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RIAI
Return On Investment (R.O.I)
ROI measured in weeks not years
Through the effective introduction of coretime.com, users can make considerable savings, which in a very short space of time will more than recoup the cost of running the software. The benefits generated can be summarised as follows:
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Increased staff and fee recovery
Recovery is the difference between W.I.P. recorded and the Invoice raised for that WIP.
With all staff accurately recording time and having the ability to record notes against their time/expense entries, managers are in a position to readily identify time spent on activities and projects not budgeted for or agreed with the client. This type of information enables the client to be pursued for additional fees, where appropriate, thus increasing recovery.
Using the sample data above:
Now having increased productivity by 5%, AND increased recovery by 2% leads to additional revenues of €213,210.Existing potential income at 70% productivity
€2,898,000
Increase Recovery by 2% = additional revenue of
€57,960
Efficiencies gained as a result of users inputting own time
We maintain that an inordinate amount of time is spent by staff collating timesheet entries using manual methods. Such efforts are time wasted that would otherwise be attributable to a client - i.e. lost chargeable time. The following example shows how significant this cost can be:
Set out below is an example of a small professional practice highlighting the effect that the introduction of Coretime can have on its profitability.
Existing method of recording time
Standard Hrs. per day (Coretime)
7.5 hrs
No. of working days available
260 days
Bank Holidays
8 days
Annual leave
20 days
Sick Days (ave.)
2 days
Total available days
230 days
Standard hours available
1,725 hours
Average hourly cost
€40
Total number of employees
15
10 minutes per day, time recording
150 minutes
15 minutes per week completing cross tots etc,
225 minutes
20 minutes per week collating timesheet (administrator)
20 minutes
Weekly time spent - all 15 employees
995 minutes
This equates to a weekly cost of
€663
Annual Cost
€31,840
coretime.com
However, the extra time made available by coretime.com) can now be recorded against chargeable projects.No of minutes spent recording time
(10 min per day)750
Weekly cost
€500
Annual Cost
€24,000
Annual Saving
€7,840
Based on a charge out rate of €160 per hour, this equates to additional revenue of (being 995-750 minutes/60 x 48 weeks x Charge out Rate) -
Increased staff productivity
Productivity is that portion of the week spent on Chargeable Time.
coretime.com provides a number of standard features within its solution to encourage employees to focus on chargeable rather than non-chargeable/unavailable time. By focusing an employee on chargeable time, the inevitable result is an increase in staff productivity, which is readily measured from within the program both via reports and through the use of graphics. We maintain that users can expect to increase productivity by as much as 15% within months of introducing our solution.
The example below shows the financial benefit of increasing productivity by just 5%.
Chargeable Hours available
1,725
Average charge-out rate per hour
€160
No. of Employees
15
Potential Fee Income per annum
€4,140,000
Fee Income per annum at 70% productivity
€2,898,000
Existing recovery rate
75%
Total Fee Income
€2,173,500
By increasing productivity by 5% results in additional revenue of