A common misconception is that if you don’t bill by the hour then you don’t need to know how much time you are spending on a project or task or client. However, time tracking and management is important for all business efficiency and growth. Yes, even when working with value-based and fixed fee projects.
The time your team is working is your biggest cost since payroll, benefits, and office space make up around 60% of outgoing business resources in a services business.
So why not track your time? We've surveyed over 500 IT, digital & creative, engineering, legal, accounting, and public relations professionals and found that the top reason professionals have poor time tracking habits is because manual time tracking feels like it isn’t worth the hassle. That’s where an automated platform and Service Operations (ServOps) comes in.
Businesses that transition to an automated, daily time tracking system can recover over $52,000 per professional, per year in billable time.
Automated time tracking systems sync your calendar into a timesheet, begins a timer the second you open an email, and clearly paints a picture of how your day is being spent (mostly in meetings, on email, etc.).
It's important for business owners and their team to know whether or not the work that they are doing is profitable. When you are spending over half of your revenue on payroll and office space the employees need to deliver.
What about when a project fails? Having a log of where time was spent during the span of the project means you'll be able to prevent making the same mistake twice.
Automation is not a new technology, but we're using it in a new way. Try tracking your time and see how it effects your daily performance. You can sign up for a free trial to see how Accelo makes your work life easier and more profitable.