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21 Questions To Assess Your Readiness For Time Management
How many of us are guilty of “Putting the cart before the horse?” Much is written on HOW to manage your time (the load in the cart) while little mentions the first step (the horse that pulls the load) of time management, asking WHY before we...
Credit And Debt Management
Today's consumers benefit drastically from the usefulness of credit. Credit cards are especially useful for large purchases, emergency situations, reservations, identification, and protection from fraud. Unfortunately, millions of consumers abuse...
Debt Management and Consolidation
How do you know that you are in DEBT? How do you know that you are really in deep DEBT? Do you think you need DEBT MANAGEMENT or DEBT CONSOLIDATION ? This are the questions that most professionals will ask you about. If not, you will ask...
Internet Time Management
The Internet is taking over man's normal way of living, so therefore when we consider time management, we must also consider the World Wide Web. It used to be to manage time; we had to consider family, friends, work, and ourselves. Now we have...
Project management best practices
As both an active project manager and a project management trainer, people often ask me what are the fundamental aspects to successful project management. Whilst there have been many great books written on the subject, I always summarise what I...
 
Automated Expense and Timesheet Management

Automated Expense and Timesheet Management

The pressure on companies to become ever 'leaner' and optimize the business
processes is higher than ever. Investors demanding higher profits, customer's
demands for lower prices and greater quality and regulators demand for better
controls and more transparency force organizations to improve, optimize and
streamline their entire business process. The benefit of streamlining these
processes has an immediate positive impact on the bottom line. The
Improvements within manufacturing, including just in time production and
material management have dramatically improved the bottom line.

While the focus on optimizing the logistic and production processes remains
strong, optimization of administrative costs need similar attention. Companies
actually realize productivity levels in their administrative sections today that are
lower than before the introduction of IT solutions. The higher use of IT systems,
while improving the amount and availability of information, is not being
strategically used to lower costs associated with the administrative function.


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. Sarbanes-Oxley 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
(http://www.aberdeen.com/2001/research/07020007.asp). This savings alone
would justify an investment into automating the timesheet and expense
management processes within an organization.

Additional benefits of Timesheet 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.

Gekima Solutions, LLC specializes in the optimization and automation of
administrative business processes. bizTE is gekima's solution to automating the
timesheet and expense management processes of organizations large and small.
With bizTE being instantly available over the internet, we reduced the need for
costly deployment. It's easy to use web based interface ensures a reduced
training time letting customers instantly reap the benefits of automated timesheet
and expense management.

Flexible configuration of the solution itself and the adaptability of its underlying
workflow system allow for streamlined processing of the timesheets and expense
reports for organizations of any size. The built-in budget controls warn the project
managers when project members are to overrun their time allocations or expense
budgets. Here are some highlights that bizTE is delivering to you:

* Workflow based approval processes that can be configured to your needs
* Easy-to-use web interface that needs no installation on the desktop PC
* Attachment handling for documents, receipts, and notes for each line item
* Budget control for each configured project in regards to the hours and
expenses spent
* Multi-Currency handling for expenses
* Extensive Reporting capabilities


Visit us at www.gekima.com or www.bizte.com, or contact us info@gekima.com
Copyright (c) 2003 - 2004, gekima Solutions LLC., All Rights Reserved.

About the Author

Gerd Schmidt is co-founder of gekima Solutions LLC and has over 15 years of experience in software and business consulting.

 

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