A major trend we see happening in 2018 (and growing in 2019) is tracking time & expense to activities. No matter what you call those activities--projects, patients, grants, and everything in between--combining them with data from timesheets and expense reports gives you smarter insights.
why track time and expense to activities?
If your company isn’t tracking expenses related to its activities, you’re already behind. Organizations around the world are reconsidering the importance of tracking how much they spend versus how much return they get on their investment on their activities. A major challenge is how to begin tracking expenses related to tasks such as individual projects and trade shows to marketing efforts, and then how to analyze the ROI.
Related Article: How Successful Businesses Track Projects
What are the major CHALLENGES of tracking activities to time & expense?
A few of the major challenges are the extra effort for employees, the need to validate data, technologies limitations, and how to actually use the data you get at the end. There is an easier way: through technology. Technology allows you to use the data to budget, enforce compliance, perform analytics, and improve your decision-making processes.
How can I begin tracking time & expense to Activities?
The easiest way is to show you! Learn about how to take the first steps toward tracking time and expense to activities with a brief webinar presented by VP of Sales Chris Harley:
The take aways:
- How to reconsider your company through a project-based lens;
- Examples of other organizations who made the shift and the value from it;
- How technology can do the heavy lifting associated with tracking;
- How tracking expenses related to projects will affect your bottom line.
The goal of TRACKING TIME & EXPENSE TO ACTIVITIES
A project-based lens can provide increased ROI by giving you full transparency of your bottom line & waste identification through:
- Time tracking
- Expense management
- Compliance/business rules management
- Work breakdown structure
DATABASICS makes this possible by making it easy for employees to enter data, giving you the power to track timesheets and expense reports to the level of the activity, and empowering you with reports on that data.
DATABASICS provides cloud-based, next generation Expense Reporting, P-Card Management, Timesheet, Leave Management, and Invoice Processing automation. Specializing in meeting the most rigorous requirements, DATABASICS offers the highest level of service to its customers around the world.
DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, nonprofits/NGOs, technology, federal contractors, and other sectors.