Do you manage a professional service firm? Do you want to ensure you’re not giving away hours of free time per month? Industry best practice suggests adopting daily time tracking procedures throughout your firm.
The benefits of daily time tracking and recording include:
- Ensuring that billable time doesn’t get forgotten. At the end of the month it’s just too easy to forget a couple of minutes of review here and a short phone call there. Time tracking studies suggest that this can be as high as 20% (!) but that typically 5 – 10% of billable time is simply not recorded when done monthly.
- Greater accuracy and professionalism. You have multiple clients but your clients only have one “you.” If your staff isn’t recording time daily your firm may record billing mistakes due to faulty memory or transcription errors. Your clients will notice. In the unlikely event of a billing dispute, not having accurate billing puts you at a huge disadvantage.
- Higher likelihood that staff will record all billable time. Daily billing/recording sends a message that your firm is serious about complete and accurate billing and this will put subtle but firm pressure on staff to properly record billable time.
Still not convinced that tracking time daily will significantly help your firm’s financial performance? Visit us soon for more compelling reasons to adopt daily time tracking.
Tags: practice management, professional service firms, time recording, time tracking
