USAID contractors are always in search of methods for making their funds go farther. One way is to implement timesheet and expense report software. Here’s a list of how USAID time and expense software can make a big difference to the organization’s bottom line.
USAID Time And Expense Benefits
Less administrative overhead
It takes time and expense to manage the time and expense of any organization, but USAID contractors are in particular need of a method for reducing the administrative overhead associated with this task. Automated software can do the heavy lifting associated with managing employee timesheets and connecting those timesheets with payroll or accounting.
Enforcement of policies
A whole team of people can be responsible for ensuring that policies are being followed. However, an automated system can do that job with more consistency and accuracy. Plus, when the system can automatically validate expense reports and timesheets against policy and send them forward or reject them, that leaves the approver with more time to review expense reports without errors or those that need more scrutiny.
Detailed reporting & analytics
USAID contractors depend on grants, so they need explicit data to back up why they deserve a grant or why they deserve renewal. Analytics can be used at anytime to allow the organization to make adjustments as they go. Plus, reporting can provide essential data to show transparency and to back up how funding was used.
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While reporting is helpful for getting more grants, managing and tracking those grants can be a major task on its own. Automated grant management can help make that task easier. Employees can allocate time and expenses to particular grants or projects within those grants so that valuable data about how much time and expense went into the project can be pulled out.
Improve operational efficiency
When time and expense are connected, data moves more rapidly so that managers can see data in real time. An all-in-one system improves communication and keeps employees and managers working within a single system, leaving employees more satisfied and more efficient.
Per diem management
USAID contractors might have employees working around the world, which can make managing per diems quite the chore. This is especially true when employees might be working in different cities let alone different countries. An automated per diem management system connects automatically with the GSA for updated rates around the world. Then, the system can also track per diems for first day, last day, and partial days. The result is that employees get more accurate and timely payment for their daily work.
For USAID contractors working around the world, these are benefits that the organization cannot afford to miss out on. Time and expense software can be an invaluable tool for reducing errors and managing data. Learn more about DATABASICS for USAID Contractors™.
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, non-profits/NGOs, technology, federal contractors, and other sectors.
DATABASICS is headquartered in Reston, VA.