Why Online Time, Expense and Resource Management?|
‘When worlds collide strange things happen and rules change’.
The worlds of rapid transport, instant business and information technology collided some time ago to create the current pressures that face most modern businesses. The need to keep an eye on the ever changing P&L landscape, the increased need for auditing and corporate compliance legislation such as IFRS and the need for increased visibility and the use of Key Performance Indicators, have all conspired to make corporate control much more dynamic and challenging.
These factors combined with countless other business requirements place the management of company funds and resources at the forefront of governance issues. Despite this importance a very large number of companies still rely on pen, paper and the Royal Mail to manage both expenditure and resource.
Whilst traditional methods have served companies well, the inefficiency of continuing with paper based systems is well documented yet frequently ignored.
Statistics such as:
| ||Average time to complete a monthly manual expense report is 55 minutes (compared to 15 minutes when automated)|
| ||Administration processing costs can be reduced from £30 per expense report to just £5 when using an automated time and expense system|
| ||Stricter time and expense compliance reduces time and expense expenditure by 3-5% |
| ||Incidents of fraudulent time and expense claims are greatly reduced by online systems to circa 3-5%|