Time tracking software solutions improve cash flow
Business Challenges of Time Tracking
- Time tracking solution manages your project time, expenses, charges, and rate rules is error prone and time-consuming.
- Resource utilization averages 65%, indicates approximately 35% resource underutilization, including other unproductive tasks not directly benefiting the organization.
- Tracking of employee time & expense is one of the top three largest expenditures today.
- Problems with manual reports include:
- Inefficiency. May result in redundant data entry and/or human error
- Manual time tracking is labor-intensive due to the lack of appropriate automated tools or functionality
Benefits
- With an automated system, timesheet review 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 management costs by 80%
- Business processes are seamlessly integrated
- Simplifies entry process
- Monitors employee time tracking by project, preventing budget overruns
- Tracks projects and sub-projects with an unlimited hierarchy
- Exports datafor use in other financial systems, such as ACCPAC, Great Plains, Navision, QuickBooks, PeopleSoft, Oracle, and SAP.
Tenrox Compliance
Please refer to the Tenrox Compliance section for more information on how our Time Tracking Solution helps you achieve and maintain compliance with regulations, standards and guidelines in your industry.
Tenrox Governance
Please refer to the Tenrox Governance section for more information on how our Time Tracking Solution can help you achieve and maintain accountability and corporate governance; and compliance with regulations, standards and guidelines in your industry.
Tenrox Hosting
Tenrox Hosting provides a convenient alternative for implementing and maintaining time tracking software in-house. Click here to find out more about our hosting solutions.
Time Tracking Software Overview
Time Tracking Software is ideal for any business seeking to automate and streamline its business processes and Tenrox Time Tracking Solution is one of the best places to start. Payroll is always one of the largest corporate expenses. Our Time Tracking software increases control of time and is proven to result in immediate and tangible gains in productivity and cost reductions. Employee time tracking software also increases operational control, facilitates compliance with various employment and corporate governance laws, reduces costs, and improves efficiency.
Some additional tangible benefits:
- Reduces timesheet review by 80%. Average timesheet review takes 6 minutes; with an automated time tracking software system, a review takes i minute. - American Payroll Association
- Helps the company comply with various employment guidelines and industry regulations such as state specific wage laws, FMLA, FLSA, and SOP 98 (US accounting guidelines for capitalizing time tracking software development costs).
- Has organizational policies and business rules integrated into the submission and approval process, validation is done at the point of entry.
- Monitors time by team and prevents budget overruns.
- Reduces time misappropriation (e.g. long lunches, early departures, late arrivals) which accounts for up to 4.08 hours per week. - American Payroll Association
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