Manage by the Web
Internet-based applications can be used to automate administrative functions such as finance, accounting and human resources, increasing efficiency and productivity, eliminating non-value-added handling, and reducing overhead costs.
Businesses can use Internet-enabled applications to automate payroll processing and invoice generation. Orders reaching a business through its Web site or via secure, company-to- company connections over the Internet can be directly linked to its back-office accounting system, to help streamline tasks such as billing, project budgeting, and inventory management. And companies can call on outside resources for accounting and administrative tasks--such as CPAs, payroll processors, and benefits managers--to reduce costs and take advantage of expertise otherwise unavailable to small and medium-sized businesses.
Human resource applications that allow staff members to manage their employee records independently via the Internet minimize Human Resources costs and maximize the accuracy of employment records. For example, employees can manage health care policies, 401(K) enrollment, and payroll records without the assistance of Human Resources staff.
To further advance the cause of outsourced accounting and administration, a new breed of third-party supplier is emerging: the application service provider (ASP). For a monthly fee, ASPs offer access over the Internet to centrally maintained software modules for a range of services-- accounting, receivables management, billing, payroll, tax management, and more. Businesses can avoid heavy initial outlays for software and reduce the costs of software upkeep, while taking advantage of state-of-the-art features in applications that are centrally maintained. Internet-based "hosted" applications offer a powerful alternative to maintaining a full complement of accounting and administrative applications in house.
Growing companies are utilizing financial and administrative management tools in the following ways:
A women's clothing manufacturer automates the transfer of data between incoming online orders and its accounts receivable application, automating invoice generation and speeding collection of receivables.
The employees of a design firm with locations across the United States submit time sheets over the Internet. Their data is automatically collected for payroll, and each staff member's billable hours are applied to the proper client accounts.
A newspaper reporter on a remote assignment accesses his employee records through the Internet and updates his dependent information and insurance coverage.
A medical clinic with five sites uses an accounting and office management application, hosted over the Internet, to keep its books in order. This setup helps the clinic avoid purchasing costly software, minimizes ongoing software upgrade and maintenance burdens, and provides access to best-in-class new features quickly through constant improvement on the host's end of the equation.
Some of the most typical financial and administrative management applications include:
Accounting/Finance
Payroll
Employee self-service
