Over the past few weeks, we’ve been discussing Acumatica’s Project Accounting suite and the different features of the software (Project Cost Tracking and Advanced Billing). It’s no secret that an essential aspect of ensuring projects are profitable is tracking employee time and external expenses. Some companies use spreadsheets to track this information, but if you intend to grow, you will likely find that they are insufficient for your needs and add more time and frustration than they’re worth.
In this article, which is the final part in our 3-part Project Accounting Tools Series we’ll look at how Acumatica Time & Expense Management software can help streamline your invoicing, improve your bid accuracy and reduce unnecessary costs.
What is Time & Expense Management?
Time and expense management software helps businesses monitor labour and material costs by providing tools for employees to track their hours and expenses. The software should also offer automated processes for managers to approve reimbursement requests and reports to monitor and control labour costs. Implementing an effective time and expense management solution should result in streamlined invoicing, improved bid accuracy and a reduction of unnecessary expenses.
One distinct benefit of time and expense tracking is it can simplify workflows. If your employees are currently using separate spreadsheets or systems to report work time, this ERP software solution will combine disparate information and allow you to compare for accuracy. A unified solution makes it quicker and easier to evaluate your business’ progress.
This type of software can be deployed on-premise or in the cloud. However, a cloud-based tracking system is preferable as it gives you remotes access to all the information you need.
What Could Time & Expense Management Software Do for My Business?
Acumatica time and expense tracking software helps to ensure you make proper payments to staff and accurate billing to clients. Because Acumatica is a cloud-based ERP software solution, it simplifies the time and expense entry process with mobile entry and approvals from any device with a browser or the native mobile app — anytime, anywhere.
Acumatica time and expense software helps you automate time tracking and management and engage a robust approval process for accuracy and control. It also integrates tightly with Projects, Accounts Payable software and with Accounts Receivable software for proper billing. Further, as we mentioned in the article about Acumatica’s Advanced Billing module, you can bill labour and materials according to the customer, type of work being performed, or specific project.
Time and expense management software, like Acumatica, has a lot of different parts to it. Here a few key features of Acumatica’s Time & Expense Management module that could be critical for your business.
Important features of Time & Expense Management
Time & Expense Reporting Anywhere: Improve accuracy and timeliness of time and expense reporting. Enable easy and convenient reporting anytime, anywhere on any browser or through the app.
Accurate Labour Assignment: Acumatica ERP supports labour accounting through the predefined assignment of labour hours to specific projects and tasks within projects.
Audit Trail: The Time and Expenses application provides a complete audit trail of all transactions. Corrections must be made through adjusting entries. The system tracks the ID of the user who entered the transaction or adjustment.
Timesheets Entry: Link timesheets to specific projects and budgets.
Approvals: Associate time to a project task with a specified approver and then create a workflow to coordinate the approval process for release to billing. Approved activities are posted to specific customers, cases, contracts, or projects and generate corresponding project transactions or customer invoices.
Key Benefits of Acumatica Time & Expense Management Module
Expense Claim Processing
Employees submit expense claims, attaching scanned receipts and supporting documents through mobile devices.
Claims follow a predefined approval process.
Acumatica creates a bill in Accounts Payable for reimbursement and a customer invoice for approved, billable items.
Time Tracking for Customers, Contracts and Projects
Employee time reports and tracked expenses are automatically assigned for approval.
On approval, time cards can generate a customer invoice and update contract status.
Mobile Time Entry is Simple and Convenient
Employees and contractors can enter time and expenses on any Apple or Android device using the Acumatica Mobile App and attach photos of receipts.
Workflows route completed reports for approvals on managers’ mobile device.
Businesses that are not yet utilizing a project accounting software are likely to do more work while gaining less profit because of the time wasted on juggling little tasks. If these tasks are taken care of, you and your team will have more time to focus on core operations to complete your project.
Think Acumatica’s Project Accounting Software could be a game-changer for your business? Find out more here.
Remember, the company you choose to implement your software dictates the success or failure of your software investment. At Aqurus, we’re passionate about providing superior ERP solutions and support.