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How to grow your business with business management tools

Business, Business Management, Tools

Achieving sustainable business growth requires much more than big picture thinking — it also depends on your ability to handle the small, nitty-gritty details. From managing expenses to tracking employee time allocation, small daily items can add up to have a significant impact on your bottom line. Unfortunately, many of these tasks are often prone to human error, making business management tools an essential implementation for those looking to grow their company. Thankfully, with the help of Nexonia and other integrated cloud solutions, you can now improve your company’s efficiency, and achieve healthy business growth, by streamlining the following tasks:

Expense Reporting

Managing company expenses can be a major headache, to say the least, especially if your employees frequently embark on work-related travels. How do you ensure that expense reports are accurate? Even more importantly, how can you streamline the approval process so your management team and HR staff don’t waste their time (or your money) on these mundane tasks?

With the right business management tools in place, expense reporting and approvals become much more straightforward and efficient. For example, tools such as Nexonia, offer features like multi-currency support and daily credit card feeds; no matter where your employees might be travelling, HR will have a clear picture of any expenses that are being accrued on connected accounts.

Better yet, business management tools can also speed up the approval process when you customize them to account for your company’s travel policies. You can designate which types of expenses are approved for reimbursement, well before your employees submit a reimbursement request, reducing the need for your HR staff to review each individual item for approval. This ensures that only authorized items are reimbursed, while also allowing your HR team to devote more of their time to tasks that will truly help grow your business.

Timesheets and Clock Management

Time is everything in business — from creating invoices for your clients, to managing your employees’ hours to maximize their productivity, tracking and managing time can make all the difference for your company’s growth potential. Of course, accurately tracking this information can prove to be quite a challenge if you don’t have quality business management tools on your side.

With a tool like Nexonia in hand, many of your time tracking needs become completely automated, removing this tedious task from your list of responsibilities. Billable hours can be tracked on a per-project or per-customer basis, making it easy to create accurate invoices for your clients.

Integration with time allocation tools can also be used to make sure your employees are working efficiently and spending an appropriate amount of time on each project. For example, if a particular client wants to limit project time to 20 working hours, you can use a time allocation tool to make sure your employees don’t exceed this limit — keeping your client happy while ensuring more efficient work. This also makes it easier to calculate payroll for each of your employees, and ensures that you’re paying the right amount in regards to their contributions.

Additionally, timesheet and time allocation tools frequently integrate with time off systems that make it easy for employees and management to keep track of their vacation and sick days. By logging this information in an electronic system, your entire team will be on the same page and you won’t have to worry about miscommunications regarding this potentially contentious area.

Conclusion

While expense tracking and timesheet management may not be the first things that come to mind when looking for ways to grow your business, there’s no denying the significant impact they can have on your bottom line. As you use business management tools to improve your internal efficiency and reduce expenses, you’ll have the proper foundation in place to help your company grow.

Bob Paulson