Billing Software
UK SMALL & MID-SIZE FIRMS LOSING OVER £100,000 A YEAR THROUGH SHODDY BILLING PRACTICES
Coretime study finds UK small and mid-tier
time related billing practices losing
equivalent to cost of two extra fee
earners through poor time billing
- "a sorry waste in lean times" comments
Coretime CEO.
Small and mid-tier time billing accountancy practices,
engineering firms, architects, advertising
agencies, consultancy companies, software
consulting business and other time related billing
management businesses in the UK are
losing up to £100,000 a year because
their time recording, project management and billing
practices are not up to scratch, says
a study by leading time and billing
software solutions company Coretime.
Losses are being run up through a common
situation of as little as one or two
billable hours a week going unrecorded on bills
- with cumulative billing costs amounting to
as much as the salaries of two extra
fee earners.
The study outlines how on a total of
37 billable hours worked in
a week, with 4 billing hours allowed for project
administration, the fee earner can bill
33 hours. Over 10 fee earners billing
£120 an hour, just two lost bill hours each
per week would amount to a loss of £2,400
in billings per week - or £115,200 per 48
week working year.
"Our study is based on billing
information and statistics we've received
from potential and existing clients"
comments Ray Nolan, CEO of Coretime, developers of
leading time and billing software, Tempus Pro Online.
"It seems that to lose an hour or two
a week is a common and simple mistake
to make when a consultant is under pressure
to resolve or forward cases.
"The missing billable hours are often
lost because the fee earner cannot remember
how many hours they had recorded earlier
in the week because they had filled
out their timesheet for billing purposes
on Friday, instead of completing them
at the time of carrying out the work.
We call it admin padding - where the
time recorder assigns a missing hour
to Administration (non-chargeable) because
they cannot recall what they were actually
doing for that hour.
"The pressure
is on the fee earner to complete
and submit timesheets and
it is as a result of this
pressure that the billable
hours are missed. It is our
experience that as much as
5-10% of billing hours on
a project are missed as a
result of poor timesheet practices.
"No professional firm looking
to maximise its income should
allow such poor billing management
practices to continue - it's
a shoddy waste in such lean
times," he concluded.
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Management |
Time |
Billing |
Timesheet |
Project |
|
www.maketimepay.co.uk |
www.maketimepay.com |
|
www.coretime.co.uk |
www.coretime.com |
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