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Benefits of ERP solution for Tracking Time and Expenses | Time and Expense Tracking Software
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Benefits of using Bassam Infotech ERP solution for Time and Expense Tracking | Time and Expense Tracking Software

Productive working hours and effective money management actually count the success of any firm and cement its progress for the future. Forget the days when the employers were forced to count it the manual way. The introduction of punching devices, including the bio-metric ones connected to the online punching systems, have just set in a new management system, which is constantly on the track of evolution. 

What is Time Tracking?

It is the technique of calculating the productive hours of an employee at work. Though it may sound simple, the modern-day work arrangements often make it difficult for larger firms. All these concerns get addressed with an ERP solution for Time and Expense tracking. Implementing ERP helps to tack check-in and check-out timing of the employees and the effective work hours. In short, it can help you track the actual output of the employees in terms of the hours they spend with the organisation.

Now, let’s have a look at some of the key facts which prompt the intelligent managers to try the Benefits of ERP solution for Time and Expense tracking.

  • Time is money

Every aspect of a workspace is directly or indirectly related to time and expense management. From fixing work time schedules to the calculation of working hours of every employee, it proves crucial in managing the operations of a company or other industry.

Set aside all laborious paper works and opt for an enterprise resource planning solution to manage all time and expense related requirements. Odoo can help you track the working time of employees and coordinate the actual expenses. The integration of Odoo time-sheet with the expenses module can make the office and employee management an easier job. For the HR wing, the tool becomes a one-step solution for coordinating their prime job. 

  • A quick glance at time utilisation pattern

Primarily, the time utilisation pattern of your employees can be accurately tracked for any internal comparison purpose. Such an accurate calculation can influence key management decisions. Both the high and low performers on the job can be effectively tracked and adopt appropriate measures. Even a change in the shift can be considered on the basis of the pattern of works. 

  • Fast and Easy

Timers to track the exact working hours spent on a particular project and filters to make the validation process easy to make this ERP an unmatched software solution. Offline tracking mode and synchronisation at a later stage come as an additional advantage. Assignment creation, back-end access eights monitoring, time-sheet approvals, reminder setting and overview of employee activities can be enjoyed through a single platform.

  • Auto-calculation of hours

Auto-calculation of total working hours is a key requirement for any organisation which has a high number of employees who deal with multiple functions and responsibilities. For a larger firm, this feature comes as a big boon as they can easily compare the performance with the support of a single point data. The effective work hours, too can be calculated through simple data analysis. Tracking of the performance in between a particular hour or period is also possible here.

  • Time setting and tracking

Gain control over your human resources: This is what one can explore from this ERP solution for Time and Expense tracking. You can set their time targets to execute a particular assignment or the submission of its reports within the specified time. In between, the progress can be monitored in such a way to ensure timely completion. The effective segmentation of the work hours to improve productivity and employees’ convenience can also be tried through this successful ERP.    

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  • Working hour validation        

 For salary management, the total working hour calculation and validation is the basic process. Calculation of working hours often becomes complicated when there are a large number of employees who go out for field assignments or meetings on behalf of the company. On such occasions, this ERP solution for Time and Expense tracking makes its best for you.

  •  Generate time tracking report

Generation of an accurate report featuring the time spent on every assignment or project is possible with this Odoo ERP. An accurate report improves the efficiency of operation. It can be easily connected with the process of payment for employees. For the HR management team, it helps them to assess the works properly on a daily or hourly basis and do their part based on real-time reporting.

  • What is Expense tracking?

The actual amount spent for managing the human resources at various levels matters a lot in the effective tracking and monitoring of business growth and profit. Disbursal of salary, allowances, bonus, performance-based increments, one-time cash awards and other similar transactions can be associated with this process. What Odoo offers is a clear solution to all such requirements. 

Some of the key features of Odoo Expense Tracking are listed below:

  •  Add multiple expense lines.

Odoo ERP solution for tracking time and expenses helps the user to add multiple expenses and manage all expenses with ease; this helps the HR wing and accounting wing to track the expenses of different employees easily. The ERP solution can also ensure timely reimbursement of expense to employees.

  • Quick approval and refusal of expense

Unlike traditional methods, Odoo Expense module ensures quick approval of expense requests. The manager can view the request and review the bills. It supports quick approval, rejection or clarification.

  • Track the status of expense request

A manager, as well as an employee, can track the status of expense requests and expense reports with a glace. The dashboard gives an idea of the status. It also ensures quick approval.

  • Attach bills

An employee can attach bills by taking a snap of the bill or invoice; this helps the manager to approve the expense request after proper verification.

  • Generate Expense Report

Expenses of a team and an employee can be studies with instantly generated reports. Report for a given period and report of a team can be generated with Odoo support. 

  • Effective integration 

Effective integration of various departments such as accounting, sales, human resources and projects is made possible through the Odoo time sheet and expense management ERP. It accurately connects with the payroll and expense management systems. It automates billing and invoicing based on the time sheet inputs. Its features equally assist the HR wing in the calculation of accurate working hours and actual expense; this also supports the project team to find the actual hours spent on a particular assignment.

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