Q&A with Troy Grissom, CIO at Total Quality Systems, Inc.
For government contractor Total Quality Systems, Inc.
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These are difficult times, and organizations need innovative measures to stay relevant. We have just emerged from a double-dip recession (at least on paper), and the economic scenario is that of cautious optimism, where organizations are looking to cut down on any kind of wasteful expenditure, while focusing their investments on what is absolutely necessary. Organizations need real-time visibility into spending and quick insights into any cost-saving opportunities that may exist.
Today’s workforce is becoming more dispersed and global. Employee salaries are a major chunk of corporate operating costs, contributing on an average of 50%–70%. In addition, travel and expense-related costs equal nearly 7% of overall budgets. Because it’s such a major portion of overall expenses, those costs must be managed effectively. Tracking them with manual processes is certainly not the best way to do it.
Let’s take a look at some industry research around employee time and expense tracking:
Whether you want to track time and expense for attendance purposes and employee reimbursements or for association with specific projects for internal costing or billing, an automated time and expense management system can eliminate inefficiencies by providing:
Automation in the Cloud
Nucleus Research estimates that cloud-based systems provide an additional 1.7 times more ROI over traditional enterprise systems, among other advantages. These systems help businesses focus on their core competences, and make time and expense management hassle-free.
Advantages include:
It’s no wonder that expense reporting software are being adopted rapidly, and are well on their way to becoming mainstream systems.
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For government contractor Total Quality Systems, Inc.
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