Our lives today are inundated with technology. Businesses are increasingly adapting their service modules to include mobile technology so that everything is assessable from a tablet, smartphone or laptop. Many companies find the technology to be such a challenge that they stick with traditional methods instead of considering new ways for improving effectiveness- especially when it comes to contingent talent. With so much being processed electronically, why shouldn’t your timesheets be transformed as well? The benefits of utilizing a VMS platform to process timesheets will outweigh the benefits of processing them manually every time!
Here are just a few of the many advantages over paper timesheets:
- Electronic timesheets increases accuracy. A paper timesheet is easy to alter, which can result in overpaid associates, or even fraudulent practices. An associate can only enter time into the platform using their given credentials. Once a timesheet is submitted the associate can no longer edit their time. It will need to go through an approval process, where the manager is able to correct any hours entered incorrectly and an electronic signature is produced once the timesheet is approved showing the approvers name, date and timestamp.
- Electronic timesheets record data making it easier to track spend, hours worked and vendor usage. With paper timesheets it is difficult to keep track of things without manually writing them down, in a VMS platform you can easily run copious reports with just a click of the mouse.
- Processing time electronically reduces the need for paper. A VMS will contribute to your sustainability goals by going green, everything is stored securely in the cloud so it is healthy for the environment.
- Saves time managing invoices. When a timesheet is approved it automatically generates on an invoice. Invoices are then authorized by the vendors and reviewed by the client before they are approved for billing. There is also the option for consolidated billing which combines all vendor statements so that you can make one easy payment that is distributed to each staffing firm by the VMS.
When it comes to managing your contingent workforce, it is important to do it as efficiently as possible to help save both time and money. The best way to increase productivity and accuracy is to do away with ancient paper methods and convert to electronic processes. Move forward or lag behind- sounds like an easy decision with Ringo to support you.