Your Mediocre Time Tracking is Costly
As an organization that requires project accounting, you know the frustration of dealing with timesheets and expense reports. Tracking and properly attributing time to projects is the basis of your business, but inaccuracies can crush your margins and over time, erode revenue. Any time lost is time left unbilled and that means your clients may be getting free work out of your most valuable assets.
Purchasing a license for every member of your team to access your Microsoft Dynamics solution is cost prohibitive, which leaves most, if not all, of your consultants, contractors and field workers to their own devices. To circumvent this issue, you have established a process of manual tracking to spreadsheets, an InfoPath form or a terminal server application, which turns the process of individual time attribution into an accounting department function. At the end of every week, you’ve got accounting staff manually coding timesheets and moving hours into projects one by one. This is not only highly inefficient, it’s risky.
To further exacerbate the issue, your expense reports are managed the same way. You use spreadsheets and codes to track expenses, and then manually match those expenses to the client or project for which they occurred. This adds more time, more complexity, and more risk.
This system wastes the time of skilled accounting professionals. It doesn’t satisfy the needs of clients because there is no visibility, no real-time accounting, and no insurance against being billed outside the scope of the project. It’s more a convoluted guessing game than a proficient accounting system, and it’s only a matter of time before it becomes detrimental to your client relationships. The constant stress of it all weighs heavily on your accounting department, as well as on your executive team.
It’s no way to run a professional organization.
Enable Real Project Accounting
With Time & Expense Tracking by Rand Group, we solve these challenges. We did it for ourselves, so we know it works.
Our Time & Expense app integrates directly with Microsoft Dynamics GP or Microsoft Dynamics NAV and allows anyone with internet access to effectively track time to projects, eliminating the need for manual spreadsheets. It also provides standardized expense reporting, which helps ensure each expense is properly coded and paid out.
The accounting department is empowered to perform real project accounting – complete with validation points and proper workflows, and you can rest easy knowing that every hour worked is an hour billed, and every expense incurred is an expense realized.
Time Tracking ensures:
- Hours cannot be submitted to the wrong task or project by using validation points to hide those from unauthorized users
- Tracked time isn’t manipulated by end-users
- Time cannot be tracked to a closed project or a project on credit hold
- Billing cycles and invoicing times are shortened
- Integration with CRM for customer visibility
- Your accounting staff has the necessary controls required to make adjustments when necessary
- Staff is not compensated for time not worked or tracked
- Time can be coded against service contracts
- Management can view timesheets in progress and can reject submitted timesheets for errors or omissions
Expense Tracking ensures:
- Every expense is captured and realized
- Staff are reimbursed quickly, and accurately
- Project expenses can be tracked and attributed
- No unauthorized charges are made to an account
- Managers can view and approve or reject expenses
Sharing Our Expertise in Time Tracking
Project accounting means you need accurate information. You need to know more about the daily workload of your employees than the hours they put in. You need to track expenditures and reimburse efficiently and you need payroll and project costing to work in tandem, putting less pressure on your accounting staff and reducing risk. We understand the need because we have it too. After searching for a meaningful solution and coming up short, we used our experts in software development and our team of highly skilled accounting resources to create something useful but without unnecessary functions. You can trust our Time & Expense Tracking application to work for you because it works for us.
With our solution, your staff accountants can reduce straight-up data entry hours and get back to performing their important functions.