Today’s remote employees have a wealth of platforms available to help them collaborate with team members, communicate with clients, and track productivity. With so many tools, is a time and expense reporting platform really necessary? Here are five reasons remote employees should invest in a time and expense reporting system.
Benefits of Time and Expense Reporting
1. Complete and Accurate Records
Proper time and expense reporting are essential for complete and accurate record-keeping, but manual methods are susceptible to error or disorganization. Investing in an online platform to house time and expense information organizes complex information into a central, easily accessible location. Upload receipt photos instead of keeping crumpled papers for reimbursement. Record time spent on projects as it happens rather than painstakingly recreating timesheets at month’s end. And of course, breathe a sigh of relief at tax time when you’ve got all the documents you need right at your fingertips!
2. Decreased Fraud Liability
Security is always a concern when moving to an online time and expense reporting system. However, with proper vetting of your platform’s security measures, using a digital platform is safer than hard-copy storage systems and reduces individual (and company) fraud liability. Traditional paper copies can be easily lost, destroyed, or manipulated. Digital versions usually have strict access security, automatic information back-up to prevent data loss, and time- and name-stamped digital records of changes – meaning no one can falsify records or commit fraud without having it recorded.
3. Faster Pay and Reimbursements
With a streamlined system for recording time and reimbursable expenses, the turnaround time for processing payroll, approving reimbursements, or receiving paid invoices is decreased. Further, uploaded digital documentation and an automated approval system virtually eliminate opportunities for delay or error. No more time is wasted tracking down missing paperwork or correcting manual-entry errors.
4. Improved Client Services
Good time and expense reporting help track the progress of current projects to keep clients apprised of project status and also makes historical records easily accessible to improve the thoroughness and accuracy of project bids and time estimates. Additionally, some time and expense reporting systems automatically invoice billable hours and reimbursable expenses, giving clients timely and accurate statements through the life cycle of their project.
5. Better Team Communication
When multiple team members work on complex projects, coordination can be difficult. An online time and expense reporting system provides a single platform for team members at different locations to log project-related time and costs, giving the rest of the team easy access to up-to-date information on project progress and budget status.
Online Time and Expense Reporting
Looking for a time and expense reporting solution? Try MindSalt! MindSalt Time & Expense works for teams of any size – from the sole proprietor looking for easier invoicing to the international corporation with remote teams around the globe seeking better collaboration methods. With a transparent pricing system and the ability to subscribe separately to time or expense tracking, there’s a solution for every business. MindSalt keeps your information at your fingertips, all in real-time. Sign up for a free trial today!