Survey Findings: How Much is Poor Time Tracking Costing Your Business?

9-Sep 2014
Madison

Since our introduction to the world in 2011, we've listened to thousands of Accelo customers tell us how important tracking time is to the success of their businesses. Because of this feedback, we've created features inside of Accelo like the new Timers Module and Automated Timesheets that make keeping track of the time spent working on client projects, issues and tasks effortless. 

Although many of Accelo's features help professional service businesses save time, we wanted to take things a step further. So we spent a couple of months trying to understand how much time is being leaked (not properly tracked), and more importantly, how much that leaky time costs. 

After a bunch of work and data crunching, we've uncovered some amazing insights into the cost of poor time tracking habits and technology. Here are some of the astonishing findings from our survey of over 500 IT, digital and creative, engineering, legal, accounting and public relations professionals: 

  • 51 percent of respondents rarely or NEVER track time spent reading & answering emails, 28 percent said the same for meetings 
  • Email causes professionals to leak over $50,000 in revenue per year 
  • Meetings and calls cause professionals to leak over $32,000 in revenue per year 
  • Moving from weekly (or worse) time sheet updates to daily (or better) would recover $52,000 per professional, per year in billable time
  • Emails, meetings and poor timesheet habits cost the average professional services business $110,000 in foregone revenue per year

timeismoneywhiteteaser

We've complied all of the data we collected from our survey into our new white paper, Time is Money: A Revealing Study into the Cost of Today's Poor Time Tracking Habits and Technology. You can download it for instant access (PDF) now.

How do you keep track of the time you spend on emails, in meetings and on calls? Let us know is the comments below! 

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