Generating monthly reports with ease

In Accounting ◆ Tags #accounting #workperformance #accuratepayrolls #taskmanagement #financialanalysis ◆ Published 2021-03-27

Gone are the days when accounting involved piles of papers, dozens of ledgers filled out by hand and when extracting any kind of usable information for managers meant hours of work. 

Although papers are not a thing of the past all together, the evolution of technology introduced progress in this field also. 

Today’s integrated software for accounting makes processing documents in hours rather than weeks, so in most small or medium companies the need of an accounting department has dropped. Therefore most managers are either using less staff in their accounting department or outsourcing accounting services. 

One of the key elements of any time management strategy involves using a time tracking app that can provide multiple benefits for managers and employees alike. But you can go one step further using an app that can provide benefits for the accounting department also.  Here are some of them.

Accurate payrolls

A time tracking app like Timeback will give you the possibility to effectively monitor your team’s activities and you can generate timesheets for each employee that can be used in the accounting department for payroll purposes. 

Accountants don’t have to spend hours manually calculating timesheets, they can generate payroll in a fraction of the time and human error is avoided. 

Respecting the law

For managers and accountants alike it is very important to be up to date and in compliance with the legislation.  

The EU has passed legislation that make a requirement for all companies headquartered inside the Union to set up a system that tracks time worked each day by each employee to ensure labor laws are complied with. 

So a time tracking app can provide a great help, including in compliance with European legislation.

Financial analysis

By using a time tracking app, managers and accountants can see the exact number of man-hours put into each project. 

Accountants may corroborate labor data with other project-related expenses to ensure that all costs remain within the established limits. This way, they will be able to warn managers in advance of possible overruns, in order to avoid them.

Direct access to external collaborators

If you have an outsourced accounting service, you can use an application such as Timeback, which allows free access to external collaborators, so they can generate reports, timesheets or manage employee documents. You will be able to set the level of access they have, depending on your needs.

“It's really clear that the most precious resource we all have is time.” Steve Jobs

So make sure you choose the correct task and tracking management app that can provide you with the benefits you need, to keep your business growing

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