Project Management Software

Coretime study finds UK small and mid-tier project management practices losing equivalent to cost of two extra fee earners through poor time recording - "a sorry waste in lean times" comments Coretime CEO.

Other small and mid-tier project management companies such as accountancy practices, software companies, engineering firms, architects, advertising agencies, software consultancy companies, consulting business and other project management type businesses in the UK are losing up to £100,000 a year because their time recording and project management practices are not up to scratch, says a study by leading project management solutions company Coretime. Losses are being run up through a common situation of as little as one or two hours a week going unrecorded on timesheets - with cumulative costs amounting to as much as the salaries of two extra fee earners.

The study outlines how on a total of 37 project management hours worked in a week, with 4 hours allowed for software project administration, the fee earner can bill 33 hours. Over 10 fee earners charging £120 an hour, just two lost hours each per week would amount to a loss of £2,400 per week - or £115,200 per 48 week working year.

"Our study is based on information and statistics we've received from potential and existing clients" commented Ray Nolan, CEO of Coretime. "It seems that to lose an hour or two a week is a common and simple mistake to make when a software 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 his timesheets, whether using manual timesheets or timesheet software, 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 billable hours on a software project are missed as a result of poor timesheet practices. "No project management software firm should allow such practices to continue - it's a shoddy waste in such lean times," he concluded.

| Management | Time | Billing | Timesheet | Project |

| www.maketimepay.co.uk | www.maketimepay.com |
| www.coretime.co.uk | www.coretime.com |

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