Time tracking software for consulting firms
Do you have enough time for the strategic development of your business? Do you need more automation in business control and planning of team activities? Do you know the cost and profit for each client and project?
Since we also come from the service sector, we face the same problems and challenges every day as you do. Also, a large number of our clients come from the service sector and by solving their financial and tax issues, we have gained significant knowledge of the operations of service companies in various fields.
In order to solve our problems and problems of our clients for the service sector, we have developed TimeAnalytics platform. Our solution enables your employees to easily and quickly enter their hours spent on clients and activities.
TimeAnalytics software provides you with an informational basis for monitoring your company’s operations and making decisions about further development.
TimeAnalytics software is applicable in all services (accounting agencies, audit firms, consulting companies, marketing agencies, architectural and engineering bureaus, HR agencies, law offices, etc.).
How can TimeAnalytics improve your business?
Our software helps you to define and monitor KPIs (Key Performance Indicators) based on the data collected. KPIs are quantitative indicators through which you monitor the current state and further development of your business.
Since your company’s primary resource is your employees, or their working hours, the basic KPI is the total number of hours spent. You can track the total number of hours spent per client, employee and service line. Once you have obtained the hours spent using the software, you can export most of the remaining required KPIs.
Of great importance to your business is not only the information on the total number of hours spent in a day, week, month or year, but also how that number moves over specified periods of time.
The key performance indicators that you can measure and monitor through TimeAnalytics software are divided into three groups:
- Financial indicators
- Commercial (marketing) indicators
- Employee productivity indicators
What are the financial indicators?
TimeAnalytics software allows you to track the following financial indicators by customer, employee and service line:
- % of hours billed in total hours: do you invoice all your work for a client? How common are situations where you provide free services to a client?
- Revenue per hour spent: represents your real hourly rate. This information is important to you not only when you charge clients your hourly work, but also when you work for a fixed or variable fee. This KPI answers the question: Does your real hourly rate meet the expectations you had when contracting with a client?
- Customer engagement cost price (Service Line): do you know the cost of providing services to each of your clients? Do you know the cost of each of your service lines? TimeAnalytics software allows you to easily calculate the cost price for each client (service line). Cost price is based on the pre-set cost of employee earnings and other indirect expenses and is the basis for assessing the client’s profitability. Cost price can also be tracked per hour.
What are the commercial (marketing) indicators?
TimeAnalytics software allows you to track your marketing goals through the following KPIs:
- Total number of clients: it is necessary to keep tracking the number of clients from month to month, year by year.
- Average number of service lines per customer: how many different services do you provide to the same customer? Is the client even aware of all the types of services you can cover?
- Total hours spent on commercial (marketing) activities: how much time do you invest in achieving the company’s commercial goals? Considering the time invested, are you satisfied with the accomplishment or do you need to change your approach to finding new clients?
What are the indicators of employee productivity?
TimeAnalytics software allows you to monitor your employees’ productivity indicators:
- Total hours spent per employee: this information allows you to track the workload of your employees and to perform any reallocation of work assignments where necessary.
- Structure of work activities per employee: what do your managers do? Are they overloaded with executive and routine activities? Do they spend enough time in management and commercial activities? It may be necessary to hire a person to perform administrative activities to relieve other employees of their duties.
- Overtime: information on overtime is obtained by comparing the total planned hours and hours worked. An insight into the activities of individual employees, can conclude the justification of overtime: did it arise as a result of realistic engagement requirements or a consequence of unproductiveness?
- Number of employees hired per project (client): insight into this information will help you see if you have correctly allocated employees by project/client. If a large number of employees are engaged in the same project/client, this may be a signal that the staffing schedule is inefficient. On the other hand, if, for example, only one employee is engaged in a project/client of strategic importance to your company, you might consider joining an employee to the project.