Many staffing firms find that managing their time and expense becomes complicated because of the way they have to track projects/contracts. Because staffing agencies often have contract-specific requirements for capturing time and expense, it can be a challenge to ensure that all rules are being followed. Manually tracking these details can waste valuable resources in terms of employee time and effort. Instead, here's how successful professional staffing firms track timesheets and expense reports down to the project/contract level:
Track Staffing projects/Contracts
1. Track Exact time
Staffing firms need exact data, so tracking the amount of time spent on a particular contract, from billable hours down to the billable second, is a more accurate way to maintain control over your projects & clients. More accurate time tracking allows you to bill your clients more accurately and more quickly.
2. automate compliance
Managing and ensuring compliance can be a major source of time and energy for administrators. When reviewing timesheets and expense reports, administrators can spend hours verifying against not only company policy, but larger governmental regulations. That’s where an automated system becomes very helpful. The software can validate against policies and automatically deny or approve expense reports and timesheets to move them forward through the approval process.
3. Allow third-party client approvals
Because clients generally know more about an employee's time, it's a good idea to give them approval access. A software solution that allows your client to log in, check the time entered, and give their approval ensures that the data is more accurate and increases transparency about billing. Software that makes it easy to share approval with clients is a necessity for many staffing firms.
Related Article: [Case Study] Tracking Projects & Scaling For Growth In The Staffing Industry
4. open data integrations
An advanced project tracking system allows you to bring all your critical systems together into one employee reporting platform. This means that you can allocate time and expenses to particular clients or projects and connect that data to your other critical systems like HR, payroll, accounting, and even your credit card transaction feeds. Bringing everything together opens communication between your systems and prevents you from manually manipulating data to go from one system to another.
5. GPS tracking
Tracking projects and clients can get very complicated with a mobile workforce. Mobile apps can use geo-location and GPS tracking to capture real-time data about employee locations. Then, that data can be associated with a particular client or project and a geo-fence can be created. A geo-fence is a virtual perimeter around a particular site that only allows employees to clock in or out within that perimeter. This allows employees to track their time using their mobile device and to be accountable for not only when they clock in, but where they clock in as well.
6. Dashboards and reporting
It’s one thing to be able to track your projects and clients in an organized way, but it’s another to be able to look back and understand those projects and clients so that you can better understand how to spend your time and money in the future. Customizable dashboards based off of reporting data from your projects and clients can provide you with more visibility about your systems, which leads you to make better informed decisions.
If you're looking for a tool that will do all this and more, check out DATABASICS Time & Expense for Staffing with project tracking. Customizable to your needs, this all-in-one solution allows you to track time and expenses down to the project level, speeds up billing, and increases accuracy.
Learn more about how DATABASICS Time & Expense for Staffing can help your organization.
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.
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