Automate Time and Expense Management

Posted by Deltek on October 6, 2017

Time and Expense Management

Time and Expense Management is a vital part of project delivery for every Architecture and Engineering Firm. Automating your time and expense processes will help you focus as much of your time as possible on billable activity to ensure maximum profitability for your firm.  A cloud-based solution that integrates time and expense management with accounting and project management will help you do this and enable you to:

1. Achieve Fast, Accurate Project Invoicing

As long as there is an internet connection, your employees and subcontractors can enter daily time and expenses from anywhere - the office, at home or at a client jobsite.  Timely submissions will enable you to invoice more quickly and accurately, shorten billing cycles and improve cash flow.

2. Know your Actual Costs

Capturing time is important to understand the real costs of your projects. A cloud-based solution will help your employees and contractors keep more accurate records and submit time and expenses sooner. This will also give you better visibility into the actual costs and status of projects to stay within budget and on schedule.

3. Determine if your Pricing is Profitable

Even if you bill on a fixed fee basis, you’ll still benefit from a solution that helps you capture time and expenses more efficiently and accurately, because when you can see your true costs, you’ll know whether the fees you are charging are high enough to turn a decent profit. 

4. Save Time Across Your Business

An integrated time and expense solution will help you automate the collection, validation, approval and processing of labor and expense. As a result, you can dramatically save time, lower transactional processing costs, and more easily comply with government regulations. Furthermore, a solution that provides employee self-service will help you reduce administrative burden.   

5. Improve Business Agility and Decision Making

An integrated cloud-based solution will provide valuable insight into all aspects of your projects. This information will help you make decisions more quickly and with confidence, and identify issues before negative consequences have taken their toll.

With one integrated system you can control all aspects of accounting, time entry and project management and share real-time project information across your firm. Information is consolidated in one place so everyone at your firm will be working with the same information. This will help to streamline your processes and ensure that your resources are being allocated correctly and yielding a profit.

Learn More

"Maximize Utilization with Mobile Time Sheets" blog

"5 Steps to Improve Time Management for Project Managers" blog