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Time Expense Reports

Updated on June 1, 2011

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Time and expense usually go hand in hand during business decisions as well as business reporting. For the expense reporting that is required after, you will usually see them in the form of time sheets and expense reports. The latter, expense reports have to do with the expenses submitted in for reimbursement and takes quite a bit of recording and accounting software to handle and manage properly if one is to pay special attention to inflated expenses that are written out.

The former, that of time sheets, are often found online in templates and employee time management and satisfy the purpose of making it easier to do time tracking by way of software or spreadsheets. A long time ago it was used to help an employer determine the appropriate payroll, but nowadays satisfies a far bigger purpose. They can be used in gauging efficiency or improving the way things are done, and can contain detailed breakdown of tasks needed in a production process, so that it can be analysed and tinkered upon. This makes for a possible strategy for firms to stop performing unprofitable work or to outsource it to a cheaper facility. These are the applications after building a body of knowledge about the estimated time consumed by certain tasks and efforts.

These days a combined use of time and expense entries can be seen in the phenomenon known as project groups, where all sorts of newfangled software and terms are used to better project track and invoice. This time reporting as well as expense reporting or employee reports could even be subsumed under program termed to be groupware. The goal is to reduce review time and improve the projections of project costs, managing and collecting approved employment times and keeps tabs on cash flows. Many free trials of the software are available so companies can test to see if a particularly pricey software suits their needs. These days with people working from home, there is more to it than just tracking employee time spent at the workplace as well as the expenses incurred from there on. As you can see expenses are intricately related to time.

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