SAN MATEO, Calif., – September 10, 2013—Replicon, the global leader in cloud time tracking applications, is helping companies solve their biggest time-tracking challenges with a major new release of its Replicon time tracking application. Available immediately, this latest technology modernizes time-tracking processes, offers built-in compliance, and dramatically improves visibility into business performance.
“Time is the most important enterprise asset,” said Raj Narayanaswamy, co-founder and co-CEO of Replicon. “Companies must have the right process in place for tracking and managing time. They need true visibility into how time is used across the organization. And they need to more tightly manage compliance. We built this new release of Replicon with these needs in mind. Companies will get the right transparency they need to maximize team efficiency. They can remain compliant with the ever-expanding financial and labor regulatory requirements. The result when using Replicon? Companies become truly modern organizations where time is managed as an enterprise asset.”
Driving the Modern Organization at Art.com
“Before Replicon we were using antiquated software, and hadn’t updated our time tracking system for ten years,” said Caroline Papp, Project Manager at Art.com, the world’s leading online destination dedicated to experiencing and buying art. “Replicon enabled us not only to automate the entire time tracking process, but to drive resource optimization across our organization, to the point of building better teams among our 450 employees. This new release is unparalleled as a project and resource management application, and has helped us build compliance around our capital and operational expense reporting.”
The New Release of Replicon: Modernizing the Time Tracking Process
The new version of Replicon transforms the once onerous process of time tracking into an efficient, transparent solution that also eliminates compliance risk. With a vastly improved user interface, the new release enables data-fueled decision-making with new cutting-edge analytics. It also provides an expanded project management footprint with whole new categories of functionality, such as integrated resource management.
The new release of Replicon includes:
- Improved user experience – combines a role-based approach with an intuitive design to streamline the process and increase user adoption
- In-context analytics – deliver real-time insights to users at the point of decision-making
- Resource management – empowers organizations to find and assign resources to the right project to drive improved productivity, utilization, and capacity planning
- Expanded project management footprint – with new capabilities to manage clients, programs, and service practices
- Improved compliance and governance – with built-in business rules and validations
“Today’s distributed workforce requires an easy-to-use solution that can be accessed anytime and anywhere. The time tracking process has to be smooth and efficient,” said Keri Brooke, vice president of product marketing at Replicon. “Replicon is in the cloud, which breaks down timetracking data silos, and gives workers the ability to enter time on any device, any time. We’ve removed the burdens of legacy timesheet tracking. The result? Customers have an optimized and modernized process. They can remain compliant. And they can open doors to increased profits.”
The new release of Replicon is available immediately. For more information or to sign up for a free trial, visit https://www.replicon.com/. Call 1-877-662-2519 in North America; or +800-6622-5192 in other countries.
Time Tracking is Critical: Background
Manual time tracking causes computation errors that cost between 1-8% of a company’s annual gross payroll . Moreover, the single largest line item for most employers is people-related costs (typically 40%-60% of budgets) . In order to accurately manage and report people-related costs, organizations must have an optimized process in place to track time and time off. In reality, many organizations do not.
A recent survey conducted by Replicon and Dimensional Research, found interesting issues raised by 432 professionals who have responsibility for employee time tracking. For instance, a whopping 96% say that employees make mistakes tracking their time. In addition, 87% of companies report challenges with their current approach to time tracking. Challenges include:
- 50% say users don’t like entering their information
- 32% say their current approach lacks visibility and insight into resource usage
- 24% report issues with meeting compliance requirements or other problems
Businesses lose untold hours of productivity by using manual paper-based processes or Excel spreadsheets to track time for projects, clients, partners, and employees. Inaccuracies abound, leading to revenue leakage. Because data is not transparent or centrally accessible, companies are exposed to a Pandora’s box of potential compliance issues, from Sarbanes-Oxley to employee leave laws, as they have no way to provide an audit trail.
 Robert Half Agency and the American Payroll Association (APA), 2013
 FAO Today, “Navigating FMLA, FLSA and SOX,” July/August 2006