Real time entry

In the face of the economic downturn, businesses are looking to improve efficiency across their operations and, according to one expert, many could benefit from adopting a "real time" approach to timesheet and expense management.

Writing in the CPA Technology Advisor, Roman Kepczyk stated that having a system for the daily capture of timesheet and expenses data is the key to improving the efficiency of billing and other transactions.

He added that recent studies have found that companies who move from monthly or weekly time entry to daily collection achieve "a five per cent to seven per cent increase in realisation".

Owners must take responsibility for establishing daily timesheet entry in their company, he noted, while also ensuring there are processes in place to make it accountable.

To set an example, Mr Kepczyk said owners should take cash "dings" if they ever miss their timesheet deadline.

For the wider workforce, he added that most timesheet software now flags up staff who have yet to submit their data and this can be followed up on daily basis until getting the timesheet in on time "becomes a habit".

Roman Kepczyk is president of InfoTech Partners North America.

Automate Timesheet & Expense Management with Atlantic Global’s OnDemand Software

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