Web-based timesheet exchange set to save businesses £500 million a year

Manufacturers that use temporary staff can significantly reduce timesheet authorisation and payment costs by sharing timesheet information over the Internet using a new service from web software company e-timesheetz. According to the firm, there are more than 1.1million temporary staff working every week in the UK and the average cost of processing a timesheet is £10 – meaning UK businesses are spending over £0.5 billion per annum, processing timesheets. The e-timesheetz system provides a framework that allows companies to authorise timesheet hours and invoice values for all suppliers in a single process. Enquiries from employees are reduced and the electronic audit trail keeps dispute resolutions to a minimum, also stamping out fraud and errors. “In the current climate, how can large businesses, employing 500 contractors justify spending £260,000 a year on timesheet processing alone? With e-timesheetz, businesses can make a saving of up to £220,000 based on the above figure,” says Nick Woodward, managing director. Agencies can also integrate e-timesheetz with back office systems, allowing for automatic updating of their internal accounting systems.