TimeSheet Recording Software
UK SMALL & MID-SIZE FIRMS LOSING OVER £100,000 A YEAR THROUGH SHODDY TIMESHEET RECORDING PRACTICES
Coretime study finds UK small and mid-tier
timesheet recording type practices losing
equivalent to cost of two extra fee
earners through poor timesheet recording practice
- "a sorry waste in lean times" comments
Coretime CEO.
Small and mid-tier UK companies that charge their
clients based on time data accumulated by timesheet
recording methods such as
accountancy practices, engineering firms, architects,
advertising agencies, consultancy companies, software
consulting business and other businesses that
rely on time recording practices in the UK to monitor
their income, are
losing up to £100,000 a year because
their timesheet recording and timesheet management
practices are not up to scratch, says
a study by leading timesheet recording
software 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 time sheets
- with cumulative timesheet costs amounting to
as much as the salaries of two extra
fee earners.
The study outlines how on a total of
37 timesheet management hours worked in
a week, with 4 hours allowed for time
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 timesheet data
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 consultant
is under time 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 record and submit their 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 billable time on a project
are missed as a result of poor timesheet
management practices. "No time related
management firm should allow such practices
to continue - it's a shoddy waste in
such lean times," he concluded.
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Management |
Time |
Billing |
Timesheet |
Project |
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www.maketimepay.co.uk |
www.maketimepay.com |
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www.coretime.co.uk |
www.coretime.com |
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