Over the last couple of decades, the evolution of the habits and technologies that businesses in the professional services sector use to keep track of the time they spend on client work has been virtually non-existent. Many individuals working in professional services are required to recall the amount of time they spent working on specific projects for a diverse set of clients and record this time manually, often several days after their work has been completed.
To help evaluate the impact of manual time tracking, Accelo 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 it’s so cumbersome to do.
Due to lack of technological advancement and poor habits in time tracking, Accelo found that 51 percent of respondents rarely or never track time spent reading and answering emails, and 28 percent said the same for meetings. This costs the average professional services business over $110,000 annually in lost revenue.
Accelo’s report, Time is Money: A Revealing Study into the Cost of Today’s Poor Time Tracking Habits and Technology, uncovers the three major costs of the current, manual timesheet practices:
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) timesheet updates to daily (or better) would recover $52,000 per professional, per year in billable time.
To read the full report and all of its findings, fill out the download form for instant access.