Keeping Track of the Money
Over the course of the last few months we have been conducting research on the way professionals track their time. We wanted to get a better understanding of the the current methods of tracking time and what it is costing professional services firms. We’ve composed the findings into a whitepaper that you can download here. The results are impressive. Not in a good way.
As a small sneak peek, we’ve compiled some of the findings in this blogpost. However, to get a complete view of what the issues and costs paired with time tracking are, I suggest you download the full paper.
A lot of billable time goes untracked
We asked our respondents to indicate what percentage of the time they spend on client work they actually track. A staggering 22% of the respondents records less than 70% of the time they spent on client work. Since most of the respondents indicated that their timesheets were used directly for client billing, the unrecorded time will not be billed.
Of all industries, lawyers lose the most potential revenue to time tracking
The graph below summarizes the annual losses of potential revenue per individual employee, categorized by industry. This loss consists of the untracked client work and the time spent on tracking time. The average loss is based on all professional services industries.
Time tracking processes impact multiple stakeholders differently
Time tracking needs are quite similar across different industry verticals but differ quite strongly among stakeholders of a firm. We’ve summarized the impact of time tracking processes and the stakeholders’ needs in the table below.
TIQ has announced that Føyen Torkildsen, a leading Norwegian law firm, has selected TIQ Time to further improve time registration. The implementation will be delivered using PSA Consulting’s integration platform as a service (iPaaS), Custodian, a dedicated iPaaS custom-built for Nordic Professional Services Companies.
We’ve compiled some food for thought to guide your decision as to whether automated time tracking will benefit your business.
Are “on budget” and “on time” words you deal with a lot? LPM can structure costs and time without much effort at all. In this article the basics of LPM are discussed.