Time and managment Expense System

Essay by onetenUniversity, Bachelor's July 2006

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For the purpose of this report our group has chosen to take on the roles of a team who is trying to persuade neighboring firms to use our timesheet system. We are accountants from the Tenrox Company and wish to explain their integrated time and expense management system, the benefits, highlights, and how it helps face the challenges all businesses are faced with. The relationship between the neutral audience and our company is we are both have had to deal with finding a system that is more accurate and less expensive. Whether it is an accounting firm or a business, accounting is still involved. But not only CPA firms need a time saving, efficient system. We chose APA format because it enables readers to locate more detailed and recent information about the sources. Benefits of Using a Time and Expense Management System Recent research has shown the accounting industry is currently feeling the effects of the recession.

The percentage rates are slipping in various areas such as revenues, gross fees billed at standard billing rates, profit margins, and receivables balances. Our main focus is billing rates and chargeable hours. Billing rates are down 32% from 2002. This is how accountants make their money and there has been a significant drop. Even before the recession we believed that CPAs are overworked and underpaid. It is believed that they are calculating their chargeable hours incorrectly. Now we have attempted to make some recommendations on how accountants can earn the money they deserve. This is mainly focused towards small CPA firms (Exclusive, 2003).

The purpose of our report is to encourage small CPA firms to incorporate new ways of billing clients and calculating chargeable hours correctly. We need to raise billing rates back up gradually so as not to scare off clients.