If you run a project based company that needs to collect project expense information and then turn around and bill it to your customers, you probably are using several different systems to accomplish these tasks. Your timesheet system is different than your project tracking system, and different from your accounting system; with no real true integration between the systems. This leads to an inefficient system that requires too much time and effort to administer. But more importantly you’re probably not billing all the time and expenses to your customers that you should. Rarely do customers complain about not being billed. This turns into lost revenue.
The best remedy is to find an integrated system that works the way you want it to, and one that your employees will be willing to use.
Web based timesheets have become very popular because of easy deployment and the fact that people entering time and expenses can do it almost anywhere there is Internet connectivity.
The ability to easily track actual costs and revenue against a budget is a key requirement for good project management.
There are a couple of good systems that give you this functionality. Dynamics GP is one of them that gives you a complete and integrated system for managing time & material projects.
This video shows how to use Project Accounting in Dynamics GP to set up a simple T&M project, enter timesheet information, and create invoices using a batch process: http://youtu.be/mqFbPXtUESk