Admin and human resource (HR) management is the heart of every commodity trading business. An advanced admin and HR management feature can assist organisations in staying on top of their commodity trading operations. Strong control over bookkeeping practices can make your administration processes extremely efficient. Proficient HR management can also play a critical role in handling the functioning as well as the accounting of your employee-centered activities.
A well-structured asset management system is critical in maintaining the right flow of operations and delivering significant returns for your business. Precise management of employee databases can help you to stay organised by keeping track of employee data, credentials, as well as leaves.
Having a digitized system to handle employee expense reimbursements can ensure that there are no disruptions in the verification or funds disbursement process. Proper budgeting for administrative functions can be beneficial in mitigating unnecessary costs and helping businesses in meeting their goals cost-effectively.
Following are the top 4 strategies that businesses need to incorporate in order to generate maximum returns from their admin and HR management activities.
1. Monitoring and Managing Assets Using a Systematic Approach
The realities of modern commodity trading business have made strategic asset management an absolute necessity. Businesses are compelled to strive hard and optimize their asset performance in order to keep a check on their expenses. With shrinking budgets and the risk of organisational exposures, accurate record-keeping to make informed decisions has also become imperative.
With an admin and HR management feature in place, commodity trading businesses can simplify the accounting processes associated with assets. Asset management encompasses determining and controlling exposures associated with the utilisation of specific assets. It also ensures that the financial statements related to all the assets are properly recorded. This can help businesses in managing and mitigating financial risks more efficiently.
CommodityPro’s admin and HR management function can assist businesses in precisely tracking asset information to ensure the availability of the necessary components. Our asset requisition module can help companies in ordering assets as per their business requirements. We can also guide you in maintaining an asset register to help in recording all asset information including invoice details, status, vendor details, etc.
2. Curbing Unbridled Administrative Spendings With Budgetary Control
When carrying out administrative functions, it is easy to get bogged down by daily problems and stray away from the organisation’s goals. Businesses need to factor in costs associated with personnel administration, taxes, payroll and benefits, etc to exercise control over their expenses. By estimating administration expenditures with smart admin and HR management, businesses can focus on maintaining optimal cash flows.
Preparing and managing admin cost budgets can assist businesses in monitoring their financial performances on a regular basis. This can help them in making well-informed decisions in order to meet their organisational goals with the resources allocated. A properly structured budget can also help in planning for a company’s funding needs, thereby ensuring financial well-being with efficient risk management.
CommodityPro’s admin and HR management feature can help businesses in analysing various cost parameters to prepare an admin budget every year. Our admin cost budget module can enable businesses to create specific estimates of potential expenses for individual departments. We can also help in monitoring budgets periodically to make sure that there are no possibilities of cost overruns.
3. Maintaining Structured Storage and Management of Employee Data
Manually handling a large repository of employee data comes with a huge hurdle of challenges. Along with posing security threats, it can also make staying organized next to impossible for commodity trading businesses. Having a centralised database can help in consolidating all pertinent employee information in one single place, thereby ensuring easier employee data management.
Efficient admin and HR management can assist businesses in saving a lot of their time with accurate record-keeping of employee data. With the digital documentation of employee information, risks of data-entry errors are also mitigated significantly. Such a system also streamlines the process of adding new employees as well as updating or modifying details of existing employees.
CommodityPro’s employee database management system helps commodity trading businesses in organising and managing all their employee data efficiently. Right from personal information to login details, we help in storing all employee-related information in a single virtual database. Our admin and HR management function can also assist in smartly handling leave requests and approvals, thereby easing the workload of HR managers.
4. Ensuring Accurate Recording and Reimbursements of Employee Expenses
Managing employee travel and claim reimbursement transactions can be a complex process. Discrepancies in the reimbursement functions can introduce critical risks associated with a company’s finances. Accurately recording details pertaining to form-filling, verification, documentation, and approval is thus extremely important.
With a smart admin and HR management feature in place, businesses can easily keep track of all the details associated with travel and claim reimbursements. Details related to payment mode and receiver bank details can also be captured before the disbursement of funds. Similarly, every successful transaction can also be recorded by the accounting system for future references.
CommodityPro’s claim reimbursement system involves three stages of approval for the disbursement of the claim. The invoices are either approved or declined by the admin team, reporting manager, and the finance department. Our travel ticket module can also help to keep track of all business travels, thereby simplifying your recording and reconciliation efforts.
CommodityPro’s admin and HR management feature can be the best option to improve the functions of your admin and human resource department. By bringing precision in business administration, we can help you in carrying out commodity trading operations without any risks or hassles. Contact us to know more about how we can help in enhancing your organisation’s bookkeeping and human resource administration.