Rise of the Project Workforce, Chapter 12: Travel and Entertainment and Expense Management (#12 in the series Rise of the Project Workforce)
By Rudolf Melik
Travel and entertainment (T&E) is the second largest cost for most organizations, after labor. Yet it is frequently managed manually on paper and spreadsheets. Automating T&E not only reduces administrative effort, but it also simplifies the allocation of costs, expedites billing, and provides critical information for enterprise-wide reporting. Companies can save not just thousands, but millions of dollars in administrative costs and boosted productivity. But moreover, automated and integrated T&E helps prevent data entry errors and omissions, “rogue” spending, and even fraud and the resulting legal liability.
T&E expenses generally follow an expense management cycle, which consists of the initial recording of expense data, approval and review, forwarding to payroll/accounting for processing, reporting of billable expenses to the billing manager, reporting to A/P and A/R for financial reporting, and inclusion in executive dashboards and reports. Read the Complete Article
Rise of the Project Workforce, Chapter 9: Workforce Planning (#9 in the series Rise of the Project Workforce)
By Rudolf Melik
In a project-driven or professional services organization, human capital is the most important asset to be managed. Not only do companies need to put the right people in the right place at the right time, but they also need the ability to forecast their supply and demand for talent, account for the differentiated time data generated by their work, and be ready to comply with regulatory requirements such as Sarbanes-Oxley. Companies without a workforce planning strategy risk inefficient processes, unstructured work product, lack of collaboration, long billing cycles, and projects that are out of control. Especially in an era when talent is becoming scarce, workforce planning is an imperative for organizations whose main product is the time of its talent.
Workforce Planning Cycle. Workforce planning is an iterative discipline. Read the Complete Article