Benefits of Using a Time and Expense Management System
For the purpose of this report our group has chosen to take on the roles of a team who is trying to persuade neighboring firms to use our timesheet system. We are accountants from the Tenrox Company and wish to explain their integrated time and expense management system, the benefits, highlights, and how it helps face the challenges all businesses are faced with. The relationship between the neutral audience and our company is we are both have had to deal with finding a system that is more accurate and less expensive. Whether it is an accounting firm or a business, accounting is still involved. But not only CPA firms need a time saving, efficient system. We chose APA format because it enables readers to locate more detailed and recent information about the sources. Benefits of Using a Time and Expense Management System Recent research has shown the accounting industry is currently feeling the effects of the recession. The percentage rates are slipping in various areas such as revenues, gross fees billed at standard billing rates, profit margins, and receivables balances. Our main focus is billing rates and chargeable hours. Billing rates are down 32% from 2002. This is how accountants make their money and
· Tracking: there is just too much to track; project time, expenses, charges, rates, this method is simply error prone and time consuming Hourly bill rates: these rates are computed from the hourly labor rate. A markup percentage on the hourly labor rate equals the billable rate. Markup percentages include all payroll taxes, holiday, vacation bonuses, Workman’s compensation, liability insurance, and unemployment compensation. They also include Corporate Operating expenses such as accounting, recruiting, and administration.
Some topics in this essay:
System Recent,
Public Accountant,
Expense Management,
Oversight Board,
Evaluating Criteria,
Plains Tenrox,
Solution Alternatives,
Tenrox Company,
According Hayes,
Criteria Criteria,
billing rates,
cpa firms,
gross fees,
management system,
expense management,
charge rates,
expense reporting,
hourly labor,
total chargeable,
expense management system,
hourly labor rate,
owners chargeable,
integrated expense management,
using variety methods,
adp office timesheet,
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Approximate Word count = 1979
Approximate Pages = 8 (250 words per page double spaced)
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