How to gain more time and money for your business

Time management is not just a personal issue for each employee in order to become more productive and to get as many tasks as possible done. Time management has become over the years an organizational issue, because without proper time management strategies and well established monitoring systems, things can escalate to unbelievable situations, such as employers who are working 16 hours daily for certain projects, while others punch in only 6 hours daily. These are all real situations, documented in various press articles over the years.Therefore, implementing a time management strategy, linked to a reliable time management software that allows tracking of the hours spent by each employee on a project is crucial in order to avoid issues like these.

First of all, even for time management, each company should allocate a budget and a person or more responsible for overseeing the general activity. A time management software, such as ExTreM Time Sheet is a life savior when it comes to the benefits and the actual costs, because it’s a valuable investment over time. Being able to capture all the detailed information about how time is spent in your company enables you to know exactly how much time is spent on a project, in each department, or in each team of employees. This will make it a lot easier to add staff where needed or to pull off employees from a project, if the workload is not too heavy.

A good time management software should also help you organize non-working time, such as holidays, vacations or sick leaves. It should also integrate easily with the company’s financial and payroll systems, making it easy to manage billing and buying rates, for each employee and in normal time and overtime project activity. It is also very helpful to have automatic supervision of data entry, meaning having real time warnings for missing or incomplete time sheets and also electronic approval of time sheets by managers or designated supervisors.

Time management software should offer complex reports, with many filtering options in order to obtain different data valuable for a complete analysis, while being simple to use and to understand by the employees, so that they can entry all the data to show project progress and workflow all the time. That makes is easy to use for both small companies and large companies or corporations.

Another important aspect for the development of a company is managing expenses efficiently. It’s important to know where you should allocate more fund, or where it’s suitable to cut down expenses, because, after all, managing company expenses it one of the most important aspects of managing company budgets for a strong and efficient strategy. Despite of technological progress in expense report, companies are having a hard time detecting fraud. As hard as it may sound, for many employees there is a thin line between personal expenses and company expenses. Without constant oversight and accountability, money spend the wrong why and, little by little, you’ll find yourself with a big budget hole you weren’t aware of.

ExTreM Expense Report is a software designed to charge company expenses and hours to different account, departments , projects or activities and it’s easy to interface with the main accounting system of the company. It also allows the users to eliminate all manual data entries and it files all transactions made (including paid expenses, reimbursements, advances, vendor bills etc).

For a company, an expense report software reduces time and costs for the whole travel and expenses process, decreases expense report audit requirements and it reduces the time spent by each employee to process expense reports and to receive reimbursements. It is also a big help for the accounting department, as it provides real time reports and analysis tools.

In other words, if you want to know how to manage time efficiently, as well as company expenses, the best tool to start with is having a reliable and safe software, easy to use and to integrate with your system. We all know that “time is money”, but if you don’t manage either time, or money properly, you’ll find yourself overwhelmed by deadlines and uncontrollable expenses. So, does anybody want to risk that?

Photo: Pixabay.com , user: Alexander Stein