The vision of a ‘Real Time Enterprise’ allows companies to instantly utilize available information from within and from outside the organization to enable management to act instead of react to changing conditions. To become ever leaner and more flexible, companies need to optimize, streamline and automate business processes throughout the organization including their administrative functions.
Many organizations today are structured as project offices and use project portfolio management to run their business units. This approach has unleashed unknown resources and optimization capabilities never before realized. Using this project approach allows companies to implement a set of proven controls and best practices to reap the benefits of streamlined processes.
One of the control mechanisms to be implemented is automated timesheet and expense management. Automated, IT based timesheet and expense management will allow for efficient, optimized and timely reporting of project resource allocation and spending. Additionally, it increases the accuracy of the collected data. In light of the pressure coming from government and regulatory agencies, e.g. [tag]Sarbanes-Oxley[/tag] compliance, this would solve an important compliance issue for a company.
A study performed by the Aberdeen Group concludes that expense management automation will reduce the cost per expense report from $48 to $18. This savings alone would justify an investment into automating the timesheet and expense management processes within an organization.
Additional benefits of [tag]Timesheet[/tag] and Expense Management automation:
* Faster reimbursement for employees leading to improved morale.
* Reduction of clarification requests back to the submitter as information is instantly available for everybody in one location.
* Improved data availability and higher accuracy of information about expenses allows stronger positions, price and service negotiations with vendors.
* Optimized and streamlined controlling as a result of higher accuracy and timeliness of information.
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