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a legacy-outdated system, is high maintenance, and diverts resources and attention from the organization's core business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.
Built-in integration
Interfaces with other systems are built-in right out of the box. No custom programming. Data can be exchanged with leading systems for accounting (Great Plains, Sage ACCPAC, SAP Business One, QuickBooks), payroll (ADP, Ceridian, Paychex), ERP (SAP, Oracle, PeopleSoft), project management (Microsoft Project), CRM (Salesforce.com, Microsoft), HR, etc.
Compliance
Please refer to the Tenrox Compliance section for more information on how Tenrox Timesheet for Time and Expense software helps you achieve and maintain compliance with regulations, standards and guidelines in your industry.
Governance
Please refer to the Tenrox Governance section for more information on how Tenrox Timesheet for Time and Expense software can help you achieve and maintain accountability and corporate governance.
Hosting
Tenrox Hosting provides a convenient alternative for implementing and maintaining Tenrox Timesheet for Time and Expense Tracking software in-house.
Tenrox Online Timesheet for Time and Expense Tracking Software;
Project Based Accounting and Budget Tracking Solution
Our online project management software solutions are 100% web based and include activity based costing and project accounting tools for time, expense reporting and budget management. The Tenrox time tracking and travel expense report system tracks hours, helps to manage expenses, improves visibility of project tracking and reporting, and reduces administrative overhead. With our web based time and expense tracking software to help in enterprise project planning, you can manage and account for "differentiated time" by project, by resource, by unit, any breakdown you choose, in accordance with your corporate and work structures. Get a real-time, global view of all the people working on projects at different times. Make decisions now, not after the fact. Make connections to the bigger picture with the Tenrox time and expense report management solution.
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Testimonials |
"There are many reasons we chose Tenrox as our time and expense tracking solution. Its flexibility in capturing data according to our rules and policies, its ability to meet our internal requirements, as well as the professionnalism and expertise of Tenrox staff were some of the major factors that led to our selection of Tenrox."
MIke A.
CIO
Urban Science |
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