Business Challenges of Time and Expense Tracking Software
Without the proper time and expense report and budget tracking software for project management, project based businesses risk having several dispersed, inaccurate project accounting, time tracking and expense reporting data to make proper budgeting business decisions. Some of which include:
- Weak timesheet and expense report tracking of internal controls related to project and service delivery are not in compliance with Sarbanes-Oxley, accounting and employment regulations; the company is likely to face severe Sarbox penalties and lose investor confidence if audited
- Work time reporting is captured in multiple disconnected payroll, accounting and project tracking systems; the time tracking information requires manual data entry, adjustments and merging
- In-house developed time and expense report tracking software has become a legacy-outdated system, is high maintenance, and diverts resources and attention from the organization’s core business
- Using spreadsheets and enterprise project planning tools to track hours for time and expense management requires extensive administrative overhead, is error-prone and management does not have access to real-time time and expense tracking solutions to report on projects and operations to measure progress and make decisions
Tenrox Online Timesheet for Time and Expense Report Tracking Software; Project Based Accounting and Budget Tracking Reporting Solution
Our online project management software solutions are 100% web based and include activity based costing and project accounting tools for budget management. The Tenrox time tracking and expense report system tracks hours, helps to manage travel expenses and payroll processing, eliminates payroll and billing imprecision, reduces the review time of timesheets by 80%, improves visibility of project tracking and reporting, and reduces administrative overhead. Tenrox web based time and expense tracking software to help in enterprise project planning also reduces expense reporting costs by 40% to 80%, automatically imports credit card transactions, manages cash advances, improves cost reporting, and helps control spending.
Tenrox Timesheet - Online Time and Expense Management Software. Great benefits for enterprise project accounting, budget tracking and planning.
Some of the benefits of Tenrox Online Time and Expense Management Software include:
- Automate, track and connect people, projects and financial processes, and eliminate spreadsheets and in-house legacy systems to facilitate compliance with corporate governance, employment and accounting regulations
- Average timesheet time and expense tracking review takes 6 minutes. With an automated time and expense tracking software system, review of a typical timesheet and expense report takes approximately 1 minute; an 80% reduction in review time
- Average cost to manually process an expense report is ~$40 to $80. Automating the process helps reduce expense management costs by 80%
- Tracks time and expenses by project, offers reporting to help preventing budget overruns
Time Tracking and Expense: software that adapts to your unique requirements
Our configurable work time, overtime, approval, and expense reporting policies allow organizations to effectively collect, manage and track time and expenses based on their unique requirements. The software application
- differentiates work hours across project and non-project related activity
- automatically imports credit card transactions
- manages cash advances
- improves cost reporting
- helps control spending
- and much, much more.
Key attributes include:
- Straightforward to deploy
- Option of on-demand or on-premise
- Easy to use and intuitive for all user types
- Scalable and modular that adapts to your changing needs.
Tenrox solutions integrate with crucial organizational applications such as Accounting, Project Management, HR, CRM and collaboration solutions.
Tenrox Awards and accolades include:
- Microsoft Impact Awards: Software Solution of year award
- Microsoft Information Worker Solution Award
- Microsoft Office Partner Solution Grand Prize Winner
- Microsoft Innovation solution of the year award
- CPA Technology Advisor: 5 stars
- SIIA Codie Award winner
- CRN Test Center Product of the Year
- Service Provider Weekly: Editor’s Choice Award
- IT Week: Editor’s Choice Award
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