With the help of Time and Expense Management, organizations can easily track working hours and other expenses related to any single project. Time-keeping software and expense-tracking application offers various resources to the users. Through this, they can easily automate the basic operations to track working hours and expenses like report generation, multiple timesheets, work-time configuration, and expense management based on the requirement of the ongoing project. With the help of any time expense management software, a huge burden of manual work can be avoided. Also, the time consumed can be utilized to enhance other workflow of the company.
Here, we will tell you some major benefits of Time and Expense Management software. Along with that, we will list some major expense and time-tracking applications that are available for users at convenient pricing. So, check out this blog post to get more useful insights on time and expense management software.
Major Features of any Time and Expense Management Software
Any organization relies on the Time and Expense Management software to boost up some daily processes. Therefore, it is mandatory that some basic components or features should be present in Time and Expense Management software. Following are some of the basic features of any expense management system:
Easy Accessibility from Various Locations (Cloud Based)
Cloud Computing has now become one major mandatory requirement for any application by an organization. With the company having its existence at multiple locations, there is a necessity to have better access by anyone to all the crucial data related to the company.
Cloud computing offers better security features like data encryption and easy access to data through data backup and synchronization. Through which it is easy to provide an update
Easy Option to Analyze Data and Generate Customizable Reports
Another major requirement of any Time and Expense management software is the generation of easily customizable reports. Through these, it will be easy to gain useful insights related to working hours and expenses made by the company on any project. On the basis of that, manager or other teams of the organization can make better decisions.
Various advanced analytics features include machine learning, predictive modeling, deep learning, and enhanced features. Through these and other statistical methods, you can easily analyze information from large data clusters. With the help of easy customizable reports generated through these analytics features, it is a lot easier to get an in-depth analysis and make better predictions like forecasting, budget estimation, and other data-driven decisions.
Easy Integration with other accounting Applications
Any software you are using to automate your organization’s business should be compatible with the other application. Various Time and expense management software should be compatible with other applications like accounting, Enterprise Resource Planning (ERP), and other major business software in order to maintain easy transfer of files and other crucial data of the company. Either the expense management system you have should support various other software or offer API to maintain an efficient data transfer.
Through easy integration or efficient data transfer, what happens is the reduction of manual data entry in the system. Also, there will be the elimination of errors and easy automation of other financial tasks like reconciliation and others.
A major factor that determines the compatibility between the users is the ease of convenience for the user while using the application. Any report or the dashboard of the application should be in a way that it displays all the insights at once in front of the user. Many Expense management systems have an intuitive dashboard based on the requirements and the working patterns of the users. However, users should pick the one that is easy to understand and use. One such best expense management system is the Sage business application. Major pointers that should be present in the dashboard of any Expense management system are:
- Expense Report in which user can make easy actions like approve or deny, edit
- Violation or Infringement of any policy
- Expense Limits and spending patterns.
Availability of Application in Mobile Platform
Sometimes, there is a requirement among the users to access company reports while being in a remote location with access to a system or desktop. Mobile is one such gadget that everyone has, along with access to the internet. Therefore, it is also crucial for any business to be available on the mobile platform. With the availability of mobile functionality, the employee can easily handle their work through their mobile phone. Integration of the accounting application as a mobile app will be helpful to the manager as well as the HR to manage expenses and able to assist other employees even from a remote location.
Ability to Detect Fraud and Policy Violation
Fraudulent activities can be noticeable in an organization. Common forms of fraudulent activities include invalid or duplicate receipts, incomplete bills, or the detection of any manipulated data in the receipts. While sometimes it is easy to detect these activities, minor activities are still unnoticeable even with the help of various applications. Thus, there is a requirement for advanced features in any expense management system like machine learning or artificial intelligence, which can easily detect patterns or recognize any manipulation of data.
24*7 Customer Support
No matter how easy it is be there for the user while running the application, there will still be some queries among the users for which they need assistance from the officials. While many application provides customer support, many issues are there which no solutions due to poor customer service. Therefore it is mandatory for the user to get some reviews from various regarding customer support and various means available through which you can connect with the official to resolve your query.
What are the benefits of using Time Keeping Software?
Timekeeping software does provide assistance to automate the normal functioning of various financial tasks of any organization. To elaborate on how Time Keeping software can really be beneficial for any company, below we have list some of the pointers regarding that:
Accessibility to Real-time Data
With the help of cloud-based infrastructure, all the information and data are stored, updated, and secured on a single platform. With the availability of encryption-based technology, users can be assured that company information and other personal info related to financial assets will be secured. Along with that, with data stored in one single place, it is easy for people to access real-time updated data. The major advantage of the accessibility of real-time data is the automation of transactions. With expense claimed approved from one side, the transaction is initiated immediately with all this information updated in the system.
Less Chance of Errors
One major problem with the manual entry system is human error in an expense report and other important documents related to expense management. The majority of the timekeeping software comprises of high-degree technology which makes the chances of error are negligible. Common errors include missing, wrong, or double entries. Users, with the help of expense reimbursement software, can easily eliminate all these errors and other common mistakes.
Protection from any Fraudulent Activities
A manual system of making entries and doing any other operation increases the chances of fraud in the organization. However, with the availability of the automated system, you will be able to track each and every detail. Through which the organization can easily detect any error or fraud. Along with that, through automated software, no manipulation can be made of the data.
Enhanced Efficiency of the Operations
Utilization of any business software by any operation automatically enhances the productivity and working of the organization. With the automation of all the working operations, a significant amount of time can be consumed. This will be further utilized for other major decision-making processes of the organization.
Sage Accounting-The Best Time and Expense Management Software
Many other accounting solutions are available for small-scale enterprises. Among these, one of the best business software for time and expense management is Sage. With more than 6 million users worldwide, the Sage accounting solution is currently the world’s third-largest supplier, offering ERP solutions to various businesses. With cloud-based infrastructure, fraud detection, and availability of the application on different platforms like Windows, Mac, and Android, Sage can be the number one option for any enterprise to opt for their business solution. Following are some of the features of the Sage Reimbursement Software:
- Various automated features for proper employee time tracking eliminate the chances of operation gaps, time theft, and poor quality of work.
- The Sage time and expense management is compatible and easily integrated with other business software like business and invoicing integration.
- One major feature of the Sage is the access to accurate, real-time, updated data. Through this, transactions can be initiated, and better decisions can be made through accurate data.
Making it Short and Simple
Time-keeping software are a boon to various organization. Especially in small-scale enterprises, through which they can easily track the working hours of the employee and the expenses made on any single project. One such business application that combines all the major features of any Time and expense management application is the Sage. Through which organization can easily automate their workforce management, save time, detect fraudulent activities, and enhances their work.
Frequently Ask Questions (FAQs)
The time and expense tracking software allows any organization to easily track employees hours and other expense through various automating features like cloud computing, deep learning and many others.
MS Excel offers customizable sheets to create an expense tracker. However, it is more easy to do the same through any accounting solution like Sage or any other expense management system.
Organizations need to pay a monthly or annual price to utilize time-keeping software. However, some application like Sage expense tracking does offer their services at convenient prices.
The expense tracking helps you to keep a record of your spending on a regular basis. On the other hand, budgeting refers to the calculating of the total expense you are going to make on a single project.
The Sage software provides a number of solutions to manage your enterprise. Among these, time and expense management is the major preference of the user available to them at a convenient price.