There is no doubt that expense tracking software can be considered a vital requirement for any company. It is vital for businesses with a large number of workers to maintain weekly time sheets of the staff accurately. Independent consultants and freelancers must monitor their billable hours plus project expenses to accurately bill the clients on time. It becomes difficult to manage time efficiently with increasing resources, and an inefficient time management procedure can affect the account receivables and cash flow.
It can get too complicated to track expenses through pen and paper. Online time-tracking applications have become suitable alternatives to paper-based manual time and expense-tracking processes. A competent and reliable online expense-tracking application will provide the benefits mentioned below.
1. Online timesheet submission
It will be possible to submit timesheets weekly using an online timesheet application. Different applications offer different options, such as saving the timesheets for the short term and submitting them later. Moreover, you might also have the option of entering bulk timesheets by importing external files. The users attach proofs supporting their timesheet entries to satisfy business specifications.
2. Online timesheet approval
After employees submit their timesheets, project managers can approve them instantly. It will be feasible for the managers to receive online reminders and notifications for pending chores. They will be able to download plus verify the timesheet evidence plus provide approval for single or several timesheets.
3. Integration with online invoicing
Some online time-tracking applications provide an online invoicing module capable of automatically generating online invoices. Other applications that don’t provide the facilities of online invoicing usually have the provision for integrating with other online employee expense tracking applications or software. Users will be able to use the integration for exporting timesheet data from the time tracking application while performing client billing or any other tasks related to accounting very easily.
4. Online reporting and analysis
Different types of applications provide different tools for slicing and dicing information for analyzing and investigating project expenses and other vital areas. Moreover, it will be possible for the users to effectively generate online timesheet reports and expense data.
Conclusion
An effective online expense and time tracking software will allow organizations to perform all these activities mentioned in this article accurately and quickly. Therefore, it will be sensible to implement this software.
If companies want to use the best employee expense tracking software, they should use Talygen. Talygen’s expense tracking software includes all of the benefits mentioned above. To learn more about Talygen, visit https://talygen.com/ to receive an online demo.