Typically, the two biggest concerns your accounting team has are accurately billing your customers, and effectively and efficiently paying your employees. Your client invoicing drives the revenue of the organization and enables the company to grow. Paying your employees accurately and on time keeps them happy, keeps you compliant and more importantly, rewards your employees for the hard work and value they provide to the organization.
Without proper time and expense tracking, your accounting staff cannot be confident that the data they need to bill customers and pay employees will be accurate. Plus, they have to spend a ton of time (several hours, in fact) chasing late timesheets and manually inputting data into various systems.
The three biggest challenges that the accounting staff face when trying to collect time and expense data are:
- The data is late. They always have to chase down and nag employees for timesheets at the end of the period.
- The data is wrong. They always have to spend way too much time making corrections
- Limited automation. They have to manually enter time and expense data into the accounting and payroll solutions
Solving for These Challenges
Let’s face it, no one likes to track time! The easier you can make this process on your end users, the more accurate and timely this data will be. Providing your end users with a simple user interface, multiple ways to enter their data (web and mobile) and an easy way to search through and pick the correct projects, tasks, etc. will help improve their user experience.
Once the data is collected accurately and on time, it is critical to have your time and expense solution connected with your other key business systems, such as your ERP/accounting, payroll, billing, HR, or project management. When your solutions are not all tied together, the accounting staff has to spend a lot of time and effort manually calculating the data and hand-entering it into spreadsheets for import, or directly into the accounting and payroll solutions. This effort naturally leads to data entry errors and missed opportunities for revenue for the organization.
Real-Life Story: Improving Timesheet Accuracy
Mark Fialkow, former Director of Business Operations at CAM Communications (now MasTec Network Solutions), knows this problem all too well: “The whole process of collecting time for the payroll process was incredibly difficult. We were charging incorrect projects, it was the end of the week and there was a big scurry to get the information into the system. So, as we went into our accounting system, [their time for the week] would be invalid, and we would have to go find this person, wherever they happened to be.”
Using Journyx, their payroll process is much smoother. According to Fialkow, “We’re much better able to keep track of getting timesheets in on time, and there are significantly less errors.”