around for decades and yet today, most organizations still have inefficiencies when it comes to timesheets and expense reporting management. In this article, we’ll go over what time and expense automation is and how it can help your organization control cost and maximize visibility into the projects and activities on which you work.
Read on to explore what automation is, what features to look for, how to set up your business for automation success, what tools are available for automating time & expenses at your company–and much more!
Benefits of time and expense automation
Automating the time and expense tracking process entails leveraging technology to streamline the entry, controls & compliance, and integration of data related to labor and expenses into your accounting solution. The ideal environment gives users mobile apps or a simple web interface to quickly enter data. From there, the solution will automate the enforcement of policies and compliances, and once approved, all data will flow into an organization’s accounting (including Sage Intacct, D365), HRIS, and payroll solution.
So, what features should you look for in an automated time and expense solution?
A centralized solution for time and expense
You should look for a single system for managing timesheets, submitting expenses, tracking projects, and maintaining compliance. One system to keep track of all employees’ and approvers’ activities, notifying you of incomplete timesheets, missing receipts, unapplied credit charges, and more. A single solution reduces the cost of numerous vendors, eliminates multiple support contacts, allows users to have one app, and simplifies the number of interfaces.
Project tracking capabilities
The essential benefit to combining time and expense comes in a project tracking structure that remains the same between your timesheets and expense reports. You can see at a glance how much time and money goes into a particular project. Calculate costs and labor billings. Maintain control over project, grant, or activity-related employee expenses. All of this is possible with a combined solution.
A modern web and mobile solution
Employees should be able to access the system anytime, anywhere, on any device to submit charges, track mileage and reimbursements, request time off, submit hours, and more. Today’s modern web and mobile solutions are designed to increase productivity, control costs, and improve the entire time and expense experience.
Integrations can be a challenge for many time and expense vendors because of the complications inherent in integrating with multiple partners and juggling their disparate systems. However, your provider should be able to handle these differences through experience and partnerships.
Sage Intacct and Microsoft Dynamics have certified partners, like DATABASICS, that provide a pre-built time and expense integration in their marketplace, helping you make the most of flexible approval structures, automated timesheets and expense reporting policy management, and flexible reporting periods. These integrations allow for real-time connectivity between timesheets and expense reports and your financial data.
Our time and expense software platform provides the highest level of automation and integration with your existing systems to deliver an end-to-end automated time tracking, expense reporting, and leave management with one integrated platform.
With DATABASICS you can:
- Automate data entry for all your projects using the web or mobile apps – no need to import or export data into another system
- Simplify project reporting with real-time dashboards showing the status of each account, project, and budget from a single screen
- Reduce administrative overhead by streamlining processes across accounts payable and receivable
Are you ready to transform your time and expense processes?
Combining time and expense can improve processes across your organization today and into the future, especially if you have specialized requirements and if you use other solutions like Sage Intacct and MS Dynamics BC.
To get more information on automating your timesheets and expense reporting give us a call at 855.913.3228, send us an email at firstname.lastname@example.org or fill out our simple web form and someone will reach out to you within one business day. At Alta Vista Technology we take pride in being part of your solution!