For businesses looking for methods of getting organized and staying up to date with billing/reimbursements, tracking projects can be the answer. With a lot of employees it can be challenge to manage their projects. Here are four ways that the most successful businesses track projects.
Project Tracking for Businesses of all kinds
1. Use geolocation to track
If your organization has employees who travel from one worksite to another, GPS might be a good solution to help you track projects more accurately. Geolocation and GPS tracking can give you real-time data about where employees are and when they arrived or left. If you associate that location with a particular project, you can also use a geo-fence. A geo-fence is a digital perimeter around a set of real-world coordinates that prevents employees from clocking in or out unless they’re within the digital perimeter. This makes employees responsible for not only when they clock in, but where they clock in as well.
2. Make compliance simpler with automation.
Compliance can waste the time and energy of approvers and administrators who want to ensure that there’s no fraud being committed, but also have a long list of timesheets and expense reports to process. Approvers can spend hours validating against not only company policy, but larger governmental regulations. That’s where an automated system becomes necessary because the software can validate against policies so that the approver is left with making sure that the information seems correct. When the system can automatically deny or process expense reports and timesheets, approvers are freed up to spend time on higher value tasks or on submissions that really do require more scrutiny.
Businesses need accurate data. That means that if your company keeps track of time spent on a particular project, from billable hours down to the billable second, you can get more exact information and maintain better control over your projects. Once the data is in the system, you can analyze it to better understand how employee time is being spent. The result is that you can make more informed decisions concerning time and budget allocation in the future.
Tracking more accurately gives you the data you need to bill customers more quickly and with more accuracy, improving your relationship with your clients.
4. Use reporting tools
Tracking projects in a controlled way is one thing, but it’s another to understand the meaning of those projects in a way that helps you make decisions about the future. Customizable dashboards with data from your projects can deliver more visibility about your systems, which helps you to make better informed decisions about the future of a particular project or similar projects.
5. Integrations with major accounting, credit cards, and billing systems
Now that you’re tracking more accurately and efficiently, you need an all-in-one system that can take data from those projects and send it to your other relevant systems, including billing, accounting, and other critical systems. Open communications between your systems and avoid manual data manipulation.
Tracking a project in its entirety, preparation to conclusion, helps provide organizations with better management of their budget and keeps them on track for the future. Businesses in need of a tools for keeping up to date on all of their projects will benefit from DATABASICS Time + Expense with project tracking. Customizable to you, this solution solves administrative problems and makes the Finance & Accounting team and your end users happy.
DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, non-profits/NGOs, technology, federal contractors, and other sectors.