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All articles by Tom Jacobs -
Corporate governance laws, state/federal labor laws, and accounting
regulations are making companies and their executives even more
accountable for transparent, true and timely performance and
financial reporting. Regulatory and oversight bodies such as the
SEC (security exchange commission), demanding and extremely
cautious audit firms and nervous shareholders, now point the finger
directly at the company's senior executives and hold them
personally and criminally accountable for the company's accurate
reporting on operations and any control weaknesses.
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It's an all too familiar story: It's Friday afternoon, and you need
to finish your accounts and get those invoices out so you can stay
in control of your cash flow. You look over your staff timesheets
and see that, as you predicted, many of your staff haven't
submitted them yet. You chase them up, only to find out that one of
your staff is at a meeting at a client site and cannot be
contacted,
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Timesheet software is not just for payroll anymore. Increasingly,
project accounting and client billing are becoming important to
professional organizations of all sizes.
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This short paper will expand on two key reasons to move to a
computerized timesheet system at your company. There are more than
two reasons of course, but these will be expanded on at a later
date. The two key reasons to be discussed here are Timesheet
Efficiency, and Timesheet Automation.
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It has been said that the process of recording time, if not managed
properly, can be worse than not having any recording system at all
- like the old adage "garbage in, garbage out!" Some firms have
come to the conclusion that it is not worth the effort.
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