Your Mediocre Time And Expense 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.