Time and Expense Management (T&E) has been placed on the high-priority list for nearly 43% of all organizations. With an average of 10% of their annual budgets going towards T&E, don’t you think it is time to evolve the process to reduce errors and make reporting more efficient? Organizations need to start looking at T&E as a strategy to improve the bottom line. To start evolving your T&E process, it is important to understand these three key improvements to determine and achieve your goals.
- Integration of ERP and Expense Management Systems – With this integration, you will have a better ability when it comes to developing goals and strategies. By using historical data and better forecasting techniques, you can more accurately project costs and timelines to help you make more informed decisions.
- Enhanced Financial Reporting – Determine a linkage between T&E and ERP by looking at your current financials to ensure efficient alignment. Establish clear guidelines around business drivers and make sure your organization has clear understanding of risk, compliance, and policy.
- Experience Less Frequent Reimbursement Errors – When there are instances of reimbursement errors, it can be extremely costly to your business. Establish a stronger and more efficient process by integrating T&E with your expense management system.
It is time to stop wasting time and money on entering time and expenses. Socius Time & Expense processing is a custom developed tool that interfaces with Microsoft Dynamics GP, Sage 100 ERP, and Sage 500 ERP. It is a web based solution that enables your employees to access their time and expenses anywhere and at any time quickly and easily. Once entered into the system, the information is automatically reconciled with your ERP data.
Click Here to learn more about the Socius Time and Expense Processing Tool or request to establish a time sheet to expense report approval structure.