We’ve not seen the kind of workplace disruption before that we have been going through in recent years. The pace doesn’t seem to be slowing down either. Industries worldwide have been grappling to handle such disruption and doing very well through digital transformation. In 2022 and beyond, businesses will learn to survive and thrive regardless of how variable the disruption is.
Historically, employees have been either submitting their timesheets and expense reports through spreadsheets or submitting them in an internal T&E system. These entries are seen and approved by the HR team and processed for payroll or reimbursements. These processes are not flawed, but they are time-consuming. Moreover, they are also susceptible to human errors. But, times have changed. Modern Time & Expenses management systems are complete solutions with artificial intelligence and machine learning to ensure zero error and faster processing time. To accommodate the new era of digitally transformed businesses, you also need a mobile application since most of the workforce is hybrid or remote.
The Future of Time & Expense management
The way T&E is shaping up is a clear indicator that automation is key to increased productivity. A comprehensive and modular solution that includes Time & Expense management software is essential to a streamlined process that also minimizes revenue leaks through errors or general mismanagement of the system.
Features of Time & Expense management software
With much of the workforce working from remote locations, managing the teams can be challenging. Fortunately, technology advancements have brought new capabilities for the millennial and Gen Z workforce. Automated solutions, ML, and cloud, have helped speed up the T&E processes. Some basic features in a T&E system include
User-friendly software will increase adoption and make time tracking easy and accurate.
Often the employees work on multiple projects. You would need customizable software with multiple options for the team to enter variables, such as team members, text, date, timeline, etc.
A single interactive dashboard to show the real-time status of the various projects to every user is essential. The dashboard must be mobile-friendly to enable users to access it and submit their reports from anywhere and on their personal devices.
Real-time reporting is helpful to pull up all useful data so that project managers can track the projects and make informed decisions efficiently. Real-time reporting is in-built and can ensure transparency by keeping all project team members in the loop.
Scheduling and monitoring deadlines
Tracking deadlines and scheduling are essential elements of the T&E software. It allows users to find the tasks that take more time or have gone past the preset timelines and course-correct when necessary.
Dedicated mobile application
No solution is complete without a dedicated mobile app, especially in the wake of the pandemic. Regardless of the industry, all task management software needs to be accessible through mobile devices.
Essentially, a time and expense management software must ensure streamlined processes, reduce revenue leaks on billable projects, etc.
The questions you need to ask when developing a Time & Expense management software include:
- Can the system capture time and expenses accurately?
- Does it offer real-time data and visibility?
- Can it cut costs and save time?
- Can the software automatically move the time and expense data to invoices and billing workflows?
Answers to the above questions will lead to greater productivity across all business units, including the finance and accounting teams. It also ensures smarter time and expense management.
Benefits of Time & Expenses management software
- It can and does simplify and accelerate the time and expense tracking process.
- Enables employees to enter their time and expense data at any time and on any device from anywhere.
- Alerts managers instantly to review and approve their team’s submitted timesheets and expense reports.
- After approval, it ensures that the expenses are automatically sent to Accounts Payable, and employees are reimbursed promptly.
- It delivers real-time insights into project time and employee expense.
The shape of T&E management has evolved to meet customer needs to counter the laborious processes that can extend project timelines, in turn impacting the bottom line. Therefore, integrating Time & Expense management software into existing applications can help track projects and employee salaries – hourly and salaried, and deliver actionable and real-time analytics to better use resources and optimize operations. Moving forward from 2022, the entire process of submitting timesheets or receipts for travel expenses will take minutes instead of hours, with minimal human intervention and greater accuracy.
Aspire Customizes an Oracle Fusion Mobile App to Streamline Time & Expenses Management for a Leading Global Provider of Tax Services