Top Five Reasons You Need a Time and Expense Solution

Why Time and Expense Management?

by Annette Grotz, Deltek Product Marketing

While the back office will greatly benefit from the automation a time and expense solution brings to your government contracting business, all teams spanning your business, from the floor to those on site at a customer’s facility, will appreciate the efficiencies mobile access and workflow-based approvals bring to their part in the recording process.

You’re not the only one who needs to see where charges are being made. If your customer is the federal government, they will too.  

Here are five ways a time and expense solution for government contractors can help your business:

1. Reduce invalid entries

   Speed up the invoicing process and decrease DSO (Days Sales Outstanding). Solutions with advanced charge code defaulting and pre-validation reduce errors in employee submitted data. Simplify the billing substantiation process with system reporting on billing detail.

2. Ensure users benefit

   Customize time sheets, enabling employees to organize timesheets in a way that makes sense to them. Empower employees to enter expenses on the go. Ensure mobile access, so employees can quickly enter and approve time. Set up alerts to notify employees and supervisors when employees fall behind on recording their labor. Provide access to view leave balances so employees can see their hours whenever they like.

3. Eliminate surprises

   Set up reporting and notifications on late or missing expense submissions and outstanding cash advances. Pull reports using business intelligence and analytics to look at expense submissions.

4. Easily monitor and maintain regulation compliance

   Automated audit trails help you track all changes to timesheets for DCAA and Sarbanes Oxley compliance. Set up expense sheet entry wizards that comply with government policies on mileage, lodging, entertainment and per diem reimbursement.

5. Reduce payroll Processing Costs

   Workflow based approvals eliminate chasing down an employee about action items, or supervisors about labor policy exceptions. Use real-time data validation to prevent employees from mistakenly submitting charges they are not allowed to submit.

Next Steps

These are just a few of the ways the right time and expense solution will benefit your business. You will find these benefits and more in this Time and Expense product sheet. Deltek Costpoint Time and Expense is a Web-based and mobile application that is DCAA Compliant. This solution helps organizations automate the collection, validation, approval and processing of labor and expense. As a result, it can help your business dramatically lower transactional processing costs, comply with government regulations and reduce administrative burden on employees. Time & Expense provides managers and end-users with control and flexibility to help reduce timesheet and expense errors.

Current Time and Expense users, Watch this webinar “Understanding and Planning for Time & Expense 10 Upgrade,” with Diane Hanks of Deltek University. It’s loaded with valuable information for Costpoint on-premise administrators and IT professionals. You’ll walk away with a good understanding of the functionality, the available deployment options and how the upgrade process works.