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Cashing Out ... What Is Your Business REALLY Worth?
Question: What is your business REALLY worth? Answer: Whatever someone else is willing to pay for it at the time. That's a true statement as far as it goes but it doesn't take into account that the way you arrive at a value for your business can ...
Debt Management Advice
The best debt management gives you the most financial options.
By making regular payments and having a low debt to income
ratio, you can access credit when you choose. If you aren't in
that situation, then ask for help from the variety of...
Great Franchise Opportunities
If you are thinking of setting up a small business yet you are
still unsure of what you exactly want to do or are scared to
death of not being able to generate good business, then you must
try looking into these franchise opportunities and choose...
How To Prepare For A BIG Pay-Off When You Sell
Follow the steps below to get a higher price for your house: 1. Get your house ready to sell: a. Remove the clutter, starting from the most important room in the house...the kitchen. Then move on to the bathroom, closets, furniture and...
Maximize Profits By Pricing Your Home Right!
Setting a price is probably THE most important decision you will make when selling your house. A solid pricing strategy will sell your house quickly and for the most money possible. The following will help you get set the RIGHT price: 1. Know...
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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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