Track Billable Hours – Get Help To Be Efficient
As every business that charges customers by the hour is aware, it is every important for the organization to efficiently and accurately track billable hours spent by its employees on customer projects.
The most obvious reason behind having to accurately track billable hours is because that is where the business derives most of its income. Even if a single employee under-reports the number of billable hours by five to ten hours every month, this adds up to 120 hours every year. If your business is earning revenue of $100 per hour, then this means a loss of $12000 per employee. And even if you are a small business with just 50 employees, this could add up to $600,000 every year! This is going to hurt the financial health of any company and in particular a small business. It is therefore, imperative that every business makes it a priority to accurately track billable hours.
Secondly, and one would say equally importantly, when you track billable hours accurately and keep up-to-date records, you are going to maintain better client relationships. If you consistently make errors in the hours you bill your clients, or are sloppy in the presentation of the hours, regardless of the quality of your work, your clients are going to get suspicious and look elsewhere.
Fortunately, one of the most popular tools that most business organizations use today for communication and information management purposes, Microsoft Outlook, can also be used to accurately track billable hours. For example, many users use Outlook calendar on a regular basis to keep track of when their meetings are and to schedule new ones. However, not many are aware that they can use the same feature to track billable hours as well. Outlook calendar allows for an appointment to be viewed in a table format and also for the duration to be entered. This allows for a perfect estimate of how long the billable meeting went on. Using Outlook calendar, one can easily track billable hours.
However, when it comes to business organizations, timesheets that track billable hours have to be approved by supervisors and management might also want to review them to understand how certain activities can be performed more efficiently. TimeSheet Reporter, a timesheet reporting tool, builds on this Outlook calendar interface to make it easy for employees to use, supervisors and administrators to review and for management to study.
Employees can easily use their Microsoft Outlook calendar to start any activity such as a meeting and track billable hours – once the activity is done, they can simply click on ‘Submit’ and TimeSheet Reporter will send in the timesheet to the supervisor. The supervisors can use the administrative module to quickly review and approve or disapprove of the hours. Standard reports can be generated by TimeSheet Reporter that can be studied by management to understand if there is a better way to track billable hours, improve efficiency of tasks and generate more revenue for the organization.
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