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Thursday, 22 October 2015 14:11

Why You Should Invest in a Time and Expense Management System

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More than a software for tracking vacation time or employee hours, an encompassing time and expense system such as Moniroo should prove to be a trusty guide in helping to determine employee efficiency, project budget, internal cost and time off scheduling. A reliable time and expense software should also give staff a real-time visibility of all time and expense data.  

Here are top 3 reasons why it’s worth investing in a time and expense system:

1. Track Project Cost and Budget

Apart from determining a project’s budget in the initial planning stages, ensuring that the costs are in-line every step of the way is a must. Tracking progress, time spent on specific projects and determining available resources allows a project manager to identify issues as they happen and make corrections (allotting more or less time depending on the tasks accomplished).

A time and expense management system also keeps a record of tracked projects allowing for better budget and time estimates in the future having the records as reference.

2. Employee Efficiency

Tracking the amount of work for each employee gives an overarching view of employee efficiency. Keeping a log of the tasks and amount of time spent enables managers to evaluate and modify how long tasks are performed and properly allocate resources and responsibilities.

3. Eliminate Paper Trails

Instead of having to look back into numerous spreadsheets and varying systems as reference, a time and expense system should integrate financial data, provide reporting with analytics and dashboards and give an accurate view of expenses and data records. Eliminating paper trails decreases the possibility for processing errors. Incase an error does occur, chances are they can be easily visible through a single consolidated source of data with a time and expense system.

To learn more about Moniroo and its capabilities, click here.

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